Market Signal Briefing

Bitcoin price reached $103,500 today after a week of tumultuous trading. Bitcoin started the day down close to $100,000 but rebounded throughout market trading to highs of $103,859 today. 

Earlier this week, Bitcoin plunged below $100,000 for the first time since June on November 4. 

The slump came amid macro pressures, political headlines, and fading risk appetite, pushing bitcoin down to $99,070 and more than 20% off its October high of $126,000, technically entering a bear phase. 

The sell-off follows October’s massive liquidation events, a series of hacks, and trade tensions with China. 

The Federal Reserve’s hawkish tone, including a modest rate cut and signals that further cuts may not come, weighed on sentiment. 

During the Fed’s most recent press conference, Jerome Powell said that December’s rate cuts aren’t guaranteed, Bitcoin’s price immediately reacted — plunging to $109,000 on the day. Since then, the price continued bleeding into this week. The broader crypto market reacted similarly. 

Powell said that inflation excluding the impact of tariffs is “not so far” from the central bank’s 2% target, but emphasized that policymakers have “not made a decision about December.” Powell noted that officials held “strongly differing views” during today’s meeting.

A stronger U.S. dollar added pressure. Technical charts show Bitcoin struggling around its 200-day moving average, with support near $96,000, according to Bitcoin Magazine Pro data.  

Despite this, some bulls, including Michael Saylor’s firm, continue buying the dip, signaling cautious confidence.

Bitcoin price technical analysis
Despite the volatility, major institutions like JPMorgan remain bullish, forecasting a potential rise to $170,000 within 6–12 months, citing undervaluation relative to gold and the conclusion of heavy deleveraging.

Technical indicators offer mixed signals. Up to today, Bitcoin has been trading in a tight $100,000 –$102,000 support corridor, facing resistance at $106K–$114K. 

Short-term buyers have exhausted momentum, while on-chain data highlights friction between capitulating short-term holders at $107K–$110K and long-term holders defending $95K–$96K. 

Institutional flows show tentative accumulation: after six days of withdrawals totaling $2.05 billion, U.S. spot Bitcoin ETFs recorded $240 million in inflows, led by BlackRock and Fidelity. 

Whale activity indicates profit-taking rather than panic, with over 319,000 BTC reactivated in the past month, mostly held six to twelve months.

Recently, Cathie Wood lowered ARK Invest’s 2030 Bitcoin forecast from $1.5 million to $1.2 million, citing stablecoins increasingly taking on Bitcoin’s transactional role while reaffirming its long-term “digital gold” potential. 

Galaxy Digital also cut its year-end Bitcoin target from $185,000 to $120,000, pointing to whale selling, rotations into other assets, and leveraged liquidations, while describing the market as entering a “maturity era.” 

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a junior news reporter for Bitcoin Magazine, based in North Carolina.

Ethereum (ETH) price recorded a relief rally on Friday, November 7. The large-cap altcoin gained over 4% during the past 24 hours to retest a resistance/support level of around $3,468 during the mid-North American trading session. Notably, the ETH/USD pair retested a supply wall established during the last two days.

Bitcoin Magazine Mathematically Predicting Bitcoin Price Floor Data models suggest the next bitcoin price bear market may be shallower than past cycles, revealing how maturity is reshaping Bitcoin's volatility. Mathematically Predicting Bitcoin Price Floor Matt Crosby.

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In a striking claim gaining attention on X, the analyst known as unknowDLT has shared a controversial theory suggesting that Ripple’s XRP Ledger was not merely “chosen” by the US government, but actually built by it. According to the analyst, this hidden connection could explain Ripple’s unusually favorable position in the global financial system and why the XRP ledger could position Ripple as the world’s highest-valued fintech company.

Is The XRP Ledger A Government-Built Blockchain?
The analyst suggests that the XRP ledger’s architecture aligns perfectly with government priorities such as speed, traceability, compliance, and global interoperability, qualities more typical of a central banking system than a privately developed blockchain project.

“Ripple wasn’t chosen; it was built,” unknowDLT wrote, arguing that this hidden origin story explains why the company has managed to survive regulatory scrutiny that has hindered other crypto projects. If Ripple truly works within a system shaped by US interests, the XRP ledger could serve as a technological tool for global financial control, rather than just a private payment network.

While no official document supports this claim, the viewpoint could reframe XRP not merely as a utility token, but as a geopolitical asset —a digital tool capable of reinforcing the US dollar’s supremacy in the digital era. The theory also suggests that Ripple’s growing integration into global banking rails, stablecoin infrastructure, and cross-border settlements could one day make it the most valuable fintech company globally.

Featured image created with Dall.E, chart from Tradingview.com

In unknowDLT’s view, the XRP ledger could play a central role in helping the US retain its leadership in global finance. As countries move toward digital payments and Central Bank Digital Currencies (CBDCs), the demand for a neutral, fast, and cost-efficient bridge network will only increase.  

The analyst believes the XRP ledger fulfills this need by allowing instant, low-cost transfers between any two currencies, making it the natural choice for large-scale settlement systems. If global financial networks adopt the XRP ledger as the universal bridge network, Ripple could become the company powering those payment rails, much as SWIFT connects banks worldwide.

Such widespread adoption would place Ripple at the heart of the global financial network, with the XRP ledger serving as its core engine, potentially elevating it to one of the most valuable corporations in the blockchain era. According to the theory, this outcome is not a coincidence but a long-term strategy to secure US dominance in digital money, with Ripple as the chosen instrument.

While still speculative, this notion adds a new dimension to how investors and analysts view Ripple’s long-term potential. If the XRP ledger truly originated as part of a US plan to preserve global influence, its expanding role in digital finance could ultimately position Ripple as the defining company of the digital finance era.

Price moves low after market decline | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

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I'm Sandra White, a writer at Bitcoinist, and I provide the latest updates on the world of cryptocurrencies. I believe crypto a gateway to a new order and I have made it my life's mission to help educate as much people as possible.
When I'm not at work, I love listening to music, learning new things, and dream of traveling around the world.

The Artificial Superintelligence Alliance, once hailed as crypto’s flagship AI collaboration, is now unraveling under the weight of internal conflict and competing interests.

Formed to unify Fetch.ai, SingularityNET, and Ocean Protocol into a shared ecosystem, the alliance promised to accelerate decentralized AI development through token and governance alignment.

But what began as a vision of synergy has devolved into public disputes over control, transparency, and token management.

Those tensions have now spilled into the courtroom, with Fetch leading a class action that could test not only the alliance’s future but also the very notion of DAO autonomy.

Why is Fetch taking legal action against Ocean Protocol?Fetch and three token holders have filed a class action in the Southern District of New York alleging Ocean Protocol and its founders misled the community about the autonomy of OceanDAO.

The complaint, “Fetch Compute, Inc., et al. v. Bruce Pon, et al., case no. 1:25-cv-9210,” was filed Nov. 4, 2025, and names Ocean Protocol Foundation Ltd., Ocean Expeditions Ltd., OceanDAO, and Ocean co-founders Bruce Pon, Trent McConaghy, and Christina Pon as defendants.

Plaintiffs claim that Ocean misrepresented that hundreds of millions of OCEAN “community” tokens would be reserved for DAO rewards, but instead converted and sold those tokens after joining the Artificial Superintelligence Alliance, thereby depressing the value of FET and undermining the DAO’s stated governance model.

According to the complaint, the alleged scheme centered on the status of approximately 700 million OCEAN community tokens.

Plaintiffs claim that those tokens were initially pledged for autonomous, rules-based distribution to contributors via smart contracts as Ocean transitioned to a DAO model, but were subsequently reclassified in practice and removed from community control.

The filing argues that Ocean transferred the OceanDAO assets to a Cayman Islands entity, Ocean Expeditions, in late June, converted OCEAN to FET beginning in early July, liquidated a large portion of the resulting FET on centralized venues, and withdrew from the ASI Alliance in October.

K&L Gates partner Ed Dartley, counsel to Fetch.ai and the plaintiff class, said in a statement shared with CryptoSlate that

“Ocean misled the token community and its merger partners… to believe that 600 million Ocean tokens were reserved for community rewards.”

He added that the defendants “reaped millions of dollars that should have gone to the community.”

Ocean Protocol Foundation is contesting the claims. In a statement to CryptoSlate, Preston Byrne, Managing Partner of Byrne & Storm, who represents Ocean Protocol Foundation, said:

“This is a very strange lawsuit that seems designed for consumption on social media rather than destined for success in a courtroom. OPF will be responding to this lawsuit vigorously in due course.”

In a statement shared with CryptoSlate, Dr. Ben Goertzel, CEO of SingularityNET and co-founder of the ASI Alliance, said:

“While I have been very unpleasantly surprised by some of the recent actions of Ocean Protocol in the context of their departure from the ASI Alliance, I would rather leave the legal side in the hands of the lawyers.

I would just like to reiterate that while Ocean has chosen to go their own way, the Alliance continues to move forward powerfully toward decentralized AGI and superintelligence, with new advances every day.”

Plaintiffs detail a timeline that tracks the ASI token merger and Ocean’s eventual departure.According to the filing, plaintiffs assert claims of fraud, civil conspiracy, violations of New York General Business Law, breach of contract, breach of the implied covenant, and promissory estoppel, and they seek class certification, damages, and equitable relief, including rescission and disgorgement.

The complaint frames the case around whether a purportedly decentralized DAO was, in fact, controlled by a small group that could move community assets without the approval of token holders, and whether Ocean’s public materials, blog posts, and “vision” documents created a binding covenant regarding how community tokens would be used.

They allege that Ocean joined the alliance on the basis that community tokens would remain restricted for rewards, whereas the FET and AGIX communities voted to proceed.

Afterward, the complaint states that Ocean created Ocean Expeditions on June 27, 2025, transferred OceanDAO assets to that entity, began converting OCEAN to FET around July 1, 2025, and later exited the ASI Alliance on October 8–9, 2025.

The filing quantifies the flows as more than 661 million OCEAN converted into approximately 286.46 million FET, followed by sales of roughly 263 million FET into the market, equivalent to more than 10 percent of the circulating supply at the time, resulting in price pressure on FET during and after Ocean’s withdrawal.

For readers tracking the on-chain and structural mechanics, the complaint claims Ocean had previously revoked contract control and described OceanDAO as “fully decentralized and autonomous,” with community tokens to be disbursed by smart contract to participants in data farming and other incentive programs.

Plaintiffs argue that these commitments were central to merger-vote approvals and to token holders’ decisions to hold, convert, or acquire tokens during the ASI transition, and that any undisclosed change in control of the community token wallets would be material to market behavior and governance expectations.

The filing also asserts market structure impacts. Plaintiffs allege that converting and then selling community tokens created a persistent overhang, weakening confidence in DAO governance and impairing the alliance’s ability to attract contributors and sustain incentives.

The complaint cites price levels around the exit window and ties the drawdown to Ocean’s actions and announcements, while noting the scale of the tokens at issue in relation to the float.

The theory of harm combines direct token price effects with a loss of the incentive pool that the community expected to fund data and model contributions over time.

For an at-a-glance view of the dispute as pleaded:

EventDetailDate / AmountCase filingSDNY class action, case no. 1:25-cv-9210Nov. 4, 2025Community token poolDesignated OCEAN community tokens≈700,000,000 OCEANEntity changeOcean Expeditions formed, OceanDAO assets movedJune 27–30, 2025ConversionsOCEAN converted to FET661,218,319 OCEAN → 286,456,967.46 FETAlleged salesFET sold into market≈263,000,000 FETAlliance exitOcean leaves ASI AllianceOct. 8–9, 2025The case lands in a period of mounting regulatory and civil scrutiny for token projects that describe themselves as decentralized while maintaining foundation-controlled multisig structures. U.S. agencies and courts have treated DAOs as unincorporated associations when human controllers are identifiable.

Recent matters have focused on who can authorize treasury moves, how proposals are approved, and whether token holder votes are binding in practice. The SDNY forum adds discovery and motion practice that can probe the gap between technical decentralization claims and operational control, especially where a large “community” allocation is alleged to have been spent, converted, or redirected.

Key next steps to watch are an appearance by defense counsel, any motion to dismiss challenging the contract and consumer protection claims, and requests for preliminary relief tied to control of token holdings referenced in the filing.

Plaintiffs also plead for equitable remedies that could affect custodied balances or on-chain addresses if granted. Any parallel governance changes, signer disclosures, escrow arrangements, or return mechanisms announced by the parties would reshape the live controversy even as the litigation proceeds.

Ocean’s response will determine whether this dispute proceeds directly to motions practice or toward a negotiated framework for handling the tokens at issue.

Plaintiffs have framed the case around DAO accountability and the reliance of token holders on the DAO. The defense has framed it as a social media narrative.

The complaint now presents that conflict before a federal judge in New York.

Mentioned in this article

The month-long slide in crypto prices hasn’t just hit major assets like Bitcoin (BTC) and Ether (ETH) — it’s also dealing heavy losses to digital asset treasury companies that built their business models around accumulating crypto on their balance sheets.

That’s one of the key takeaways from a recent social media analysis by onchain data company CryptoQuant, which cited XRP-focused treasury company Evernorth as a prime example of the risks in this sector.

Evernorth has reportedly seen unrealized losses of about $78 million on its XRP position, mere weeks after acquiring the asset. 

The pullback has also battered shares of Strategy (MSTR), the original Bitcoin treasury play. The company’s stock has dropped by more than 26% over the past month, as Bitcoin’s price has slumped, according to Google Finance data. CryptoQuant noted a 53% drop in MSTR shares from their all-time high. 

However, Strategy still holds a sizable unrealized gain on its Bitcoin reserves, with an average cost basis of roughly $74,000 per BTC, according to BitcoinTreasuries.NET.

Source: CryptoQuantMeanwhile, BitMine, the largest Ether-holding corporation, is now sitting on approximately $2.1 billion in unrealized losses tied to its Ether reserves, according to CryptoQuant. 

BitMine currently holds nearly 3.4 million ETH, having acquired more than 565,000 over the past month, according to industry data.

Digital asset treasury companies: Echoes of the dot-com bubbleDigital asset treasury companies, or DATs, have come under mounting valuation pressure in recent months, with analysts cautioning that their market worth is increasingly tied to the performance of their underlying crypto holdings.

Some analysts, including those at venture capital firm Breed, argue that only the strongest players will endure, noting that Bitcoin-focused treasuries may be best positioned to avoid a potential “death spiral.” The risk, they say, stems from a collapse in the companies’ market net asset value (mNAV) — a metric comparing enterprise value to the market value of their cryptocurrency investments.

Others have compared the rise of digital asset treasury companies to the dot-com boom and bust of the early 2000s, a period driven by long-term visionaries and innovators, as well as opportunists chasing quick gains.

Ray Youssef, founder of peer-to-peer lending platform NoOnes, predicted that most digital asset treasuries will ultimately fade out or collapse as market realities set in.

VANCOUVER, British Columbia, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (the "Company") will release its third quarter 2025 financial results after market close on Wednesday, November 12, 2025.

The Company will host a telephone conference call and live webcast on Thursday, November 13, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results. After opening remarks by management, there will be a question and answer session open to analysts and investors.

The conference call may be accessed by dialing 800-715-9871 toll free or 646-307-1963, using the access code 9308157.

The webcast may be accessed at tasekomines.com/investors/events and will be archived until November 13, 2026 for later playback.

For further information on Taseko, please visit the Taseko website at tasekomines.com or contact:

Brian Bergot, Vice President, Investor Relations - 778-373-4533 or toll free 1-877-441-4533

Stuart McDonald
President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

Enhancing and Expanding our ETF Product OfferingsQuarter End AUM of $35.0 billion (+9% versus Q3 2024)Quarterly Revenues Grew 10% to $63.2 millionThird Quarter EPS of $0.68 versus $0.69 in the Third Quarter of 2024Strong Liquidity Position and Cash Generation Support Capital Returns: $200.8 million in Cash and Investments (No Debt); 22.1 million Shares Outstanding After Repurchasing 237,000 Shares During Q3 2025Board Authorizes 25% Increase to Quarterly Dividend to $0.10 Per Share, an Additional 500,000 Share Buyback, and $2.5 million Charitable ContributionChairman and co-CEO Elects to Waive Management Fee for December  GREENWICH, Conn., Nov. 07, 2025 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended September 30, 2025.

Financial Highlights

(In thousands, except percentages and per share data)   Three Months Ended  September 30, 2025 September 30, 2024U.S. GAAP    Revenue $63,217  $57,546 Expenses  46,595   35,917 Operating income  16,622   21,629 Non-operating income  4,340   1,027 Net income  15,207   16,834 Diluted earnings per share $0.68  $0.69 Operating margin  26.3%  37.6% Giving Back to Society - $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

The charitable giving program continues today with the Gabelli Funds Foundation, a private foundation, established in September 2024. On November 7, 2025, Gabelli’s board of directors authorized an additional $2.5 million contribution.

Revenue

(In thousands) Three Months Ended   September 30, 2025 September 30, 2024 Investment advisory and incentive fees     Funds $42,803  $38,847 Institutional and Private Wealth Management 16,531   14,977 SICAV  13   5 Performance-based  (13)  - Total $59,334  $53,829 Distribution fees and other income  3,883   3,717 Total revenue $63,217  $57,546        The year over year increase in Funds revenues was primarily the result of higher average assets under management. The Institutional and Private Wealth Management increase in revenues was the result of higher equity assets (including the addition of the PWM assets of Gabelli-Keeley in May 2025) at the beginning of the quarter, which are generally used to calculate the revenues. The increase in distribution fees and other income was primarily the result of an increase in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands) Three Months Ended   September 30, 2025 September 30, 2024 Compensation $32,762 $22,566 Management fee  2,338  2,517 Distribution costs  5,920  6,033 Other operating expenses  5,575  4,801 Total expenses $46,595 $35,917        The higher compensation expense in the third quarter of 2025 compared to the prior year quarter is comprised of $2.6 million of higher fixed compensation, $2.1 million of higher variable compensation and the $5.5 million of waived compensation in the 2024 quarter.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 26.3% for the third quarter of 2025 compared with 37.6% for the third quarter of 2024.

Non-Operating Income 

(In thousands) Three Months Ended   September 30, 2025 September 30, 2024 Gain from investments, net $2,835  $3,370  Interest and dividend income  1,868   2,947  Interest expense (a)  (363)  (290) Charitable giving contribution  -   (5,000) Total non-operating income $4,340  $1,027        (a) Related to GAAP accounting of finance lease.          Non-operating income was $3.3 million higher for the quarter, after accounting for the $5.0 million contribution made in the 2024 period to establish the private foundation in support of our ongoing charitable giving program. This was partially offset by lower mark-to-market values on our investments portfolio for the quarter and a decrease in interest and dividend income.

Other Financial Highlights

The effective income tax rate for the third quarter of 2025 was 27.5% versus 25.7% for the third quarter of 2024.

At September 30, 2025, cash, cash equivalents, seed capital, and investments were $200.8 million with no debt. There were 22.1 million shares outstanding as of September 30, 2025.

Assets Under Management

(In millions) As of   September 30,
2025 June 30,
2025 September 30,
2024         Mutual Funds $9,484 $8,817 $8,440 Closed-end Funds  8,031  7,627  7,459 Institutional & PWM (a) (b)  11,975  11,374  10,984 SICAV  10  9  9 Total Equities  29,500  27,827  26,892         100% U.S. Treasury Money Market Fund  5,517  5,498  5,268 Institutional & PWM Fixed Income  32  32  32 Total Treasuries & Fixed Income  5,549  5,530  5,300 Total Assets Under Management $35,049 $33,357 $32,192         (a) Includes $216, $211, and $278 of AUM subadvised for Teton Advisors, Inc. at September 30, 2025, June 30, 2025, and September 30, 2024, respectively.     (b) Includes $258, $210, and $212 of 100% U.S. Treasury Money Market Fund AUM at September 30, 2025, June 30, 2025, and September 30, 2024, respectively.              Assets under management on September 30, 2025 were $35.0 billion, an increase of 4.8% from the $33.4 billion on June 30, 2025. The quarter’s increase consisted of net market appreciation of $1.9 billion partially offset by net outflows of $0.1 billion and distributions, net of reinvestments, of $0.2 billion.

Mutual Funds

Assets under management in Open-end Mutual Funds on September 30, 2025 were $9.4 billion, an increase of 8.0% from the $8.7 billion at June 30, 2025. The quarterly change was attributed to:

Distributions, net of reinvestment, of $6 million;Net outflows of $64 million; andNet market appreciation of $733 million.
In July, we filed a regulatory application to allow an existing open-end mutual fund to add an ETF share class, or “Class E,” which is currently pending with the regulator.

ETFs

Assets under management in ETFs on September 30, 2025 were $78 million, an increase of 5.4% from the $74 million at June 30, 2025. The quarterly change was attributed to:

Net market appreciation of $4 million.
We continue to expand our ETF lineup, and expect to launch several new ETFs:

Gabelli High Income ETF (GBHI)Keeley Dividend ETF (KDVD)Gabelli Opportunities in Live and Sports ETF (GOLS)
Our four semi-transparent ETFs will become transparent ETFs in mid-December, and will begin to disclose their portfolio holdings daily:

Gabelli Love Our Planet & People ETF (LOPP)Gabelli Growth Innovators ETF (GGRW)Gabelli Automation ETF (GAST), which will also change its name to Gabelli Global Technology Leaders ETFGabelli Commercial Aerospace & Defense ETF (GCAD) Closed-end Funds

Assets under management in Closed-end Funds on September 30, 2025 were $8.0 billion, an increase of 5.3% from the $7.6 billion on June 30, 2025. The quarterly change was comprised of:

New offerings of $43 million of 5.2% preferred shares;Distributions, net of reinvestment, of $138 million;Net outflows of $16 million, the redemption of $16 million of preferred shares, the repurchase of $6 million of common stock partially offset by the issuance of $6 million common stock; andNet market appreciation of $515 million. Institutional & PWM

Assets under management in Institutional & PWM on September 30, 2025 were $12.0 billion, an increase of 5.3% from the $11.4 billion on June 30, 2025. The quarterly change was due to:

Net outflows of $53 million; andNet market appreciation of $654 million. SICAV

Assets under management were $10 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on September 30, 2025, as compared to $9 million at June 30, 2025.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on September 30, 2025 were $5.5 billion, unchanged from June 30, 2025.

The Gabelli Gold Fund – Up 42% For 3rd quarter of 2025

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 3rd quarter 2025 performance:

The third quarter of 2025 saw a sharp advance in both the gold price and gold equities. Building on strong gains earlier in the year, the price of gold rose by 16.7% during the quarter, climbing from $3,306 to $3,859 per ounce. Gold equities appreciated by well over 40% and again outpaced the metal, maintaining the leverage historically associated with the sector after years of underperformance. This continued strength occurred against a backdrop of currency volatility, mounting fiscal pressures, and geopolitical risk. These tailwinds have kept gold in demand from central banks, particularly in China and emerging markets where trust in dollar-based reserves is increasingly questioned. Despite their strong performance gold equities only recently surpassed their prior highs from 2011. At today’s gold price we calculate many of our portfolio companies are trading at mid and high teens free cash flow yields on 2026 earnings and a significant discount to net present value. We believe this is supportive of higher prices.

Assets Under Administration

(In millions) As of   September 30,
2025 June 30,
2025 September 30,
2024         Teton Advisors, Inc. (a) $292 $287 $883 SICAV  494  455  431 Total Assets Under Administration$786 $742 $1,314         (a) Includes $216, $211 and $278 of subadvised AUM for Teton Advisors, Inc. at September 30, 2025, June 30, 2025 and September 30, 2024, respectively.           AUA on September 30, 2025 were $0.8 billion, an increase of $0.1 billion, or 14.3%, from the $0.7 billion at June 30, 2025.

Return to Shareholders

During the third quarter of 2025, Gabelli returned $7.5 million to shareholders by repurchasing 236,529 shares for $5.7 million at an average investment of $23.83 per share and by paying a regular quarterly dividend of $0.08 per share totaling $1.8 million. At September 30, 2025, the total shares remaining under the Stock Repurchase Program were 702,951. From October 1, 2025 to November 7, 2025, the Company has repurchased 40,332 shares at an average price of $23.48 per share for an aggregate purchase price of approximately $0.8 million. On November 7, 2025, the board of directors increased the authorized shares to be repurchased under the program by 500,000 shares.

On November 7, 2025, Gabelli’s board of directors authorized a 25% increase to the regular quarterly dividend. The quarterly dividend will be $0.10 per share, payable on December 30, 2025 to class A and class B shareholders of record on December 16, 2025.

Balance Sheet Information

As of September 30, 2025, cash, cash equivalents, seed capital, and investments were $200.8 million, compared with $182.8 million as of December 31, 2024. As of September 30, 2025, stockholders’ equity was $159.9 million compared to $137.3 million as of December 31, 2024. The increase in stockholders’ equity resulted from $54.3 million in net income offset partially by the payment of $6.8 million for the acquisition of Gabelli-Keeley AUM, $19.6 million of stock buybacks, and $5.3 million in dividends.

Symposiums/Conferences

On September 4th, we hosted the 31st Annual Aerospace & Defense Symposium. The conference featured presentations by senior management of eighteen companies operating in the aerospace eco-system.
On September 17th, GAMCO hosted its 3rd annual PFAS Symposium featuring presentations from regulators, the industry association and management from private and public companies.
We are hosting the following symposiums and conferences in the fourth quarter of 2025:
49th Automotive Aftermarket Symposium (November 3rd and 4th)
7th Healthcare Symposium (November 14th) – The symposium will cover the future of multi-cancer screening, empowering beneficiaries through consumerism, developments for aging in place, and vaccine access and development.
Our 2025 symposiums and conferences:

About Gabelli

Gabelli (OTCQX: GAMI), established in 1977, is a widely-recognized provider of investment advisory services to 27 open-end funds, 13 United States closed-end funds and one United Kingdom investment company, 5 actively managed exchange traded funds, one société d’investissement à capital variable, and approximately 1,900 institutional and private wealth management investors principally in the U.S. The Company’s revenues are based primarily on the levels of assets under management and fees associated with the various investment products.

In 1977, Gabelli launched its well-known All Cap Value equity strategy, Gabelli Value, in a separate account format and in 1986 entered the mutual fund business. Today, Gabelli offers a diverse set of client solutions across asset classes (e.g. Equities, Debt Instruments, Convertibles, non-market correlated Merger Arbitrage), regions, market capitalizations, sectors (e.g. Gold, Utilities) and investment styles (e.g. Value, Growth). Gabelli serves a broad client base, including institutions, intermediaries, offshore investors, private wealth, and direct retail investors.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Money Market Fund

Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Gold

Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of September 30, 2025, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries       Condensed Consolidated Statements of Operations (Unaudited)      (in thousands, except per share data)         Three Months Ended   September 30,
2025 June 30,
2025 September 30,
2024 Revenue:       Investment advisory and incentive fees $59,334  $55,445  $53,829  Distribution fees and other income  3,883   3,579   3,717  Total revenue  63,217   59,024   57,546  Expenses:       Compensation  32,762   25,035   22,566  Management fee  2,338   2,785   2,517  Distribution costs  5,920   5,319   6,033  Other operating expenses  5,575   6,715   4,801  Total expenses  46,595   39,854   35,917  Operating income  16,622   19,170   21,629  Non-operating income:       Gain from investments, net  2,835   4,567   3,370  Interest and dividend income  1,868   1,615   2,947  Interest expense  (363)  (310)  (290) Charitable giving contribution  -   -   (5,000) Total non-operating income  4,340   5,872   1,027  Income before provision for income taxes  20,962   25,042   22,656  Provision for income taxes  5,755   4,211   5,822  Net income $15,207  $20,831  $16,834          Earnings per share attributable to common       stockholders:       Basic $0.68  $0.93  $0.69  Diluted $0.68  $0.93  $0.69          Weighted average shares outstanding:       Basic  22,268   22,399   24,263  Diluted  22,268   22,399   24,263          Shares outstanding  22,120   22,357   24,235           GAMCO Investors, Inc. and Subsidiaries       Condensed Consolidated Statements of Financial Condition (Unaudited)    (in thousands)             September 30, December 31, September 30,   2025
 2024
 2024
 Assets       Cash and cash equivalents $72,181 $17,254 $102,296 Short-term investments in U.S. Treasury Bills  49,911  99,216  99,096 Investments in securities  45,433  36,855  31,179 Seed capital investments  33,246  29,452  28,424 Receivable from brokers  5,682  3,103  2,901 Other receivables  22,479  21,246  19,541 Deferred tax asset and income tax receivable  11,456  8,042  7,801 Other assets  14,018  9,509  10,132 Total assets $254,406 $224,677 $301,370         Liabilities and stockholders' equity       Income taxes payable $3,564 $193 $40 Compensation payable  46,001  40,633  44,522 Dividends payable  -  -  48,469 Accrued expenses and other liabilities  44,943  46,546  53,023 Total liabilities  94,508  87,372  146,054         Stockholders' equity  159,898  137,305  155,316 Total liabilities and stockholders' equity $254,406 $224,677 $301,370          GAMCO Investors, Inc. and Subsidiaries          Assets Under Management           By investment vehicle           (in millions)             Three Months Ended % Changed From   September 30, June 30, September 30, June 30, September 30,    2025   2025   2024  2025
 2024
 Equities:           Mutual Funds           Beginning of period assets $8,817  $7,959  $8,035      Inflows  285   665   175      Outflows  (349)  (423)  (415)     Net inflows (outflows)  (64)  242   (240)     Market appreciation (depreciation)  737   620   652      Fund distributions, net of reinvestment  (6)  (4)  (7)     Total increase (decrease)  667   858   405      Assets under management, end of period $9,484  $8,817  $8,440  7.6% 12.4% Percentage of total assets under management  27.1%  26.4%  26.2%     Average assets under management $9,144  $8,259  $8,177  10.7% 11.8%             Closed-end Funds           Beginning of period assets $7,627  $7,365  $7,052      Inflows  49   19   25      Outflows  (22)  (57)  (32)     Net inflows (outflows)  27   (38)  (7)     Market appreciation (depreciation)  515   445   540      Fund distributions, net of reinvestment  (138)  (145)  (126)     Total increase (decrease)  404   262   407      Assets under management, end of period  8,031  $7,627  $7,459  5.3% 7.7% Percentage of total assets under management  22.9%  22.9%  23.2%     Average assets under management $7,821  $7,364  $7,260  6.2% 7.7%             Institutional & PWM           Beginning of period assets $11,374  $10,182  $10,436      Inflows  327   729   87      Outflows  (380)  (375)  (373)     Net inflows (outflows)  (53)  354   (286)     Market appreciation (depreciation)  654   838   834      Total increase (decrease)  601   1,192   548      Assets under management, end of period $11,975  $11,374  $10,984  5.3% 9.0% Percentage of total assets under management  34.2%  34.1%  34.1%     Average assets under management $11,827  $10,941  $10,905  8.1% 8.5%             SICAV           Beginning of period assets $9  $9  $9      Inflows  -   -   -      Outflows  -   -   -      Net inflows (outflows)  -   -   -      Market appreciation (depreciation)  1   -   -      Reclassification to AUA  -   -   -      Total increase (decrease)  1   -   -      Assets under management, end of period $10  $9  $9  11.1% 11.1% Percentage of total assets under management  0.0%  0.0%  0.0%     Average assets under management $10  $9  $9  11.1% 11.1%             Total Equities           Beginning of period assets $27,827  $25,515  $25,532      Inflows  661   1,413   287      Outflows  (751)  (855)  (820)     Net inflows (outflows)  (90)  558   (533)     Market appreciation (depreciation)  1,907   1,903   2,026      Fund distributions, net of reinvestment  (144)  (149)  (133)     Reclassification to AUA  -   -   -      Total increase (decrease)  1,673   2,312   1,360      Assets under management, end of period $29,500  $27,827  $26,892  6.0% 9.7% Percentage of total assets under management  84.2%  83.4%  83.5%     Average assets under management $28,802  $26,573  $26,351  8.4% 9.3%              GAMCO Investors, Inc. and Subsidiaries          Assets Under Management           By investment vehicle - continued           (in millions)             Three Months Ended % Changed From   September 30, June 30, September 30, June 30, September 30,    2025   2025   2024  2025
 2024
 Fixed Income:           100% U.S. Treasury fund           Beginning of period assets $5,498  $5,638  $5,159      Inflows  1,535   1,243   1,245      Outflows  (1,577)  (1,442)  (1,205)     Net inflows (outflows)  (42)  (199)  40      Market appreciation (depreciation)  61   59   69      Total increase (decrease)  19   (140)  109      Assets under management, end of period $5,517  $5,498  $5,268  0.3% 4.7% Percentage of total assets under management  15.7%  16.5%  16.4%     Average assets under management $5,681  $5,561  $5,246  2.2% 8.3%             Institutional & PWM Fixed Income           Beginning of period assets $32  $32  $32      Inflows  -   -   -      Outflows  -   -   -      Net inflows (outflows)  -   -   -      Market appreciation (depreciation)  -   -   -      Total increase (decrease)  -   -   -      Assets under management, end of period $32  $32  $32  0.0% 0.0% Percentage of total assets under management  0.1%  0.1%  0.1%     Average assets under management $32  $32  $32  0.0% 0.0%             Total Treasuries & Fixed Income           Beginning of period assets $5,530  $5,670  $5,191      Inflows  1,535   1,243   1,245      Outflows  (1,577)  (1,442)  (1,205)     Net inflows (outflows)  (42)  (199)  40      Market appreciation (depreciation)  61   59   69      Total increase (decrease)  19   (140)  109      Assets under management, end of period $5,549  $5,530  $5,300  0.3% 4.7% Percentage of total assets under management  15.8%  16.6%  16.5%     Average assets under management $5,713  $5,593  $5,278  2.1% 8.2%             Total AUM           Beginning of period assets $33,357  $31,185  $30,723      Inflows  2,196   2,656   1,532      Outflows  (2,328)  (2,297)  (2,025)     Net inflows (outflows)  (132)  359   (493)     Market appreciation (depreciation)  1,968   1,962   2,095      Fund distributions, net of reinvestment  (144)  (149)  (133)     Reclassification to AUA  -   -   -      Total increase (decrease)  1,692   2,172   1,469      Assets under management, end of period $35,049  $33,357  $32,192  5.1% 8.9% Average assets under management $34,515  $32,166  $31,629  7.3% 9.1%              GAMCO Investors, Inc. and Subsidiaries      Assets Under Management       By investment vehicle       (in millions)          Nine Months Ended     September 30, September 30,       2025   2024  % Change Equities:       Mutual Funds       Beginning of period assets $8,078  $7,973     Inflows  1,143   540     Outflows  (1,168)  (1,206)    Net inflows (outflows)  (25)  (666)    Market appreciation (depreciation)  1,446   1,149     Fund distributions, net of reinvestment  (15)  (16)    Total increase (decrease)  1,406   467    Assets under management, end of period $9,484  $8,440  12.4% Percentage of total assets under management  27.1%  26.2%   Average assets under management $8,730  $8,079  8.1%          Closed-end Funds       Beginning of period assets $7,344  $7,097     Inflows  76   69     Outflows  (128)  (183)    Net inflows (outflows)  (52)  (114)    Market appreciation (depreciation)  1,159   855     Fund distributions, net of reinvestment  (420)  (379)    Total increase (decrease)  687   362    Assets under management, end of period $8,031  $7,459  7.7% Percentage of total assets under management  22.9%  23.2%   Average assets under management $7,565  $7,162  5.6%          Institutional & PWM       Beginning of period assets $10,700  $10,738     Inflows  1,113   278     Outflows  (1,293)  (1,294)    Net inflows (outflows)  (180)  (1,016)    Market appreciation (depreciation)  1,455   1,262     Total increase (decrease)  1,275   246    Assets under management, end of period $11,975  $10,984  9.0% Percentage of total assets under management  34.2%  34.1%   Average assets under management $10,984  $10,827  1.5%          SICAV       Beginning of period assets $9  $631     Inflows  -   -     Outflows  -   (2)    Net inflows (outflows)  -   (2)    Market appreciation (depreciation)  1   -     Reclassification to AUA  -   (620)    Total increase (decrease)  1   (622)   Assets under management, end of period $10  $9  11.1% Percentage of total assets under management  0.0%  0.0%   Average assets under management $9  $9  0.0%          Total Equities       Beginning of period assets $26,131  $26,439     Inflows  2,332   887     Outflows  (2,589)  (2,685)    Net inflows (outflows)  (257)  (1,798)    Market appreciation (depreciation)  4,061   3,266     Fund distributions, net of reinvestment  (435)  (395)    Reclassification to AUA  -   (620)    Total increase (decrease)  3,369   453    Assets under management, end of period $29,500  $26,892  9.7% Percentage of total assets under management  84.2%  83.5%   Average assets under management $27,288  $26,077  4.6%           GAMCO Investors, Inc. and Subsidiaries      Assets Under Management       By investment vehicle - continued       (in millions)          Nine Months Ended     September 30, September 30,       2025   2024  % Change Fixed Income:       100% U.S. Treasury fund       Beginning of period assets $5,552  $4,615     Inflows  4,150   4,140     Outflows  (4,360)  (3,682)    Net inflows (outflows)  (210)  458     Market appreciation (depreciation)  175   195     Total increase (decrease)  (35)  653    Assets under management, end of period $5,517  $5,268  4.7%
 Percentage of total assets under management  15.7%  16.4%   Average assets under management $5,598  $5,048  10.9%
          Institutional & PWM Fixed Income       Beginning of period assets $32  $32     Inflows  -   -     Outflows  -   -     Net inflows (outflows)  -   -     Market appreciation (depreciation)  -   -     Total increase (decrease)  -   -    Assets under management, end of period $32  $32  0.0%
 Percentage of total assets under management  0.1%  0.1%   Average assets under management $32  $32  0.0%
          Total Treasuries & Fixed Income       Beginning of period assets $5,584  $4,647     Inflows  4,150   4,140     Outflows  (4,360)  (3,682)    Net inflows (outflows)  (210)  458     Market appreciation (depreciation)  175   195     Total increase (decrease)  (35)  653    Assets under management, end of period $5,549  $5,300  4.7%
 Percentage of total assets under management  15.8%  16.5%   Average assets under management $5,630  $5,080  10.8%
          Total AUM       Beginning of period assets $31,715  $31,086     Inflows  6,482   5,027     Outflows  (6,949)  (6,367)    Net inflows (outflows)  (467)  (1,340)    Market appreciation (depreciation)  4,236   3,461     Fund distributions, net of reinvestment  (435)  (395)    Reclassification to AUA  -   (620)    Total increase (decrease)  3,334   1,106    Assets under management, end of period $35,049  $32,192  8.9%
 Average assets under management $32,918  $31,157  5.7%
           Contact:Kieran Caterina Chief Accounting Officer
(914) 921-5149   For further information please visit www.gabelli.com   Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/8001c2cc-8345-48d8-b531-045ef76e8172

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, /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) announced today that Management expects to meet with investors during the Piper Sandler Financial Services Conference in Aventura, FL on November 10-12, 2025.

Additional information for investors can be accessed via Associated Banc-Corp's Investor Relations website at http://investor.associatedbank.com.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.

Investor Contact: Ben McCarville
Senior Vice President | Director of Investor Relations
920-491-7059

Media Contact: Andrea Kozek
Vice President | Senior Manager, Public Relations
920-491-7518

SOURCE Associated Banc-Corp

-

MILWAUKEE--(BUSINESS WIRE)--Badger Meter, Inc. (NYSE: BMI), a global leader in smart water management solutions, today announced that its Board of Directors (“the Board”) declared a regular quarterly cash dividend of $0.40 per share, payable on December 5, 2025, to shareholders of record on November 21, 2025.

In addition, the Board approved a new share repurchase authorization for up to $75 million of the Company’s outstanding common stock through November 30, 2028. The new share repurchase authorization replaces the existing authorization that was approved by the Board in February 2023 and set to expire in February 2026. Under the existing authorization, the Company purchased 82,448 shares of its common stock for an aggregate purchase price of approximately $15 million during the fourth quarter of 2025.

The new share repurchase program authorizes the Company to purchase shares from time to time in the open market, through privately negotiated transactions, or via other methods in accordance with applicable securities laws and other relevant legal requirements. The timing, frequency and amount of share repurchases will depend on capital allocation priorities, market conditions, share price and trading volume amongst other factors. The announcement of this share repurchase program does not obligate the Company to execute any specific dollar amount or number of shares or complete the program, and it may be extended, modified, suspended, or discontinued at any time.

Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer, stated, “Our strong balance sheet, history of free cash flow generation and durable business model position us well to capitalize on the secular trends that will drive growth in our industry. Disciplined adherence to our capital allocation framework has served both the company and shareholders well over time. Returning capital to shareholders via dividend growth has been a consistent component of total shareholder return for 33 consecutive years. The expansion of our share repurchase authorization gives us added flexibility to continue opportunistic buyback activity when our shares appear undervalued by the market, further enhancing our ability to deliver long-term shareholder value.”

Forward Looking Statements

Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The words “anticipate,” “believe,” “estimate,” “expect,” “think,” “should,” “could” and “objective” or similar expressions are intended to identify forward looking statements. All such forward-looking statements are based on the Company’s then current views and assumptions and involve risks and uncertainties. The Company’s results are subject to its ability to develop and manufacture technologically advanced products that are accepted by the market, supply chain risk, legal and regulatory risks, political and general economic risks, risks related to doing business in foreign countries, including foreign currency risk, competition for skilled employees, material and labor cost increases, competitive pricing and operating efficiencies, the effects of climate change, cybersecurity attacks and disruptions to our information technology and the successful integration of acquisitions. See the Company’s Form 10-K filed with the SEC for further information regarding risk factors, which are incorporated herein by reference. The Company disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

About Badger Meter

With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge™ suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world’s most precious resource. For more information, visit www.badgermeter.com.

More News From Badger Meter, Inc.

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November 07, 2025 16:15 ET

 | Source:

NI Holdings, Inc.

FARGO, N.D., Nov. 07, 2025 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended September 30, 2025.

Summary of Third Quarter 2025 Results – Continuing Operations
(All comparisons vs. continuing operations for the third quarter of 2024, unless noted otherwise)

Direct written premiums of $58.5 million compared to $67.7 million in the prior period. The decrease was primarily driven by an 80.0% decline in Non-Standard Auto, reflecting the Company’s strategic decision during the quarter to stop writing this business in Illinois, Arizona and South Dakota. This decline was partially offset by a 10.1% increase in Home and Farm premiums, driven by new business growth in North Dakota, rate increases, and increased insured property values, partially offset by lower retention and new business in Nebraska.Combined ratio of 109.1% versus 111.0%, with the elevated ratios in both periods primarily driven by unfavorable prior year loss reserve development in Non-Standard Auto contributing 11.2 pts and 7.2 pts to the combined ratio, respectively.Net investment income increased 8.1% to $3.0 million in the current period, primarily driven by higher reinvestment rates in the fixed income portfolio.Net investment gains decreased 43.5% to $1.4 million in the current period, driven by lower unrealized gains on equity securities, partially offset by higher net realized gains.Basic loss per share of ($0.08) compared to ($0.13) in the prior period.  Three Months Ended September 30, Nine Months Ended September 30, Dollars in thousands, except per share data
(unaudited) 2025  2024 Change  2025  2024 Change Direct written premiums$58,458 $67,704 (13.7%)  $235,705 $269,217 (12.4%)  Net earned premiums$71,905 $83,270 (13.6%)  $212,407 $238,323 (10.9%)  Loss and LAE ratio 78.2%  78.2% 0.0 pts  76.0%  73.3% 2.7 pts Expense ratio 30.9%  32.8% (1.9) pts  34.0%  33.7% 0.3 pts Combined ratio 109.1%  111.0% (1.9) pts  110.0%  107.0% 3.0 pts Net loss attributable to NI Holdings$(1,666) $(2,705) (38.4%)  $(7,257) $(15,908) (54.4%)  Continuing operations$(1,666) $(2,705) (38.4%)  $(7,257) $(3,248) NM Discontinued operations -  - NM  - $(1,512) NM Loss on sale of discontinued operations -  - NM  - $(11,148) NM Return on average equity (2.7%)  (4.5%) 1.8 pts  (4.0%)  (1.9%) (2.1) pts Basic loss per share$(0.08) $(0.13) (38.5%)  $(0.35) $(0.76) (53.9%)  Continuing operations$(0.08) $(0.13) (38.5%)  $(0.35) $(0.15) NM NM = not meaningful   Management Commentary

“First, I am thrilled to rejoin the company as CEO,” said Cindy Launer, President and Chief Executive Officer. “I look forward to collaborating with our exceptional agents, employees and board to continue delivering outstanding service and products to our customers and communities. Turning to our third quarter results, our Non-Standard Auto segment was again impacted by adverse prior year development. In response, we made the strategic decision to stop writing non-standard auto business in Illinois, Arizona and South Dakota. While this will reduce future earned premiums, we believe this shift positions us for stronger underwriting performance and greater stability moving forward.”

Securities and Exchange Commission (SEC) Filings
The Company’s Quarterly Report on Form 10-Q and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s filings with the SEC can also be found at www.sec.gov.

About the Company
NI Holdings, Inc. is an insurance holding company. The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including Nodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; Direct Auto Insurance Company; and Westminster Insurance Company until the date of sale.

Safe Harbor Statement
Some of the statements included in this news release, particularly those anticipating future financial performance, including investment performance and yields, business prospects, growth and operating strategies, the impact of underwriting changes and other strategic actions on operating results, our plans to increase investments in people and technology, enhance distribution management efforts, and focus on expense management initiatives, our ability to generate consistent profitable growth and create lasting value for our shareholders, and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include: our ability to maintain profitable operations, the adequacy of the loss and loss adjustment expense reserves, business and economic conditions, the changes in the international trade policies and the potential impact of such changes, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, adverse and catastrophic weather events, including the impacts of climate change, legal and judicial developments, changes in regulatory requirements, our ability to integrate and manage successfully the insurance companies we may acquire from time to time, the impact of inflation on our operating results, and other risks we describe in the periodic reports we file with the SEC. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K, as filed with the SEC.

Investor Relations Contact:
Matt Maki
Executive Vice President, Treasurer and Chief Financial Officer
701-212-5976
[email protected]

November 07, 2025 16:15 ET

 | Source:

Okeanis Eco Tankers Corp

ATHENS, Greece, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET”) (NYSE:ECO / OSE:OET), will report unaudited condensed financial results for the third quarter and nine-month period ending September 30, 2025, after market close on the NYSE, on Wednesday, November 12, 2025, and a webcast will be held at 13:30 CET, on Thursday, November 13, 2025.

Participants may access the webcast using the following link:
https://events.q4inc.com/attendee/564091800

The presentation material, which will be used in the webcast, will be available for download from the Investor Relations section at www.okeanisecotankers.com prior to the live webcast.

Contacts

Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
[email protected]

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
[email protected]

About OET

OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Forward Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of AMZN, META, XOM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Q3: 2025-11-06 Earnings SummaryEPS of $2.71 beats by $0.26

 |

Revenue of

$5.85B

(-1.98% Y/Y)

beats by $260.39M

EOG Resources, Inc. (EOG) Q3 2025 Earnings Call November 7, 2025 10:00 AM EST

Company Participants

Pearce Hammond - Vice President of Investor Relations
Ezra Yacob - CEO & Chairman
Ann Janssen - Executive VP & CFO
Jeffrey Leitzell - Executive VP & COO
Keith Trasko - Senior Vice President of Exploration & Production

Conference Call Participants

Neil Mehta - Goldman Sachs Group, Inc., Research Division
Stephen Richardson - Evercore ISI Institutional Equities, Research Division
Joshua Silverstein - UBS Investment Bank, Research Division
Douglas George Blyth Leggate - Wolfe Research, LLC
Leo Mariani - ROTH Capital Partners, LLC, Research Division
Scott Hanold - RBC Capital Markets, Research Division
David Deckelbaum - TD Cowen, Research Division
Wei Jiang - Barclays Bank PLC, Research Division

Presentation

Operator

Good day, everyone, and welcome to the EOG Resources Third Quarter 2025 Earnings Results Conference Call. As a reminder, this call is being recorded. For opening remarks and introductions, I will turn the call over to EOG Resources Vice President of Investor Relations, Mr. Pearce Hammond. Please go ahead, sir.

Pearce Hammond
Vice President of Investor Relations

Thank you, Betsy. Good morning, and thank you for joining us for the EOG Resources Third Quarter 2025 Earnings Conference Call. An updated investor presentation has been posted to the Investor Relations section of our website, and we will reference certain slides during today's discussion. A replay of this call will be available on our website beginning later today.

As a reminder, this conference call includes forward-looking statements. Factors that could cause our actual results to differ materially from those in our forward-looking statements have been outlined in the earnings release and EOG's SEC filings. This conference call may also contain certain historical and forward-looking non-GAAP financial measures. Definitions and reconciliation schedules for these non-GAAP measures and related discussion can be found on the Investor Relations section of EOG's website.

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Revenue of

$79.45M

(20.35% Y/Y)

beats by $820.90K

Kura Sushi USA, Inc. (KRUS) Q4 2025 Earnings Call November 6, 2025 5:00 PM EST

Company Participants

Benjamin Porten - SVP of Investor Relations & System Development
Hajime Uba - Chairman, President & CEO
Jeff Uttz - CFO & Treasurer

Conference Call Participants

Jeremy Hamblin - Craig-Hallum Capital Group LLC, Research Division
Alex Sturnieks - Lake Street Capital Markets, LLC, Research Division
Pratik Patel - Barclays Bank PLC, Research Division
Zachary Ogden - TD Cowen, Research Division
Allison Arfstrom - Piper Sandler & Co., Research Division
John-Paul Wollam - ROTH Capital Partners, LLC, Research Division
Tania Anderson - William Blair & Company L.L.C., Research Division
Todd Brooks - The Benchmark Company, LLC, Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Kura Sushi USA Fourth Quarter 2025 Earnings Call. [Operator Instructions] Please note that this call is being recorded.

On the call today, we have Hajime Jimmy Uba, President and Chief Executive Officer; Jeff Uttz, Chief Financial Officer; and Benjamin, Senior Vice President, Investor Relations and System Development.

And now I would like to turn the call over to Mr. Porten. Please go ahead.

Benjamin Porten
SVP of Investor Relations & System Development

Thank you, operator. Good afternoon, everyone, and thank you all for joining. By now, everyone should have access to our fiscal fourth quarter 2025 earnings release. It can be found at www.kurasushi.com in the Investor Relations section. A copy of the earnings release has also been included in the 8-K we submitted to the SEC. Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause

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Q3: 2025-11-06 Earnings SummaryEPS of $0.09 misses by $0.05

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Revenue of

$147.47M

(-16.34% Y/Y)

misses by $384.09K

EverCommerce Inc. (EVCM) Q3 2025 Earnings Call November 6, 2025 5:00 PM EST

Company Participants

Bradley Korch - Senior VP of Finance & Head of Investor Relations
Eric Remer - Founder, Chairman & CEO
Josh McCarter - Chief Executive Officer of EverPro
Ryan Siurek - Chief Financial Officer

Conference Call Participants

Bhavin Shah - Deutsche Bank AG, Research Division
Matthew Hedberg - RBC Capital Markets, Research Division
Jessica Wang - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Thank you for standing by, and welcome to EverCommerce's Third Quarter 2025 Earnings Call. My name is Jonathan, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded today, Thursday, November 6, 2025.

And now I'd like to turn the conference over to Brad Korch, Senior Vice President and Head of Investor Relations at EverCommerce. Please go ahead, sir.

Bradley Korch
Senior VP of Finance & Head of Investor Relations

Good afternoon, and thank you for joining. Today's call will be led by Eric Remer, EverCommerce's Chairman and Chief Executive Officer; Josh McCarter, EverPro's Chief Executive Officer; and Ryan Siurek, EverCommerce's Chief Financial Officer. Joining them for the Q&A portion of the call are EverCommerce's President, Matt Feierstein; and EverHealth's Chief Executive Officer, Evan Berlin.

This call is being webcast with a slide presentation that reviews the key financial and operating results for the 3 months ended September 30, 2025. For a link to the live or replay webcast, please visit the Investor Relations section of the EverCommerce website, www.evercommerce.com.

The slide presentation and earnings release are also directly available on the site. Please turn to Page 2 of our earnings call presentation while I review our safe harbor statement. Statements made on this call and contained in the earnings materials available on our website that are not

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, /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) ("MediPharm" or the "Company"), a pharmaceutical company specialized in precision-based cannabinoids, has filed its Management Information Circular ("MIC" or the "Circular") and proxy materials (the "Meeting Materials") for its upcoming Annual and Special Meeting of Shareholders, scheduled for June 16, 2025. The Meeting Materials will be sent to shareholders in the coming days, and are available on the SEDAR+ website at www.sedarplus.ca.

Cumulative Total Shareholder Returns of MediPharm Labs, Leading Canadian Cannabis Companies and Global X Marijuana Life Sciences Index (CNW Group/MediPharm Labs Corp.)

MediPharm's Board of Directors (the "Board") recommends that shareholders vote through the GREEN proxy or GREEN voting instruction card in support of the Company's nominees for Board of Directors and other resolutions.

Shareholders are encouraged to visit www.medipharmlabsagm.com for up-to-date information on matters relating to the Annual and Special Meeting, including voting instructions, webcast link, and updates on the campaign recently launched by a dissident shareholder.

The MIC includes a Letter to Shareholders from Chris Taves, Chair of the Board. The full text of that letter follows.

LETTER TO SHAREHOLDERS

Dear Fellow Shareholders,

On behalf of the Board of Directors, we are pleased to invite you to attend the Annual & Special Meeting of MediPharm Labs Corp. ("MediPharm" the "Company" "we" "our" or "us") shareholders on June 16, 2025. This meeting will play a pivotal role in shaping the Company's future and could significantly affect the value of your investment. To ensure your interests are protected, we encourage you to carefully review the following information before casting your vote. Please vote exclusively using ONLY the GREEN proxy or GREEN voting instruction card and support each of the director nominees recommended by MediPharm's Board of Directors.

As Chair, I am pleased to report that the Company delivered solid performance in 2024 as our strategic revitalization takes shape. Net revenue increased year-over-year by 27%, while gross profit margin increased to 31% compared to 18% in 2023. We reduced operating expenses even as we integrated VIVO Cannabis, acquired the year before. As a result of increased revenue, gross margin expansion and reduced expenses, the Company's Adjusted EBITDA1 loss narrowed by $8.3 million to $1.9 million in 2024 as compared to the prior year, and we are confident we will reach positive Adjusted EBITDA soon. Our improved financial position has enabled us to increase our investments in organic growth.

Despite those achievements and a very promising outlook in creating sustainable long term shareholder value, an opportunistic dissident shareholder wants to disrupt our positive momentum. This year's shareholder meeting will feature an attempt to derail our progress and change its course. On May 7, 2025, a shareholder, Apollo Technology Capital Corp. ("Apollo"), filed a dissident proxy circular nominating six alternative candidates for the MediPharm Board of Directors.

Apollo has chosen not to present an alternative vision for the Company; they said they would not do so until after we file this Circular. Based on the information we have about Apollo and its nominees, the Board has serious concerns about their ability to manage MediPharm and grow shareholder value. I will return to that topic below.

______________________________________

1 Represents a non-GAAP financial measure, which is not a standardized financial measure under IFRS and which might not be comparable to similar financial measures disclosed by other issuers.  MediPharm calculates Adjusted EBDITA as net income (loss) with interest, taxes, depreciation and amortization, non-cash adjustments and other unusual or non-recurring items added back. Refer to the sections entitled "Use of Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Measures" in MediPharm's management's discussion and analysis for the year ended December 31, 2024, which is incorporated by reference herein and which can be located on MediPharm's profile on SEDAR+ at www.sedarplus.ca.

Business Transformation: Our Plan is Working

In contrast to Apollo's approach of no plan at all, MediPharm has been executing on a carefully developed strategy. The executive team, under the guidance of the Board, has led a transformation of the business over the past three years. David Pidduck faced momentous challenges when he joined as CEO in April 2022. Revenue in 2021 of $21.7 million had fallen more than 80% from its peak in 2019. The Company had an operating loss of $48.9 million in 2021, and the Company was selling products below cost in the highly competitive recreational market. Too many resources were being devoted to lines of business with little near-term prospect of profitability. Access to capital during this time had become extremely challenging in the cannabis sector, making cash preservation essential.

Beginning in the second half of 2022, David and his team implemented an ambitious plan, under the guidance of the Board, to refocus MediPharm's operations, prioritizing the most strategic business lines. MediPharm established a leadership position in cannabis extracts and continues to develop that market. The Company began to exit certain businesses and divest non-core assets, both to reduce operating costs and free up capital for redeployment. The streamlining led to cost savings and reduced cash usage as the Company pursued new avenues of growth.

MediPharm acquired VIVO in March 2023, which opened new international markets for it, with its Beacon brand generating approximately $10 million of annual revenue in Australia complementing the inroads we had already made in Germany and Brazil. Our medical business is now among the leading medical platforms in Canada and similarly represents approximately $10 million of annual revenue with relatively higher margins than our other sales channels. The Napanee Good Manufacturing Process ("GMP") grow facility acquired in the transaction is servicing our international business.

We acquired VIVO for MediPharm shares valued at $8.5 million plus the assumption of approximately $2 million of debt. When the sale of the Hope facility closes, we will have generated approximately $6.5 million of cash from the sale of facilities and land acquired pursuant to the VIVO transaction, and the debt has been repaid.  At the time of the acquisition, the two companies were incurring a combined $40 million in operating expenses on an annual basis, and we have cut that in half through synergies of the combined operating entity. Revenue synergies are also being realized, with the MediPharm product line now available on VIVO's Canna Farms medical platform, and VIVO's products being sold leveraging MediPharm's international distribution channels. Our revenue has more than doubled since 2022, due in large part to the addition of VIVO.

Clearly, VIVO has proven to be a transformational acquisition for MediPharm. Not only has it added significant shareholder value, but it has also provided a stronger foundation for future growth. And perhaps most importantly, our success with this transaction provides us with a roadmap to navigate future M&A opportunities in a rapidly consolidating cannabis sector.

Acquisitions remain a central part of the Company's growth strategy.

The diversification of our business sets MediPharm apart from many cannabis companies. Our product mix includes flower, oil, vape, pre-rolls and other specialty products, with no category representing more than 35% of revenue. Our sales channels are split between international medical, Canadian medical, Canadian adult use and wellness, and pharmaceutical and B2B. International sales exceeded 50% of revenues in both Q4 2024 and Q1 2025 and represent the fastest growing part of our business. MediPharm's positioning as a GMP pharmaceutical-quality producer has been a competitive advantage and key to our international growth.

The Dissident Nominees

The Board has serious concerns about Apollo and its nominees. Despite having no public company director experience or cannabis or pharmaceutical industry experience, Mr. McGee believes he is qualified to run MediPharm.

We believe that Mr. McGee puts his own interests above those of shareholders and should be excluded from consideration as a director. We nonetheless reviewed his list of proposed nominees. Only two of the six nominees have any cannabis experience, and all such cannabis experience has been primarily in the recreational space, which is very different from the medical space where our focus lies. The nominees are also interlocked in multiple ways, meaning they have business relationships outside of MediPharm that could impair their ability to make independent decisions.

As a group, the dissident slate does not offer a viable alternative to MediPharm's proposed directors. The skills and relevant experience we believe they could bring to the Company do not represent an upgrade. 

Apollo claims to own just 3% of MediPharm's shares—a stake acquired only in the past few months—yet is now seeking full control of your Company without offering a single penny of premium to the rest of our shareholders. This is a brazen attempt to seize power through the back door, bypassing any fair value transaction. Make no mistake: anyone demanding control of a public company's board with such a small, newly acquired position must meet an exceptionally high bar. They must demonstrate a minimum threshold of integrity, adherence to proper governance processes, and dedication to ethical standards. They also owe shareholders a detailed, credible plan for value creation. Apollo has presented nothing of the sort—no strategy, no vision, no roadmap— leaving shareholders with only vague assertions and no concrete alternative to consider. Again, no alternate strategy has been presented and we have no assurances one is forthcoming.

We will respond to Apollo's strategic vision for MediPharm if they choose to communicate it.

Lastly, Apollo's comments about the performance of MediPharm's share price against the S&P/TSX Composite Index reflects Apollo's inexperience in the cannabis industry and, as further discussed below, misses entirely how MediPharm has performed against its peers since David Pidduck became CEO. Apollo's comments may also be disingenuous. Apollo has only recently acquired MediPharm shares. Query how the concerns raised by Apollo in respect of the erosion of shareholder value since 2019 have impacted Apollo whatsoever. In addition, if Apollo genuinely has concerns with the competence of MediPharm's management and Board, query why Apollo aggressively purchased its 3% block of Company shares in the market, forcefully engaged management to participate in a dilutive private placement, and implemented a pressure-filled campaign to purchase Company shares from insiders directly.

We Are Committed to Good Governance

Good governance practices are important to create value for all stakeholders and manage business risk. As a producer of pharmaceutical products, we recognize that patients around the world depend on MediPharm to maintain consistently high standards of manufacturing and safety.

Examples of sound governance practices currently employed by the Company include an independent Chair, three fully independent key committees, a formal mandate for the CEO, and the adoption of a formal Code of Business Conduct, among other measures.

The fully independent Compensation Committee aims to ensure the compensation provided to senior officers is fair and reasonable and sufficient to attract and retain qualified and experienced executives. Our approach is to set ambitious targets, reward our executives for meeting them, and include a meaningful equity component so that the financial interests of our officers are well-aligned with those of our shareholders. As disclosed in this Circular, our CEO's total compensation decreased in each of the past two years.

The fully independent Corporate Governance and Nominating Committee is responsible for developing and monitoring MediPharm's approach to governance matters and considering the composition of the Board and recruiting new directors.  Biographies of our director nominees can be found starting on page 28 of this Circular. The nominees collectively possess a range of relevant skills, experiences and perspectives which contribute to their ability to oversee and challenge management in a positive manner.

We believe Board renewal is important to maintaining an effective board. Keith Strachan was appointed to the Board on January 1, 2025. As a MediPharm co-founder and President until the end of 2024, Mr. Strachan has demonstrated visionary leadership in building the Company and brings unparalleled institutional knowledge to his role as a director.

This year's nominees include two new independent director candidates, Emily Jameson and John Medland. Emily Jameson, currently Director, Corporate Development, Banking and Strategy at Independent Trading Group, is a finance executive with over a decade of experience in investment banking, private equity and corporate development, working on several notable transactions in the cannabis sector. John Medland is the Head of Advisory at Paradigm Capital Inc., with over 20 years of experience advising on capital markets strategy, leading a broad range of corporate advisory engagements, including divestitures, acquisitions, valuations, and unsolicited bid mandates, including in the medical and healthcare industry.

Michael Bumby will not be standing for re-election at the meeting, and on behalf of the Board, I would like to thank Michael for his invaluable contributions. He was instrumental in the transformative VIVO acquisition which has helped set MediPharm up for its next phase of growth.

We are committed to ongoing enhancements to our governance practices, as evidenced by the thoughtful board refreshment and enhanced gender diversity with the proposed director nominees. We note that the heavily interlocked dissident slate, in addition to lacking relevant sector and public company experience, includes no female nominees.

Stand Up for Your Company

To conclude, we are pleased with the progress the Company has made over the past several years and believe we have established a solid foundation for further growth.

We recognize that our shareholder returns, like those of nearly all companies in the cannabis sector, have been disappointing. Many of our peer companies have, in fact, been forced into creditor protection and shareholders have often lost their entire investments. Apollo points out that the Company's share price is down significantly from the arbitrary date of May 14, 2019, when cannabis valuations were at their peak, despite the fact that current CEO David Pidduck had not yet been appointed. The share price for the Company at year-end 2022, when current management had established themselves and begun to implement their new strategic direction, was $0.07. The shares have recently traded between $0.08 to $0.09. As of May 9, 2025, the share price was $0.085. As shown in the chart above, our total returns over the same time frame exceed those of leading cannabis companies and the Global X Marijuana Life Sciences Index (HMMJ). The foundations have been laid for a re-rating opportunity based on the improved financial metrics, strong balance sheet and growth prospects.

We believe the strategy and team currently in place is the best way to create sustainable value.

Your vote is very important, regardless of the number of shares that you own. Whether or not you expect to attend the meeting, we encourage you to carefully review the Information Circular and vote through your GREEN proxy or voting instruction form, as applicable, as promptly as possible to ensure that your vote will be counted at the meeting. 

If you have any questions or require assistance in voting your GREEN proxy or voting instruction form, please contact Sodali & Co, MediPharm's strategic shareholder advisor. They can be reached toll-free in North America at 1-888-777-2059, or at 1-289-695-3075 for banks, brokers, and callers outside North America. You may also email [email protected] for support.

We remain committed to providing shareholders with timely and accurate information. To facilitate voting and keep you fully informed, all materials and ongoing updates are available at www.medipharmlabsagm.com. We strongly encourage shareholders to visit the site regularly for the latest information.

We thank you for your continued support and engagement, and we look forward to hosting you on June 16, 2025.

Sincerely,

"Chris Taves"

Chris Taves
Chair of the Board

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA.

In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.

The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.

Shareholder Voting Assistance:
If you have any questions or require any assistance in executing your GREEN proxy or voting instruction form, please call Sodali & Co at:

North American Toll-Free Number: 1.888.777.2059
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For up-to-date information and assistance in voting please visit: www.medipharmlabsagm.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: timing of the Annual and Special Meeting, the mailing of the Circular in connection with the Annual and Special Meeting, timing to achieve positive Adjusted EBITDA, creation of sustainable long term shareholder value, the Company's future growth strategies and available M&A opportunities, and the key drivers of the Company's competitive advantages and international growth objectives. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs' continuous disclosure filings, available on the SEDAR+ website at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

SOURCE MediPharm Labs Corp.

Have you ever hung out with two people with two different reactions to the same circumstance? For instance, imagine that you’re at a college football game, the weather sours, and the rain begins to pour down. One person may get a negative attitude and become frustrated that their clothes are getting wet. Conversely, another person may embrace the rain, with the mindset that the inclement weather may add some excitement to the game while also understanding that rain is just not that bad. After all, most of us take showers each day and get wet by choice.

“We suffer more often in imagination than reality.” ~ Seneca

That’s kind of what’s happening in the stock market. Two different reactions to the same situation, but in this case, many investors are the ones frustrated by the rain. The above metaphor works for the stock market because things are just not all that bad. Unemployment is near historic lows, GDP increased at an annual rate of 3.8%, and inflation is near historic norms.

Despite the uncertainty surrounding the government shutdown and retraction of the Trump tariffs, the major indices are hovering within a stone's throw of all-time highs.

Even after the early 2025 "Liberation Day” panic, the tech-heavy Nasdaq 100 has been on fire, up about 23% so far. And the story isn’t slowing down – stocks could actually rise higher as we head into year end. Here’s why:

Investors are still scared…and that’s bullish.

More . . .

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It might seem weird, but the average investor isn’t celebrating. According to CNN’s Fear/Greed Index, people are still stuck in “Fear” mode. Basically, everyone is cautious, maybe even skeptical, which-paradoxically-is often a good sign for the market. When most people are nervous, it can mean there’s still plenty of buying power waiting on the sidelines.

Q4 historically provides juicy returns...

If history tells us anything, it’s that the fourth quarter is usually the best time of year for stocks. Since 1950, Q4 has outperformed other quarters consistently. Stocks often dip a bit in Q3 (which we already experienced) but hit a bottom around October 27th, then start climbing again. Add in “window dressing” by big institutional investors trying to make their portfolio look good before year-end, and you’ve got extra rocket fuel for a market rally.

“You’re only as good as your last fight. It’s just the way things are. It’s the way the sport is built.” ~ Andre Ward

Earnings are beating expectations...

Like professional MMA or boxing, Wall Street is a game of expectations and “What have you done for me lately?” That’s good news for investors because companies are reporting strong results, and investors are taking notice. In fact, about 70% of S&P 500 companies have beat sales estimates-the highest level in four years. Earnings surprises are also strong: 85% of benchmark companies beat expectations. Keep an eye on big names like AMD, CoreWeave, Arm, Meta, and Apple-they may provide more of this positive momentum as they report earnings.

“It isn’t the mountains ahead that wear you out, it’s the pebble in your shoe.” ~ Muhammad Ali

Trade tensions are easing...

The infamous Ali quote brilliantly teaches us that it’s the persistent annoyances and obstacles that cause the most frustration and wear people down. For Wall Street, the most persistent challenge has been the US-China trade war. Though the market has brushed off the fears, it continuously seems to rear its ugly head again.

But there’s good news: the US and China recently came to a 1-year trade agreement, and XI and Trump are expected to meet again soon.

The Fed Is Getting Dovish...

Fed Chair Jerome Powell recently cut interest rates after a long pause. Historically, S&P 500 returns tend to do really well after such a move. Lower rates make borrowing cheaper, help companies grow, and usually push stock prices higher. In other words, its kayaking down a river with the current at your back (it’s much easier).

Betting Markets Suggest the Government Shutdown Could End in November

Prediction markets like Polymarket have been eerily accurate at calling major events. They nailed President Trump’s victory last November, correctly foresaw Elon Musk’s Tesla pay package getting approved, and even anticipated the current government shutdown. Unlike politicians, who often have agendas behind their talking points, betting markets reflect real money and real expectations. Right now, traders on Polymarket, which just landed a major investment from Intercontinental Exchange (ICE), are giving a 92% chance that the shutdown wraps up by November 30th.

Airline Stocks Are Hinting at the Same Thing

There’s another interesting signal: airline stocks. The FAA has already warned that it may need to scale back flights at more than 40 airports ahead of Thanksgiving if the shutdown drags on. In theory, that should be terrible for airlines. Yet despite all the volatility in the market this week, stocks like American Airlines (AAL), United (UAL), and Delta (DAL) are all up. As Stanley Druckenmiller likes to say, “The inside of the stock market is the best economic indicator I know.” If airlines are green in the middle of this mess, it suggests investors aren’t pricing in a long, painful shutdown.

Putting It Altogether...

Even though investors might still be nervous, the stars are aligning for a strong finish to 2025. Easing trade worries, a Fed willing to support growth, and solid earnings reports are all pointing to a potential melt-up. And as the bull market heats up, the spotlight is on AI innovators -- the fastest growing corner of the market right now.

Top Market Moves to Watch Right Now

One of the strongest trends in the market is the resurgence of the tech sector. And it’s no surprise that the rapid expansion of Artificial Intelligence is driving a lot of the momentum in that space.

This trend could be extremely lucrative for both shorter-term traders and long-term investors, even with the market near record highs.

Today, I invite you to look inside the portfolio I'm managing, Zacks Technology Innovators.

We don't nail every pick but have recently closed winners like +64.9%, +118.8% and even +211.3% in just 2 months.¹

And we’re expecting more outsized gains in the months ahead.

In fact, I'm about to add a stock to the portfolio that has exceptional upside.

In addition to its head start in the fast-growing AI industry, it also has its hands in other hot growth industries such as autonomous driving and the cloud. As if that weren't enough, it benefits from a dirt-cheap valuation and a high reward-to-risk technical setup.

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All the Best,

Andrew Rocco

Andrew is Zacks' technology stock strategist. His passion is making money on stocks and providing education with valuable insights from both a fundamental and technical perspective. He invites you to explore his Technology Innovators portfolio.

¹ The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position. Access grants you a comprehensive list of all open and closed trades.

Ares Commercial Real Estate Corporation ( ACRE ) Q3 2025 Earnings Call November 7, 2025 10:00 AM EST Company Participants John Stilmar - Managing Director of Public Investor Relations & Corporate Communications Group Bryan Donohoe - CEO & Director Jeffrey Gonzales - CFO & Treasurer Conference Call Participants Steve Delaney Jade Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division Presentation Operator Good morning, and welcome to Ares Commercial Real Estate Corporation's Third Quarter Earnings Conference Call. [Operator Instructions].

CNBC's Deirdre Bosa reports on news regarding Intel.

IBM CEO Arvind Krishna said on Friday that the company is "three to four" years away from their quantum supercomputer solving problems that "amaze us." Krishna also told CNBC's Sara Eisen that quantum is currently "where AI and GPUs were in 2015.

Archer Aviation (ACHR) narrowed losses on earnings, though Sam Vadas points to other announcements causing the stock to sell off Friday. A combination of an equity raise and a $126 million deal to buy Los Angeles' Hawthorne Airport caused concern for shareholders.

Datadog (DDOG - Free Report) reported $885.65 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 28.4%. EPS of $0.55 for the same period compares to $0.46 a year ago.

The reported revenue represents a surprise of +4.22% over the Zacks Consensus Estimate of $849.77 million. With the consensus EPS estimate being $0.45, the EPS surprise was +22.22%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Datadog performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Customers >$100k in ARR: 4,060 versus the four-analyst average estimate of 3,942.Customers: 32,000 versus 32,113 estimated by three analysts on average.Remaining Performance Obligations: $2.79 billion versus the three-analyst average estimate of $2.55 billion.View all Key Company Metrics for Datadog here>>>

Shares of Datadog have returned +16.3% over the past month versus the Zacks S&P 500 composite's -0.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

The infrastructure investor is shopping for capital for its first strategy dedicated to artificial intelligence.

ToplineTesla shares declined more than 3% on Friday, cutting CEO Elon Musk’s fortune by $10 billion after the automaker voted to approve a compensation plan that could award the world’s richest person $1 trillion over the next decade—a move derided by some analysts and shareholders.

An overwhelming majority of Tesla shareholders approved a payment plan that could be worth $1 trillion for the world’s wealthiest person.

Getty Images

Key FactsShares of Tesla fell 3.6% to around $429.70 as of Friday afternoon, continuing a two-day losing streak after the stock fell 3.5% on Thursday in the lead-up to Tesla’s shareholder vote.

More than 75% of Tesla shareholders voted Thursday in favor of the payment package for Musk, following opposition from some of the automaker’s largest equity holders.

The compensation deal awards Musk more than 423 million additional shares, raising his equity to roughly 25%, if Tesla achieves several goals over the next decade, some of which include Tesla’s market capitalization increasing to $8.5 trillion and Tesla selling 12 million more cars, among others.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, told Reuters the $1 trillion deal is “outrageous” and Tesla’s milestone goals are “Everest-sized,” but noted Musk would earn “nothing unless he creates staggering value” and “pulls off the unimaginable.”

AJ Bell’s investment director Russ Mould wrote Friday there are “logical reasons” the shareholder vote passed, given the lofty goals set for Tesla, while WedBush Securities analyst Dan Ives wrote there was “little to lose” for most shareholders in approving the deal, which Ives said solidified Musk as a “wartime CEO.”

Some shareholders opposed the vote: New York City Comptroller Brad Lander, who oversees Tesla shares held by the city’s pension, accused Tesla’s “crony board” of awarding the “ransom Musk wanted and now shareholders are on the hook for an indefensible compensation package.”

Forbes ValuationMusk remains the world’s wealthiest person with a net worth estimated at $481.4 billion, following a drop of $10 billion (2%) on Tesla’s stock decline. He became the first person to be worth $500 billion and, before that, $400 billion earlier this year, as Tesla’s stock surge has propelled him further ahead of No. 2 Larry Ellison ($289.7 billion), whose net worth briefly approached Musk’s fortune after Oracle’s meteoric rise in September. Other losses were recorded among the world’s richest people, including Ellison, whose net worth fell $9.1 billion, in addition to declines for No. 3 Jeff Bezos (down $2 billion), No. 4 Larry Page ($5.6 billion), No. 5 Sergey Brin ($5.2 billion) and No. 6 Mark Zuckerberg ($2.6 billion).