Market Signal Briefing

In brief
Both Bitcoin and Ethereum are falling hard, notching lows not seen in months.
Prediction market traders on Myriad now lean strongly bearish, projecting lower lows to come.
And the charts? Indicators suggest the pain isn't over. Here's why.
Crypto traders and investors who bought near highs in recent months are getting absolutely rekt right now, as hype fades and the market bleeds.

Bitcoin is down to around $88,000, falling more than 20% over the last 30 days. The crypto market as a whole today fell to $3.04 trillion—down 4.82% in 24 hours—with 95% of all coins bleeding red. The Fear and Greed Index just hit 16, the lowest reading since April, firmly in extreme fear territory. To put this in perspective: Zcash is the only coin in the top 50 by market cap managing to stay green today, squeezing out a 4% gain.

And the macro picture? It's not helping.

Expectations for a December Federal Reserve rate cut are decreasing, Bitcoin ETFs just posted their fifth consecutive day of outflows (a record $523 million from BlackRock alone just yesterday), and traders seem to be looking for a hedge as the possibility of a crypto winter in 2026 gets more serious.

Meanwhile, on Myriad—the prediction market built by Decrypt's parent company Dastan—traders are positioning for more carnage. A whopping 73.3% of the money on Myriad is betting Bitcoin dumps to $85K, as opposed to pumping to $115K. As for Ethereum, Myriad users place the odds at 62% that ETH, currently trading for around $2,800, slides to $2.5K over a rally to $4K.

Are they right? Here's what the charts say.

Bitcoin (BTC) price: Death cross confirmedBitcoin opened today at $92,911 and promptly fell off a cliff, sliding more than 4% to its current price of $88,605. That's a $4K slip in a single day that once again pushed BTC below the psychologically critical $90K level and marked a fresh seven-month low.

The technical setup is starting to look ugly.

Bitcoin (BTC) price data. Image: TradingviewExponential Moving Averages, or EMAs, help traders identify trend direction by tracking the average price of an asset over the short, medium, and long term. When the short-term 50-day EMA falls below the long-term 200-day EMA, it typically means sellers are dominating the market structure.

For Bitcoin, the 50-day EMA just crossed below the 200-day EMA, forming the dreaded "death cross" pattern that signals longer-term bearish momentum. Bitcoin is now trading well below both moving averages, which creates nasty overhead resistance that bulls need to reclaim before any meaningful recovery can begin.

Here's where it gets worse: The Average Directional Index—which measures trend strength regardless of direction—is sitting at a robust 38.25. ADX readings above 25 indicate a strong trend is in place, and above 35 signals a very strong trend. This tells us the current downtrend isn't some weak, directionless chop; there's real momentum behind this selloff, as reflected in the “extreme fear” reading on the Crypto Fear and Green Index.

Bitcoin’s Relative Strength Index, or RSI, has cratered to 27.12, firmly in oversold territory below 30. RSI measures whether an asset is overbought or oversold based on recent price movements, and at 27, Bitcoin is stretched like a rubber band. This doesn't mean the selling stops immediately, but it does suggest we're approaching exhaustion levels where a violent bounce becomes more likely. That may mean prices soon testing the support (now resistance) level that has been in place since June, visible in the chart above in the dotted white line.

The Squeeze Momentum Indicator, which shows the market phase of prices and helps identify when trends are about to shift, is flashing bearish impulse signals, confirming the compression is releasing downward.

So are Myriad predictors right in setting that $85K target?

The wisdom of the crowd might be onto something. The chart shows a Fibonacci support around $84,451, with stronger support near $71,486. If Bitcoin loses the $88K-$89K zone it's currently testing, there's not much stopping a move toward $85K and below.

However, that oversold RSI suggests any drop to $85K would likely be a quick wick rather than a sustained breakdown. Capitulation moves tend to reverse violently once they flush out the last of the leveraged long positions—those futures contracts betting on the price of Bitcoin to go up using borrowed capital.

The upside case to $115K would require Bitcoin to reclaim the death cross and break above the descending trendline around $100,492—a tall order that explains why only 26.7% of traders are betting on it.

Key levels:

Resistance:

$92,000 (immediate),
$100,492 (descending trendline)
Support:

$84,451 (strong),
$71,486 (major)
Ethereum (ETH) price: When good indicators turn badAnd if Bitcoin is in bad shape, then Ethereum has it even worse. ETH today dumped 6.73% from an opening price of $3,121.7 to close at $2,911.8, with an intraday low of $2,895.8.

Ethereum (ETH) price data. Image: TradingviewUnlike Bitcoin, Ethereum's 50-day EMA is still trading above its 200-day EMA—a "golden cross" that's supposed to be bullish. So why is ETH getting destroyed?

The golden cross tells you the longer-term trend structure is intact, but it doesn't protect you from brutal corrections within that trend. Ethereum is trading below both moving averages despite the golden cross, which means the bullish structure is being tested hard.

Also, the setup is very likely to turn bearish soon: The two EMAs are just about to cross, so if ETH dips for a few days, you’ll have another death cross here too.

And get this: Ethereum's ADX is even more extreme than Bitcoin's at 42.4. Traders would view this as a very strong trend, and right now that trend is firmly bearish. The Squeeze Momentum Indicator for ETH is likewise showing bearish impulse signals

What might make this particularly painful for ETH holders is that Ethereum has stronger downward momentum (higher ADX) but is also barely above oversold territory with an RSI of 30.92—just kissing the 30 threshold. This creates a knife-edge situation where the strong downtrend could push RSI deeper into oversold before reversing.

The ETH chart shows support around $2,796 and stronger support near $2,300. Myriad users are again strongly favoring the downside at the moment, with nearly 67% odds that Ethereum falls to $2.5K or below, which aligns with the technical analysis.

Ethereum needs to hold the $2,700-$2,800 zone (shown in the Fibonacci levels) to keep the 200-day EMA intact. If that breaks, the next meaningful support is indeed around $2,300-$2,500—exactly where most Myriad users are looking.

For the 33% betting on $4K? That would require ETH to reclaim the $3,100-$3,200 zone, hold it as support, and grind through multiple resistance levels. It’s possible if macro conditions improve, but the technicals right now don't support it.

Keep praying, bulls. This is crypto after all. Crazier things have happened.

Key Levels:

Resistance:

$3,100 (50-day EMA)
$3,562 (prior resistance)
Support:

$2,700-$2,800 (200-day EMA critical)
$2,300 (strong)
Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Nvidia Earnings Beat, Strong Outlook Calm Jittery Markets; Bitcoin Re-Takes $90K"Blackwell sales are off the charts, and cloud GPUs are sold out," said Nvidia CEO Jensen Huang.Updated Nov 19, 2025, 10:01 p.m. Published Nov 19, 2025, 9:39 p.m.

Fears of an AI bubble took at least a temporary breather after Nvidia (NVDA) reported an earnings beat as well as a strong fourth quarter outlook after the close of U.S. markets on Wednesday.

The chipmaker topped Wall Street’s expectations for the third quarter, reporting revenue of $57.01 billion — a 62% jump from a year earlier — as the AI investment boom continues to fuel demand for its chips.

STORY CONTINUES BELOW

"Blackwell sales are off the charts, and cloud GPUs are sold out," said CEO Jensen Huang. "Compute demand keeps accelerating and compounding across training and inference — each growing exponentially."

Shares of the company were higher by 4% in after hours trading at press time.

Data center revenue — arguably the biggest source of income for the firm — landed at $51.2 billion — slightly above analyst forecasts of $49.34 billion.

As for the all-important outlook, NVDA sees fourth quarter revenue of $63.7-$66.3 billion against Street estimates for just $62 billion.

The news for the moment has calmed particularly jittery crypto markets, sending bitcoin BTC$91,759.59 back above $90,000 after having nearly fallen through $88,000 earlier Wednesday. AI-focused crypto tokens like TAO$325.91, Near Protocol NEAR$2.2993, ICP$4.9236 and RNDR$2.0051 all rose 4%-5% following the report.

Also on the move are those bitcoin mining stocks that have pivoted to AI infrastructure. These names have been on big runs higher this year, but brutally battered of late on the general tech/crypto selloff combined with fears of an AI bubble. Among the gainers Wednesday evening: IREN (IREN) up 8%, Cipher Mining (CIFR) up 11% and Hut 8 Mining (HUT) up 6%.

The results reinforce Nvidia’s position at the center of the artificial intelligence supply chain. Its GPUs are critical for training large language models, powering data centers, and running machine-learning workloads across big tech companies.

The firm will hold a conference call at 5pm E.T. as investors are looking for reassurance that the company’s massive bets on AI infrastructure, software tools and next-generation chips are translating into lasting revenue.

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Fed Rate Cut Odds Plunge Further on Jobs Data Delays

2 hours ago

Traders slash chances of a December cut to 33% as the Fed loses a key data point ahead of its final 2025 meeting.

What to know:

The BLS said that the October employment report will scrapped due to the government shutdown and the November jobs numbers won't be released until after the Fed's December meeting.The odds of a December Fed rate cut — nearly 100% as recently as three weeks ago — tumbled further to just 33%.U.S. stocks gave up large early gains and crypto prices fell further as the news hit.Read full story

16 minutes ago

At the beginning of November, the odds of a December rate cut were 67% among traders, but they have since cratered alongside investor sentiment.

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The odds of an interest rate cut at the December Federal Open Market Committee (FOMC) meeting have plunged to 33% as “extreme fear” grips the crypto market and the price of Bitcoin (BTC) dips below $89,000.

Investors placed the odds of a December rate cut at about 67% during the first week of November, with the odds dropping below 50% on Thursday, according to data from the Chicago Mercantile Exchange (CME).

Traders on prediction markets Kalshi and Polymarket forecast the odds of a December rate cut at about 70% and 67%, respectively. While higher than CME, traders in general appear more hesitant about rate cuts due to persistent fears about inflation, according to The Kobeissi Letter.

Interest rate target probabilities for the December FOMC meeting. Source: CME GroupThe plummeting odds of a December rate cut and declining crypto prices have sparked a panic, with some analysts now warning that the downturn could signal the start of an extended crypto bear market and falling asset prices.

The price of BTC falls below $89,000 as market sentiment hovers just above the yearly low The price of BTC fell below $90,000 again on Wednesday after failing to defend the key support level and has been trading well below its 365-day moving average, a critical support level, for the last six days.

Bitcoin’s 50-day exponential moving average (EMA) has also crossed below the 200-day EMA. This signal, known as the “death cross,” suggests further downside for BTC.

Bitcoin’s price action at the time of this writing. Price has closed below the 365-day moving average for the last six days. Source: TradingViewSome analysts now forecast a drop to $75,000, where the price could bottom out before rebounding by the end of 2025, while others speculate whether the cycle top is already in. 

“The time for Bitcoin to bounce, if the cycle is not over, would start within the next week,” market analyst Benjamin Cowen said on Sunday.

“If no bounce occurs within 1 week, probably another dump before a larger rally back to the 200-day simple moving average (SMA), which would then mark a macro lower high,” Cowen added.

The Crypto Fear & Greed Index is hovering just above its yearly low, signaling caution among crypto investors. Source: CoinMarketCapThe forecasts came amid cratering crypto investor sentiment. Investor sentiment measured by the “Crypto Fear & Greed Index” is at 16 at the time of this writing, indicating “extreme fear” among investors. 

This places crypto investor market sentiment at just one point above the yearly low, according to CoinMarketCap.

Magazine: Crypto carnage — Is Bitcoin’s 4-year cycle over? Trade Secrets

Journalist

Posted: November 20, 2025

Key Takeaways
How does early whale accumulation strengthen Solana’s recovery structure?
Whales absorbed large exchange supply, reinforced demand-zone strength, and improved confidence across spot and momentum signals.

Why do growing whale orders and rising long ratios support further upside?
Larger spot orders and a 3.49 long ratio align with bullish positioning and strengthen Solana’s continuation setup.

Heavy accumulation continued as two newly created wallets withdrew 70K Solana [SOL] from Binance and another wallet removed more than 100,000 SOL from four major exchanges. 

This cluster of large withdrawals reflects strong intent from aggressive buyers rather than routine activity from older accounts. 

Besides, these transfers occurred quickly, which shows growing conviction that Solana’s recent downturn reached an attractive risk zone. 

However, this behavior also signals that sophisticated players expect a rebound from current levels. 

Additionally, moving this much SOL into self-custody during a decline often precedes a sustained recovery. 

Therefore, this early accumulation wave adds strong bullish weight to Solana’s structure as demand rebuilds.

Can Solana sustain its demand-zone rebound?
Solana continues to rebound strongly from the $130 demand zone, where buyers show clear commitment after the latest decline drove price into a major reaction area.

The response confirms that this level still attracts heavy interest, and price now forms an early recovery structure that introduces higher-low behavior on the chart.

The next key test sits at $168, and buyers must reclaim this level to maintain upward momentum. A clean break above $168 then opens the path toward $208, which stands as the next major resistance and a decisive target for trend confirmation.

Meanwhile, the Stochastic RSI has just lifted from oversold territory, with both lines now turning upward, indicating fresh momentum as buyers strengthen their presence near the $130 zone.

Source: TradingView

Whale order size expands across spot markets
Spot Average Order Size metrics revealed a noticeable rise in larger trade executions, which often aligns with growing whale activity. 

This surge in order magnitude matches the accumulation flow observed earlier, and this confirms clear alignment between spot buyers and large addresses. 

Furthermore, increasing average order size during a demand-zone reaction strengthens bullish conviction across the market. 

However, the growing presence of large trades also reveals urgency from sophisticated buyers looking to secure positions early. 

Additionally, this behavior supports the idea that accumulation is deliberate rather than coincidental. 

Therefore, the combination of spot order expansion and structural support strengthens Solana’s recovery narrative significantly.

Why long traders are dominating with a 3.49 ratio!
Derivatives markets shifted firmly bullish as long accounts surged to 77.71% against only 22.29% short exposure, at press time. 

This increase pushed the Long/Short Ratio to 3.49, which shows that most traders favor continued upside. 

Besides, sentiment improved as Solana reacted strongly at its demand zone, and this encouraged traders to build leverage. 

However, this positioning also raises volatility risk because extreme long dominance often exaggerates future moves. Additionally, the rising long ratio aligns with the spot-driven accumulation narrative and reinforces a unified bullish structure. 

Consequently, the derivatives landscape now supports a bullish continuation as long as the price holds above the demand zone.

To conclude, Solana now aligns strong whale accumulation, rising spot order sizes, and decisive long-side dominance with a clear technical rebound from its demand zone. 

These factors build a cohesive recovery structure, and this alignment strengthens the probability of continued upside toward $168.45 and potentially $208.94.

The Dogecoin price may be poised for a significant rebound, as a familiar long-term pattern has emerged on its chart. According to technical analysis, the structure looks almost identical to a setup that triggered a major breakout in its previous cycle, from 2023 to 2024. With Dogecoin currently at a crucial support level that once marked the start of its last sustained rally, a crypto analyst has projected that the meme coin could enter a new bullish phase, potentially driving it above $1. 

Past Pattern Foreshadows Dogecoin Price Surge To $1
Crypto analyst Trader Tardigrade has predicted that the Dogecoin price could soon surge to $1.10 from its current $0.15 in this cycle. In a recent X post, he highlighted that Dogecoin’s weekly chart has settled on its support trendline for the third time in the current 2021-2026 cycle. 

The chart shows DOGE’s price reaching this key level after a prolonged pullback, creating a structure similar to the one that formed in late 2023. At the time, this pattern marked the beginning of a slow but consistent uptrend that lasted throughout 2024, ultimately creating the meme coin’s mid-cycle range peak. 

Source: Chart from Trader Tardigrade on X
The historical comparison between the 2023 – 2024 cycle and the current cycle is clear on the analyst’s chart. In the previous cycle, Dogecoin completed three closes at the support zone before sharply reversing upward. The latest weekly pattern mirrors the exact alignment, with price tightening around a rising trendline while forming higher lows. 

Trader Tardigrade also noted that the previous cycle’s slow bull run began from the same setup. Notably, the chart highlights a large boxed region representing the projected 2024 to 2025 phase, where a widening price structure suggests that Dogecoin could still have room for an upward move. If historical patterns repeat as expected, the meme coin could initiate another powerful leg up above $1 by 2026. 

Dogecoin’s Bullish Thesis Strengthens After Channel Break
Trader Tardigrade has also highlighted an important improvement on Dogecoin’s lower-timeframe chart, indicating a shift from a downtrend. The two-hour chart setup reveals a breakout from a Descending Channel that had previously controlled price movements during the meme coin’s recent decline. The breakout is visible as the white price line pushes above the Descending Channel’s upper boundary, signaling a potential shift in short-term momentum. 

According to Trader Tardigrade, technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support this shift. While the RSI has broken above its resistance zone, the MACD histogram shows a buildup in positive momentum, with bars expanding upward. 

The analyst has explained that Dogecoin often begins its largest bull rallies with early signals on the LTF before spreading to the higher time frames. With momentum rising, Trader Tardigrade believes the DOGE price may already be initiating an uptrend.

DOGE trading at $0.15 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

The privacy coin has seen a significant rally, and Ran Neuner of Crypto Banter says he has a pretty good idea about who’s behind it.

Summary

Zcash almost tripled in value in less than a month
According to Ran Neuner, there has been a coordinated push by key influencers
Tyler and Cameron Winklevoss, and Arthur Hayes recently spoke about Zcash

Long overlooked, Zcash has exploded back into the spotlight with a price rally that caught many off guard. In the span of just one month, the token more than tripled in price from $227.79 to a multi-year high of $736.51.

The rally coincided with several prominent crypto personalities, including Tyler and Cameron Winklevoss, and Arthur Hayes, started sharing bullish predictions about the token. Still, the sudden rally made many investors skeptical, questioning if there’s a coordinated push to pump the token.

Neuner, a prominent crypto media personality and the face behind Crypto Banter, believes he knows what’s behind this push. Crypto.news spoke to him at the Crypto Content Creator Campus in Lisbon, after he mentioned Zcash (ZEC) in his speech.

Crypto.news: During your talk at the CCCC in Lisbon, you said something that caught my attention. The Zcash rally, and how it’s being fueled by influencers.

Ran Neuner: It’s pretty obvious what’s going on. First of all, when you have collective influence and people use that influence together, it becomes incredibly powerful. Influence, by definition, is the ability to change how people act or transact. When a group of influential people collectively pushes the same message at the same time, that’s a very potent force.

What’s happening with Zcash is clearly very coordinated. A group of people came together and decided they wanted to support a new mission, a mission around privacy. These people connected around the Zcash protocol.

To be clear, Zcash is, from a tech standpoint, one of the best, smartest, and most sound privacy protocols in the world — and importantly, it’s a compliant privacy protocol. It’s been flying under the radar for a long time, but this group recognized that the time for privacy is now. They coordinated to bring the issue to the forefront, and the results are clear in the price action.

People might say this is just a pump-and-dump scheme. I don’t believe that. I see it as a coordinated push to spotlight a message that needs to be heard. And the price action supports that — nobody’s dumping. I believe these people genuinely see Zcash as the next Bitcoin (BTC).

I was around in 2014 and 2015, and I remember the brainpower and energy that formed around Bitcoin then. What I’m seeing now around Zcash feels very similar. Many of the same people, even.

CN: Around which projects were they organizing before?

Neuner: Bitcoin. Back in 2013, 2014, Bitcoin was still young and unaccepted by governments. These people weren’t just building and developing the protocol; they were also working to get it accepted, to get the message out.

What’s happening now with Zcash mirrors that energy and organization.

CN: But after that first big surge, Bitcoin went down a lot. Could the same happen here?

Neuner: Of course. Any asset that pumps thousands of percent is going to correct. I wouldn’t be surprised if Zcash also has a correction. Ultimately, if you want the return, you need to weigh the risk.

CN: From a retail investor perspective, the big question is — is this a good time to buy?

Neuner: That depends on how long you’re willing to hold and how strong your conviction is that we need private money — and that private money will remain legal.

If you believe in that, like I do, then it’s still cheap. When I bought my first Bitcoin at $500 or $600, I thought $800 was too expensive. Now, looking back, I wonder why I didn’t buy more.

It’s the same story here. If Zcash works as a protocol, then $600 or $700 is nothing.

CN: When you say it’s obvious what’s happening, are you basing that on what you see on social media? Do you have insider info?

Neuner: Let’s just say I have multiple sources who’ve told me the same story. Was I at the house where this was going on? No. Was I at the villa? No. But do I know people who were there? Yes.

CN: I spoke with Nuseir from Nas Daily today. He said that Zohran Mamdani’s election victory in New York is a strong signal for privacy tokens like Zcash. He says that when the government is going after billionaires, they will want to hide their money. What’s your take?

Neuner: He’s absolutely right. It’s not just that — in the EU, any transfer over $10,000 is monitored. So, yes, privacy is becoming increasingly relevant.

The fight for decentralized money was huge. The fight for decentralized private money is going to be even bigger — and with that comes big volatility. We have to be ready for it.

CN: You mentioned two key questions: First, will decentralized money work, and will it be needed? And second, will it be legal? How do you see the space between something being important — like privacy — and governments being uncomfortable with it?

Neuner: When it comes to private money, I think governments are going to fight it hard. They have valid concerns. First, they lose control. Second, it could be used for illicit activity — terrorism, drug money, that sort of thing.

But Zcash is different. Zcash offers compliant privacy. Not every transaction is shielded, and if you need to prove the source of a transaction, you can. It uses zero-knowledge proofs. So if a user has to prove to the government that they haven’t done anything illegal, they can. That’s what makes Zcash fundamentally different from something like Monero (XRM).

CN: So the ability to reveal the truth is in the user’s hands?

Neuner: Exactly. With Zcash, the user holds the ability to prove legitimacy if needed. Monero, on the other hand, mixes transactions in a way where you just can’t tell what’s what. Zcash generates a proof of the truth without exposing the full details. That’s a big deal.

CN: Do you think Zcash will challenge Bitcoin’s position?

Neuner: I think they serve different roles. Think about how exchanges operate with proof of reserves. You want to know the exchange is solvent — that it actually has the assets — but you don’t need to see the details of every customer’s transactions.

That’s how I see the financial system evolving. Bitcoin will be used as the proof of solvency, and Zcash — or a protocol like it — will be used for the private transactions. Let’s assume there are only two protocols: Bitcoin and Zcash. Entities will hold their reserves in Bitcoin transparently. But for transactions, when privacy and sovereignty matter, they’ll use Zcash. Then they’ll settle back into Bitcoin to prove their reserves.

CN: You mentioned influencers earlier. There’s a lot of skepticism toward influencers due to past pump-and-dump schemes. People often demand that governments step in. What’s your view?

Neuner: I’ll probably get ridiculed for this, but I do believe we need laws. Clear laws. Right now, it’s the Wild West, and that makes it hard for people to protect themselves.

Once the laws are in place — things like disclosure requirements — then the responsibility falls to the users. But until then, it’s too unregulated.

CN: What would a law around influencer-based coins look like?

Neuner: At the very least: disclosure. If you’re being paid to promote something, you need to say so. If you’re going to talk about a coin and then sell it, that needs to be known upfront. There’s nothing wrong with promoting something and dumping it later — as long as you’re upfront about it. That way, the user knows the rules and can decide whether to participate.

CN: But in the stock market, doing that could get you in serious trouble.

Neuner: Exactly. That’s why I say: we need laws in crypto too. It’s not a popular opinion, but it’s necessary. And as the system matures, I think more people will agree.

TLDR

KindlyMD successfully merged with Nakamoto Holdings to create a unified Bitcoin-focused platform.
The company raised $540 million in gross proceeds and $200 million in convertible notes to support its Bitcoin treasury.
KindlyMD accumulated 5,765 Bitcoin at an average price of $118,204.88, investing approximately $681 million.
The company made strategic investments including $15 million in Treasury BV and $30 million in Metaplanet Inc.
KindlyMD appointed Amanda Fabiano as Chief Operating Officer to lead the execution of its strategic Bitcoin roadmap.

KindlyMD, Inc. (NASDAQ: NAKA) reported its financial and operational results for Q3 2025, alongside updates on its Bitcoin treasury strategy. The company made key advancements in its strategy, including the merger with Nakamoto Holdings, Inc., and the purchase of Bitcoin to strengthen its treasury. As of September 30, 2025, KindlyMD held 5,398 Bitcoin, marking its progress in building a Bitcoin-focused business model.

Kindly MD, Inc., NAKA

Strategic Developments and Bitcoin Treasury Expansion
In May 2025, KindlyMD merged with Nakamoto, creating a unified platform dedicated to Bitcoin and integrated healthcare services. The merger was followed by a successful fundraising effort, securing approximately $540 million in gross proceeds and $200 million in convertible notes. These funds supported Nakamoto’s strategy of acquiring Bitcoin as a long-term asset and using it to fuel growth within the digital currency ecosystem.

“We set clear goals, merged our companies, established a Bitcoin treasury, and began investing strategically, and we delivered on all three,” said David Bailey, Chairman and CEO. KindlyMD has since accumulated 5,765 Bitcoin at an average price of $118,204.88 per Bitcoin, totaling an investment of approximately $681 million.

In line with its strategy, KindlyMD secured key partnerships and investments. The company signed an agreement to acquire BTC Inc, a leading Bitcoin-focused media company, and UTXO Management GP, LLC, a high-conviction Bitcoin hedge fund. These acquisitions aim to broaden Nakamoto’s operational footprint by adding media, advisory, and financial services to its platform.

Q3 2025 Financial Performance and Investments
For Q3 2025, KindlyMD reported total revenue of $0.4 million, a decrease from $0.6 million in Q3 2024. The decrease reflects the impact of the ongoing transition towards Bitcoin-related activities and the early stages of Nakamoto’s strategy. Operating expenses for the quarter reached $10.8 million, primarily driven by increased spending in strategic initiatives related to the Bitcoin treasury.

Net loss for Q3 2025 was $86.0 million, or $(0.42) per diluted share, compared to a loss of $1.0 million, or $(0.17) per share, in the same period last year. The loss was driven by a $59.8 million non-cash charge for the Nakamoto acquisition and a $22.1 million unrealized loss on Bitcoin assets. The company also recorded a $1.4 million loss from Bitcoin sales to fund strategic investments in Bitcoin treasury companies.

KindlyMD’s investments included a $15 million stake in Treasury BV, a Bitcoin treasury company in the Netherlands, and a $30 million investment in Japan’s Metaplanet Inc. Both investments reflect the company’s focus on expanding its global Bitcoin holdings.

KindlyMD Raises $5.6 Million Through ATM Program
KindlyMD has also enhanced its leadership team with the appointment of Amanda Fabiano as Chief Operating Officer. Fabiano brings extensive experience from her roles at Galaxy and Fidelity, where she focused on Bitcoin mining and capital markets. Fabiano’s leadership will play a key role in executing Nakamoto’s strategic roadmap.

To support its growth, KindlyMD established a $5 billion at-the-market (ATM) equity offering program. The company raised $5.6 million through this offering at an average share price of $4.15 per share. The program helps the company grow its Bitcoin treasury and fund its strategic investments without diluting shareholder value.

As of November 12, 2025, KindlyMD held 5,398 Bitcoin, which it continues to leverage as part of its long-term strategy. The company remains committed to growing its Bitcoin treasury and expanding its investment portfolio to strengthen its position in the digital currency market.

TL;DR

BlackRock transferred 6,735 BTC ($616M) and 64,706 ETH ($200M) to Coinbase Prime.
The $816 million deposit follows a record $513 million BTC withdrawal.
Analysts note that, despite pressure, the move is consistent with risk management practices.

According to data from the on-chain intelligence platform Arkham, investment management giant BlackRock has moved a substantial amount of crypto assets to Coinbase Prime.

The transaction took place on Wednesday, November 19, with BlackRock depositing 6,735 BTC, equivalent to $616 million, and 64,706 ETHS, about $200 million. This massive move, valued at around $816 million, comes immediately after the fund’s largest single-day BTC withdrawal, a $513 million dump on Tuesday.

Speculation vs. Risk Management
While transactions of this magnitude often trigger speculation about selling pressure, experts suggest that the activity is consistent with BlackRock’s standard liquidity and risk management practices.

However, the timing coincides with broader uncertainty: the market faces liquidity challenges and subdued sentiment ahead of key US employment data. Ethereum, in particular, briefly dipped below the $3,000 level, affected by combined ETF withdrawals.

Analysts warn that short-term pressure for Bitcoin and Ethereum will persist. Analyst Ted Pillows indicated that BTC must reclaim the $94,000 zone to avoid another correction, while ETH needs to reclaim $3,200 to re-establish bullish momentum. Despite the jitters, other analysts like Merlijn The Trader highlight strong underlying demand for ETH. The market will monitor whether BlackRock’s transfer of Bitcoin and Ethereum to Coinbase marks profit-taking or a simple routine rebalancing.

The bond lets companies borrow against Bitcoin held by a private custodian, unlocking capital without selling crypto or triggering taxes.

The state of New Hampshire has approved the first municipal debt instrument in the United States to be backed by Bitcoin (BTC).

Industry observers believe the move could open the door for digital assets to enter the global debt market, which is valued at about $140 trillion.

$100M Bitcoin-Backed Financing
According to journalist Eleanor Terret, the state’s Business Finance Authority (BFA) greenlighted a $100 million BTC-secured bond on Monday. The initiative allows companies to borrow money using over-collateralized BTC held by a private custodian. The security is also structured as a conduit, meaning it does not rely on taxpayer money or carry any state financial guarantees.

Designed by Wave Digital Assets and Rosemawr Management, the offering requires borrowers to post roughly 160% of its value in the flagship cryptocurrency as collateral. A safeguard has also been put in place to protect investors should the price fall below 130%.

This allows participants to unlock capital without selling their cryptocurrency or creating a taxable event. Meanwhile, the transaction fees and earnings will be used to support the area’s Bitcoin Economic Development Fund.

The move comes just months after New Hampshire became the first state to allow its treasury to invest up to 5% of public funds in digital assets. Governor Kelly Ayotte, who signed the bill into law in May, said, “I am proud that New Hampshire is once again first in the nation to embrace new technologies with this historic Bitcoin-backed bond.”

Les Borsai, co-founder of Wave, said that their goal was to bridge traditional fixed income with digital assets in a way that is fully institutional, fully compliant, and globally scalable.  Furthermore, Republican legislator Keith Ammon, who introduced the Granite State’s Strategic Bitcoin Reserve bill, described the initiative as a test for using the asset as high-quality collateral in government finance.

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Bitcoin Bond Could Tap $140 Trillion Debt Market
The approval of this crypto-backed note has wider implications for the global debt market, valued at roughly $140 trillion, with the U.S. making up around $58.2 trillion of this.

Digital asset-backed lending has existed in private markets for years, but never in U.S. municipal finance. Les Borsai explained that the development shows how public and private sectors can responsibly unlock the value of cryptocurrencies.

Currently, many crypto reserves sit idle, but this structure shows how they can generate yield, support loans, and fund economic projects.

By creating a regulated framework for using digital reserves as collateral, New Hampshire’s model could provide a blueprint for other regions and further encourage institutional investors to explore these financing instruments.

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Quick Take
World Liberty said it froze some user accounts in September following third-party security lapses and is beginning to reallocate funds to secure wallets.
Earlier this week, Sens. Elizabeth Warren and Jack Reed reportedly asked the Justice and Treasury Departments to investigate alleged WLF token sales to sanctioned entities, citing Accountable.US research.
World Liberty Financial, facing congressional scrutiny over alleged token sales to entities in sanctioned regions including North Korea, Russia, and Iran, said Wednesday it is working to "reallocate user funds and verified users' identity via KYC checks" following potential breaches.

In an X post, the Trump-connected project said that a "relatively small subset of user wallets were compromised via phishing attacks or exposed seed phrases" due to "third-party security lapses." The project is now testing new smart contract logic to safeguard these accounts.

"Users who submitted tickets and satisfied the required checks will have funds reallocated to new, secure wallets," World Liberty wrote. "In September, we froze impacted wallets and verified ownership to ensure a smooth transition."

It is unclear how many users were affected or the total amount of funds at risk. World Liberty noted that the issue "was not a WLFI platform or smart contract issue."

“Even with issues stemming from external vulnerabilities, the team prioritized the security of its users while meeting regulatory requirements,” World Liberty added. 

Sanctioned sales?Earlier this week, Senators Elizabeth Warren, D-Mass, and Jack Reed, D-R.I., called upon the Departments of Justice and Treasury to investigate alleged WLF token sales to sanctioned entities, citing a September report from Accountable.US, according to CNBC on Tuesday.

The “suspicious” transactions reportedly involved North Korean hacking group Lazarus, a sanctioned Russian “ruble-backed sanctions evasion tool,” and an Iranian crypto exchange, the watchdog claimed.

It is unclear whether World Liberty’s announcement on Wednesday is connected to Warren and Reed’s letter. This is not the first time that World Liberty — which names Eric Trump, Donald Trump Jr., and Barron Trump as co-founders — has raised concerns among congressmembers, who have raised concerns of potential conflicts of interest.

Of note, several blockchain security experts, including Taylor Moynahan, security lead at Ethereum's largest wallet, MetaMask, and Nick Bax, founder of Ump.eth, challenged some of the onchain analysis performed by Accountable that purportedly connected an address to Lazarus.

"TL/DR: someone wrote 14 pages about Lazarus based on a funky shitcoin token transfer," Bax wrote. "The worst part of this all (other than my Senator disseminating disinfo), is Shryder wasn't just falsely accused of being a DPRK hacker; it appears his big bag WLFI tokens (~$95k) got frozen as a result of this false positive."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
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MISSISSAUGA, Ontario--(BUSINESS WIRE)--Covalon Technologies Ltd. (the “Company” or “Covalon”) (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announced the payment on November 18, 2025 of its first ever dividend – a special cash dividend of C$0.15 per common share – reflecting the Company's strong financial performance and continued success in accelerating the adoption of its unique, patented, life-saving and life-improving medical technologies. This special dividend.

Key Takeaways
An energy technology firm got a boost from an overseas sale, and a chip giant's shares rose ahead of its highly anticipated earnings report on Wednesday, Nov. 19, 2025.Shares of GE Vernova powered higher after the company signed its first wind repower agreement outside the U.S.Regulators in Connecticut voted to block Eversource Energy's sale of its water subsidiary, and shares of the utility company dropped.

Major U.S. equities indexes ticked higher Wednesday, with Nvidia (NVDA) rising 2.9% to lead chip stocks higher ahead of the AI darling's highly anticipated quarterly results after the bell.

The S&P 500 rose 0.4%, while the Dow Jones Industrial Average inched up 0.1% and the Nasdaq advanced 0.6%. See here for Investopedia's full daily market summary. 

Shares of GE Vernova (GEV), the energy technology company spun off from GE in April 2024, surged 7.3% after the company announced its first wind repower upgrade agreement outside the U.S. Under the deal, GE Vernova will provide 25 wind repower upgrade kits, used to modernize and extend the operational life of aging wind turbines, to Taiwan Power Company.

Constellation Energy (CEG) shares jumped 5.3% after the Department of Energy said it had provided a $1 billion loan to fund the utility company's plan to restart a decommissioned nuclear reactor at the Pennsylvania site formerly known as Three Mile Island. Constellation entered a deal last year with Microsoft (MSFT) to resume operations at the nuclear facility to help power the software giant's energy-intensive data centers.

Lowe’s Companies (LOW) reported better-than-expected adjusted profit for the third quarter, and shares of the home improvement retailer climbed 4%. The company highlighted an increase in online sales, strength in its business with professional contractors, and growth in "home services," a program that connects customers with licensed professionals for help with installation and remodeling projects. The strong report from Lowe's came a day after rival Home Depot (HD) missed quarterly earnings forecasts and cut its outlook, citing headwinds related to economic uncertainty and the housing market.

Shares of Google parent Alphabet (GOOGL, GOOG) gained 2.8% to close at an all-time high after the tech giant launched Gemini 3, its latest artificial intelligence model. Several analysts praised the newest version, saying it competes with state-of-the-art models from competitors like OpenAI and Anthropic. Wednesday's move into record territory followed gains earlier in the week after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) disclosed a stake in Alphabet.

Eversource Energy (ES) stock dropped 12.5%, losing the most of any stock in the S&P 500, after regulators in Connecticut rejected the utility company's proposed sale of its Aquarion Water subsidiary to a newly created quasi-public entity for $2.4 billion. The state's Public Utilities Regulatory Authority voted unanimously to block the transaction, determining that it failed to meet the proper standards for managerial sustainability.

A pair of agricultural giants came under pressure following reports that the Trump administration may delay proposed cuts to incentives for biofuel imports. Shares of Archer-Daniels-Midland (ADM) and Bunge (BG), which process commodities like corn and soybeans into biofuel, slipped 3.8% and 3.1%, respectively.

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NORTHBROOK, Ill.--(BUSINESS WIRE)--UL Solutions Inc. (NYSE: ULS), a global leader in applied safety science, today announced that it is expanding its global electromagnetic and wireless testing footprint with the development of a new laboratory in Germany that will test and certify large, high-power industrial equipment and appliances, and medical, consumer and automotive products. The laboratory will be strategically located on UL Solutions' existing campus, a UL Solutions Center of Excellence.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Western Alliance Bancorporation (NYSE: WAL) resulting from allegations that Western Alliance Bancorporation may have issued materially misleading business information to the investing public.

So what: If you purchased Western Alliance Bancorporation securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=46349 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On October 16, 2025, Western Alliance Bancorporation disclosed that it had initiated a lawsuit against a borrower, Cantor Group V LLC, alleging fraud related to collateral loans.

On this news, Western Alliance Bancorporation's stock fell 10.88% on October 16, 2025.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions.  Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
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SOURCE THE ROSEN LAW FIRM, P. A.

Skanska AB (publ) (OTCPK:SKBSY) Skanska AB (publ) - Analyst/Investor Day November 18, 2025 11:00 AM EST

Company Participants

Antonia Junelind - Senior Vice President of Investor Relations
Richard Kennedy - Executive Vice President
Anders Danielsson - President & CEO
Stale Rod - Executive Vice President
Claes Larsson - Executive Vice President
Lena Hok - Executive VP of Sustainability & Innovation
Jonas Rickberg - Executive VP & CFO

Conference Call Participants

Keivan Shirvanpour - SEB, Research Division
Graham Hunt - Jefferies LLC, Research Division
Stefan Erik Andersson - Danske Bank A/S, Research Division
Erik Granström - DNB Carnegie, Research Division
Nicolas Mora - Morgan Stanley, Research Division

Presentation

Antonia Junelind
Senior Vice President of Investor Relations

A warm welcome to Skanska's Capital Markets Day 2025, and a warm welcome to Seattle indeed. This fantastic office tower is the result of bringing our strong capabilities in project development together with our strong capabilities in construction. And the result, the quality that you see here is the quality that you see in all our buildings and infrastructure projects, and that is what our customers chooses us for. I'm Antonia Junelind. I'm the Senior Vice President for Skanska's Investor Relations, and I'm very happy to see so many of you here in the U.S. This is a very important market for us, and our operations here have grown significantly over the past few years, now representing a construction order backlog of more than NOK 150 billion and NOK 20 billion worth of investment in properties.

So today, we will provide you with a firsthand view of our operations here in the U.S. You will get a chance to meet the top management team and learn more about our market, the context that we're operating in and our capabilities here. You will also get the chance to tour this building along with 2 very interesting construction sites, namely the

Recommended For You

Elior Group SA (OTCPK:ELORY) Q4 2025 Earnings Call November 19, 2025 12:30 PM EST

Company Participants

Daniel Derichebourg - Chairman & CEO
Didier Grandpre - Group Chief Financial Officer

Conference Call Participants

Jaafar Mestari - BNP Paribas, Research Division
Pravin Gondhale - Barclays Bank PLC, Research Division
Sabrina Blanc - Sanford C. Bernstein & Co., LLC., Research Division
Christian Devismes - CIC Market Solutions, Research Division

Presentation

Operator

Welcome to the Elior Group Full Year 2024-'25 Financial Results Presentation. Please note, this call is being recorded. The management discussion and slide presentation plus the analyst question-and-answer session is broadcasted live over the Internet. Today's call will start with an introduction of Daniel Derichebourg, Chairman and Group CEO. Mr. Derichebourg will speak in French with an English translation right afterwards. After this introduction, Didier Grandpre, Group CFO, will carry on with the usual presentation before opening the Q&A session. Mr. Derichebourg, please go ahead.

Daniel Derichebourg
Chairman & CEO

[Interpreted] So hello, everybody. Firstly, I'm sorry for not speaking English, but you know what, at my age, I'm not going to start learning now. We had told you in May that everything was going a lot better. And if everything went according to plan, we would be able to pay out a dividend. And as you've seen in the press release, that has now been confirmed.

Okay. So I'd like to thank you all for being here. It really is an honor to have you all here. And I'd now like to hand over to our Financial Director, Didier Grandpre, who's going to take us through the results.

Didier Grandpre
Group Chief Financial Officer

Thank you, Daniel. Good afternoon, ladies and gentlemen, and welcome to Elior Group's full year results presentation. We have provided detailed financial information in our press release issued earlier this afternoon, which is available on

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FOSTER CITY, Calif., Nov. 19, 2025 (GLOBE NEWSWIRE) -- Apollomics Inc. (“Apollomics” or the “Company”) (Nasdaq: APLM) announced today entering into a settlement agreement (the “Settlement Agreement” or the “Agreement”) with TWVC Goldlink Partners Investment Limited and TWVC Panglin Group Investment Limited (together, “TWVC”), entities represented by Triwise Capital Management Ltd, in connection with the litigation previously filed in the Grand Court of the Cayman Islands (the “Cayman Litigation”). The Cayman Litigation involved claims by two minority shareholders relating to the requested redemption of preferred shares of the Company before the consummation of the Company’s merger with Maxpro Capital Acquisition Corporation in 2023.

The Settlement Agreement fully resolves all disputes between the Company and TWVC. Under the Agreement, the Company has agreed to pay TWVC a total of US$5 million in cash, to be made in several installments over a period of two years, plus approximately US$879,757.78 in associated legal expenses. As agreed in the Settlement Agreement, TWVC will withdraw all claims against the Company and its affiliates, and the parties are in the process of submitting the Settlement and Settlement Agreement for the court’s approval to conclude the associated litigation proceedings. The original amount of damages claimed by TWVC was approximately US$40 million, as disclosed in the Form 20-F filed in April 2025.

About Apollomics Inc.
Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics’ lead program is vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multicohort clinical trial in the United States and other countries. For more information, please visit www.apollomicsinc.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release includes statements that constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding Apollomics’ strategy, prospects, plans, objectives and anticipated outcomes from the development and commercialization of vebreltinib, or future proceedings with respect to the Cayman Litigation, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “seek,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including those risks and uncertainties discussed in the Annual Report on Form 20-F for the year ended December 31, 2024, filed by Apollomics Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents filed, or to be filed, by Apollomics with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will file from time to time with the SEC. Forward-looking statements speak only as of the date made by Apollomics. Apollomics undertakes no obligation to update publicly any of its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.

DALLAS, Nov. 19, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of the Texas Capital Funds Trust (the “Board”) has authorized an orderly liquidation of the Texas Capital Texas Small Cap Equity Index ETF (NASDAQ: TXSS) (the “Fund”). After careful consideration of the Fund’s size, asset composition and growth trajectory, the Board determined that it is advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. As constructed, TXSS shared some of the portfolio constituents and other attributes of its larger counterpart, the Texas Capital Texas Equity Index ETF (NYSE: TXS). Our investors can continue to benefit from the growth of the Texas economy by investing in TXS.

The last day of trading for the Fund’s shares on NASDAQ will be December 8, 2025 (the “Closing Date”). On that date, the Fund will stop accepting creation units from authorized participants. Shareholders may sell their holdings through their brokerage accounts prior to the Closing Date. The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on December 15, 2025 ("Liquidation Date"). Between the Closing Date and the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that a market for the Fund’s shares will be available during this period.

Shareholders who continue to hold shares through the Liquidation Date will receive a cash distribution based on the net asset value (“NAV”) of their holdings as of that date, which will include any accumulated capital gains and dividends. The liquidation and related distributions may be treated as a taxable event. Shareholders should consult their tax advisers regarding the potential tax implications of the liquidation. Following completion of the distributions, the Fund will be formally closed and terminated.

About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has clients across the country.

Texas Capital services clients across their entire lifecycle providing commercial, consumer, private and full capital markets capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

Texas Capital Bank Wealth Management Services, Inc. d/b/a Texas Capital Bank Private Wealth Advisors (“PWA”), a wholly owned subsidiary of Texas Capital Bank and a Registered Investment Advisor with the U.S. Securities and Exchange Commission (“SEC”), serves as investment adviser to the Fund and is paid a fee for its services.

Shares of the Texas Capital Texas Small Cap Equity Index ETF are not deposits or obligations of, or guaranteed or endorsed by, Texas Capital Bank or its affiliates. The Texas Capital Texas Small Cap Equity Index ETF is not insured by the FDIC or any other government agency. The Texas Capital Texas Small Cap Equity Index ETF is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC, which is not affiliated with Texas Capital Bank Private Wealth Advisors.

Investing involves risk, including loss of principal. Investment return and principal value of an investment will fluctuate, and an investor’s shares, when redeemed, may be worth more or less than their original value.

Investors should carefully consider the investment objectives, risks, and charges of the Funds before investing. The prospectus contains this information and other information about the Funds, and it should be read carefully before investing. Investors can obtain a copy of the prospectus by calling 844.TCB.ETFS(844.822.3837)

, /PRNewswire/ -- The Board of Directors of Quaker Houghton (NYSE: KWR) today declared a quarterly cash dividend of $0.508 per share, payable on January 30, 2026, to shareholders of record at the close of business on January 16, 2026.

About Quaker Houghton

Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,400 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.

SOURCE Quaker Houghton

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, /PRNewswire/ -- Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) announced today that its Board of Directors has declared a cash dividend on Richmond Mutual Bancorporation common stock of $0.15 per share. The cash dividend will be payable on December 18, 2025, to stockholders of record as of the close of business on December 4, 2025.

About Richmond Mutual Bancorporation, Inc.

Richmond Mutual Bancorporation, Inc., headquartered in Richmond, Indiana, is the holding company for First Bank Richmond, a community-oriented financial institution offering traditional financial and trust services within its local communities through its eight locations in Richmond, Centerville, Cambridge City and Shelbyville, Indiana, its five locations in Sidney, Piqua and Troy, Ohio and its loan production office in Columbus, Ohio.

SOURCE Richmond Mutual Bancorporation, Inc.

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, /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Pierre Brondeau, chairman and chief executive officer, and Andrew Sandifer, executive vice president and chief financial officer, will speak at the Goldman Sachs Industrials and Materials Conference on December 3, 2025, at 1:30 p.m. Eastern Time.  A live webcast will be available at www.fmc.com/investors.

About FMC

FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.

SOURCE FMC Corporation

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Total revenue of $723.6 million for the first nine months of 2025 versus $222.3 million for the first nine months of 2024, an increase of 225.5%
Net income attributable to Nutex Health Inc. of $59.0 million for the first nine months of 2025 versus net loss of $9.5 million for the first nine months of 2024, an increase of $68.5 million
Diluted income per share of $8.87 for the first nine months of 2025 versus a loss per share of $1.91 for the first nine months of 2024
EBITDA of $142.9 million for the first nine months of 2025 versus $19.9 million for the first nine months of 2024, an increase of 616.4%
Adjusted EBITDA of $243.0 million for the first nine months of 2025 versus $16.1 million for the first half nine months of 2024, an increase of 1408.6%
Net cash from operating activities of $177.7 million for the first nine months of 2025

, /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three and nine months ended September 30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

Financial highlights for the three months ended September 30, 2025:

Total revenue increased $189.0 million to $267.8 million for the three months ended September 30, 2025 as compared to total revenue of $78.8 million for the same period in 2024, an increase of 239.9%. The hospital division drove most of this growth, generating $260.2 million, up 262.8% from $71.7 million for the third quarter of 2024. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 208.9% in 2025 compared to 2024.
Of the $260.2 million in hospital revenue, $182.1 million (or approximately 70.0%) related to a combination of both higher acuity claims as well as success through the Independent Dispute Resolution (IDR) process.
With regard to arbitration-related revenue: due to the continual underpayment from payors, we have continued to submit between 60-70% of our visits through the IDR process, we have won a legal determination on over 85% of the claims submitted, and we currently have an average collection rate of over 80% of the legal determination wins.
Arbitration costs approximate 24-26% of the arbitration related revenue.
Total stock-based compensation expense for the three months ended September 30, 2025 was $13.2 million compared to $2.0 million for the same period in 2024. Approximately 99.5% of total stock-based compensation expense of $13.2 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the three months ended September 30, 2025 was $130.4 million compared to $9.7 million for the same period in 2024, representing a $120.7 million improvement year over year.
Net income attributable to Nutex Health for the three months ended September 30, 2025 of $55.4 million as compared to net loss attributable to Nutex Health of $8.8 million for the same period in 2024. The $55.4 million in net income includes non-cash stock-based compensation expense of $13.2 million, while the $8.8 million net loss includes non-cash stock-based compensation expense of $2.0 million.
EBITDA attributable to Nutex Health of $91.8 million, as compared to EBITDA attributable to Nutex Health of $4.3 million for the three months ended September 30, 2024, an increase of 2014.0%.
Adjusted EBITDA attributable to Nutex Health of $98.5 million, as compared to Adjusted EBITDA attributable to Nutex Health of $9.7 million for the three months ended September 30, 2024.
Total visits at the Hospital Division were 46,232 for the three months ended September 30, 2025, as compared to 41,668 for the same period in 2024, an increase of 4,564 or 11.0%. Visits at mature hospitals decreased by 0.6% in the three months ended September 30, 2025 as compared to the same period in 2024.
Net cash from operating activities of $99.5 million for the three months ended September 30, 2025.
As of September 30, 2025, the Company had total assets of $964.5 million, including cash and cash equivalents of $166.0 million, and long-term debt, net of $25.6 million.

Financial highlights for the nine months ended September 30, 2025:

Total revenue increased $501.2 million to $723.6 million for the nine months ended September 30, 2025 as compared to total revenue of $222.3 million for the same period in 2024, an increase of 225.5%. The hospital division drove most of this growth, generating $700.5 million, up 251.4% from $199.4 million for the first nine months of 2024. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 200.0% in 2025 compared to 2024.
Of the $700.5 million in hospital revenue, $462.9 million (or approximately 66.1%) related to a combination of both higher acuity claims as well as success through the IDR process.
With regard to arbitration-related revenue: due to the continual underpayment from payors, we have continued to submit between 60-70% of our visits through the IDR process, we have won a legal determination on over 85% of the claims submitted, and we currently have an average collection rate of over 80% of the legal determination wins.
Arbitration costs approximate 24-26% of the arbitration related revenue.
Total stock-based compensation expense for the nine months ended September 30, 2025 was $119.6 million compared to $2.0 million for the same period in 2024. Approximately 99.5% of total stock-based compensation expense of $119.6 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the nine months ended September 30, 2025 was $244.7 million compared to $16.4 million for the same period in 2024, representing a $228.3 million improvement year over year.
Net income attributable to Nutex Health for the nine months ended September 30, 2025 of $59.0 million as compared to net loss attributable to Nutex Health of $9.5 million for the same period in 2024. The $59.0 million in net income includes non-cash stock-based compensation expense of $119.6 million, while the $9.5 million net loss includes non-cash stock-based compensation expense of $2.0 million.
EBITDA attributable to Nutex Health of $142.9 million, as compared to EBITDA attributable to Nutex Health of $19.9 million for the nine months ended September 30, 2024, an increase of 616.4%.
Adjusted EBITDA attributable to Nutex Health of $243.0 million, as compared to Adjusted EBITDA attributable to Nutex Health of $16.1 million for the nine months ended September 30, 2024.
Total visits at the Hospital Division were 140,074 for the nine months ended September 30, 2025, as compared to 122,944 for the same period in 2024, an increase of 17,130 or 13.9%. Visits at mature hospitals increased by 1.8% in the nine months ended September 30, 2025 as compared to the same period in 2024.
Net cash from operating activities of $177.7 million for the nine months ended September 30, 2025.

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

"We are continuing to add to a record year with 225% revenue growth, Adjusted EBITDA attributable to Nutex Health of $243.0 million, a 629% increase in gross profit and a record high cash balance of $166.0 million. Our financial performance highlights the strength of the business model with our strong balance sheet positioning us well for our planned growth strategy," stated Jon Bates, Chief Financial Officer of Nutex Health.

"We are very pleased to deliver another successful and profitable quarter. With the audit revisions and related activities behind us, our team is fully focused on driving future growth both within existing operations and through new facilities. Our pipeline remains strong, reflecting continued demand for small hospitals across the country," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company's financial results for the three and nine months ended September 30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

Nutex Health Inc. Regains Nasdaq Compliance

On November 19, 2025 Nutex received a letter from Nasdaq Listing Qualifications confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.

The letter states that following the Company's filing of its Form 10-Q for the period ended June 30, 2025 on November 18, 2025, Nasdaq has determined that Nutex Health Inc. now complies with the rule and that the matter is closed.

No further action is required by the Company in connection with this matter.

Conference Call on Restated 2024 and First Three Quarters of 2025 Results

The Company will host a conference call on Tuesday, December 2, 2025 at 10:30 a.m. ET to discuss its restated fiscal year 2024 results and its results for the first three quarters of 2025.

Participant Listening: 1-877-407-9208 or 1-201-493-6784

Participant Link: https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6  

To access the call, please dial in approximately five minutes before start time. Those who are unable to attend the live conference call may access the recording on the Company's website.

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)

September 30,
2025

December 31,
2024

Assets

Current assets:

Cash and cash equivalents

$           166,048

$                  40,640

Restricted short-term investments

—

2,941

Accounts receivable

387,409

232,449

Accounts receivable - related parties

7,353

3,602

Inventories

3,158

2,850

Income tax receivable

12,097

—

Prepaid expenses and other current assets

16,586

9,997

Total current assets

592,651

292,479

Property and equipment, net

82,821

77,933

Operating lease right-of-use assets

27,354

27,872

Financing lease right-of-use assets

225,719

218,889

Intangible assets, net

21,555

15,530

Goodwill, net

13,919

13,919

Deferred tax assets

—

7,987

Other assets

499

711

  Total assets

$           964,518

$                655,320

Liabilities and Equity

Current liabilities:

Accounts payable

$             45,475

$                    9,614

Accounts payable - related parties

4,082

806

Lines of credit

5,304

3,554

Current portion of long-term debt

18,004

14,395

Operating lease liabilities, current portion

2,111

2,080

Financing lease liabilities, current portion

7,108

7,705

Accrued arbitration expenses

64,313

47,742

Accrued income tax expense

—

26,533

Accrued stock-based compensation

11,194

16,356

Accrued expenses and other current liabilities

27,865

25,440

Total current liabilities

185,456

154,225

Long-term debt, net

25,574

22,466

Operating lease liabilities, net

30,423

30,617

Financing lease liabilities, net

270,077

259,479

Deferred tax liabilities

14,955

—

  Total liabilities

526,485

466,787

Commitments and contingencies (Note 10)

Equity:

Common stock, $0.001 par value; 950,000,000 shares authorized; 6,905,262 and 5,511,452 shares
issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

7

6

Additional paid-in capital

615,180

489,409

Accumulated deficit

(298,021)

(356,976)

  Nutex Health Inc. equity

317,166

132,439

Noncontrolling interests

120,867

56,094

  Total equity

438,033

188,533

  Total liabilities and equity

$           964,518

$                655,320

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended September 30,

Nine  Months Ended September 30,

(In thousands, except share and per share amounts)

2025

2024

2025

2024

Revenue:

Hospital division

$         260,239

$           71,733

$         700,488

$         199,367

Population health management division

7,565

7,062

23,090

22,964

Total revenue

267,804

78,795

723,578

222,331

Operating costs and expenses:

Payroll

38,817

29,848

109,961

85,249

Contract services

53,837

11,657

153,601

32,482

Medical supplies

3,307

3,983

11,920

12,894

Depreciation and amortization

5,003

4,972

15,343

13,691

Other

11,959

6,418

34,610

23,380

Total operating costs and expenses

112,923

56,878

325,435

167,696

Gross profit

154,881

21,917

398,143

54,635

Corporate and other costs:

Stock-based compensation

13,217

1,964

119,606

1,952

Impairment of assets

—

425

—

3,899

Impairment of goodwill

—

—

—

3,197

General and administrative expenses

11,297

9,865

33,830

29,175

Total corporate and other costs

24,514

12,254

153,436

38,223

Operating income

130,367

9,663

244,707

16,412

Interest expense, net

5,452

5,381

17,250

14,880

Loss on warrant liability

—

6,734

—

1,073

Other (income) expense

976

128

8,570

(711)

Income (loss) before taxes

123,939

(2,580)

218,887

1,170

Income tax expense

27,140

4,585

55,138

5,868

Net income (loss)

96,799

(7,165)

163,749

(4,698)

Less: net income attributable to noncontrolling interests

41,364

1,623

104,794

4,819

Net income (loss) attributable to Nutex Health Inc.

$           55,435

$            (8,788)

$           58,955

$            (9,517)

Earnings (loss) per common share

Basic

$                8.27

$              (1.72)

$                9.63

$              (1.91)

Diluted

$                7.76

$              (1.72)

$                8.87

$              (1.91)

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,

(In thousands)

2025

2024

Cash flows from operating activities:

Net income

$           163,749

$             (4,698)

Adjustment to reconcile net income to net cash from operating activities:

Depreciation and amortization

15,343

13,691

Loss on warrant liability

—

1,073

Impairment of assets

—

3,899

Impairment of goodwill

—

3,197

Derecognition of goodwill

—

453

Stock-based compensation expense

119,606

1,952

Changes to deferred taxes

22,942

(1,743)

Debt accretion expense

756

805

Changes in operating assets and liabilities:

(Increase)/Decrease in Accounts receivable

(154,960)

(4,253)

(Increase)/Decrease in Accounts receivable - related party

(3,751)

550

(Increase)/Decrease in Inventories

(308)

1,131

(Increase)/Decrease in Income tax receivable

(12,097)

—

(Increase)/Decrease in Prepaid expenses and other current assets

(6,376)

(1,361)

(Increase)/Decrease in Operating right-of-use assets

518

411

Increase/(Decrease) in Accounts payable

36,637

(7,975)

Increase/(Decrease) in Accounts payable - related party

3,276

(39)

Increase/(Decrease) in Operating lease liabilities

(164)

(692)

Increase/(Decrease) in Accrued arbitration expenses

16,571

—

Increase/(Decrease) in Accrued income tax expense

(26,533)

—

Increase/(Decrease) in Accrued expenses and other current liabilities

2,527

16,698

Net cash provided by operating activities

177,736

23,099

Cash flows from investing activities:

Acquisitions of property and equipment

(1,117)

(1,909)

Proceeds from restricted short-term investment

2,941

—

Cash related to sale of business

—

(361)

Cash related to asset acquisition

(1,994)

—

Net cash used in investing activities

(170)

(2,270)

Cash flows from financing activities:

Proceeds from lines of credit

5,043

1,132

Proceeds from notes payable

273

7,015

Repayments of lines of credit

(3,293)

(1,119)

Repayments of notes payable

(8,319)

(8,332)

Repayments of finance leases

(4,004)

(1,924)

Proceeds from common stock issuance, net issuance costs

—

9,202

Proceeds from exercise of warrants

—

801

Members' contributions

316

961

Members' distributions

(42,174)

(3,659)

Net cash provided by (used in) financing activities

(52,158)

4,077

Net increase in cash and cash equivalents

125,408

24,906

Cash and cash equivalents - beginning of the period

40,640

22,002

Cash and cash equivalents - end of the period

$           166,048

$             46,908

Non-GAAP Financial Measures (Unaudited)

EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net loss to Adjusted EBITDA is included below.

Beginning in the first quarter of 2025, we have updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):

Three Months Ended September 30,

2025

2024

Reconciliation of net income (loss) attributable to Nutex
Health Inc. to Adjusted EBITDA:

(Updated)

(Prior)

(Updated)

(Prior)

Net income (loss) attributable to Nutex Health Inc.

$           55,435

$           55,435

$            (8,788)

$            (8,788)

Depreciation and amortization

5,003

5,003

4,972

4,972

Interest expense, net

5,452

5,452

5,381

5,381

Income tax expense

27,140

27,140

4,585

4,585

Allocation to noncontrolling interests

(1,243)

(1,243)

(1,808)

(1,808)

EBITDA

91,787

91,787

4,342

4,342

Loss on warrant liability

—

—

6,734

6,734

Impairment of assets

—

—

424

424

Finance lease payments(1)

(6,474)

—

(3,794)

—

Stock-based compensation

13,217

13,217

1,964

1,964

Adjusted EBITDA

$           98,530

$         105,004

$              9,670

$           13,464

Nine Months Ended September 30,

2025

2024

Reconciliation of net income (loss) attributable to Nutex
Health Inc. to Adjusted EBITDA:

(Updated)

(Prior)

(Updated)

(Prior)

Net income (loss) attributable to Nutex Health Inc.

$           58,955

$           58,955

$            (9,517)

$            (9,517)

Depreciation and amortization

15,343

15,343

13,691

13,691

Interest expense, net

17,250

17,250

14,880

14,880

Income tax expense

55,138

55,138

5,868

5,868

Allocation to noncontrolling interests

(3,815)

(3,815)

(4,980)

(4,980)

EBITDA

142,871

142,871

19,942

19,942

Loss on warrant liability

—

—

1,073

1,073

Impairment of assets

—

—

3,898

3,898

Impairment of goodwill

—

—

3,197

3,197

Finance lease payments(1)

(19,512)

—

(13,957)

—

Stock-based compensation

119,606

119,606

1,952

1,952

Adjusted EBITDA

$         242,965

$         262,477

$           16,105

$           30,062

(1)

Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.

About Nutex Health Inc.

Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 24 facilities in 11 states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups.

Forward-Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result" "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2025 under the heading "Risk Factors" in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

SOURCE Nutex Health, Inc.

November 19, 2025 4:30 PM EST | Source: SureNano Science Ltd.
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2025) - SureNano Science Ltd. (CSE: SURE) (OTCQB: SURNF) (the "Company" or "SureNano") is pleased to announce it has entered into a non-binding letter of intent (the "LOI") with GlucaPharm Inc. ("GlucaPharm"), to conduct legal, technical and financial due diligence on GlucaPharm and its license to the intellectual property as described below (the "Proposed Transaction"). If the Company elects to proceed following the conclusion of its due diligence, the parties shall negotiate and enter into a definitive binding agreement (the "Definitive Agreement"). The LOI contains both binding and non-binding terms, the former including mutual confidentiality and due diligence access rights, each party bears own expenses and mutual exclusivity of negotiations, and the non-binding terms relating to the substantive terms of the Proposed Transaction share exchange terms.

GlucaPharm is a privately held BC Corporation and holds exclusive rights to develop Syracuse University's GEP-44 GLP-1 pharmaceutical patent protected compound discovery and technology. GEP-44 is a novel compound that addresses diabetes and weight loss, similar to current in-market GLP-1s such as Ozempic, but targeting no-needle administration method and superior tolerability, including reduced side effects most experienced by leading in-market drugs such as nausea and gastrointestinal issues. GEP-44 is a triple antagonist with strong preclinical results, patents filed, academic validation and market exploration underway, poised to transform the treatment of obesity and diabetes worldwide.

Proposed Transaction Overview
The Proposed Transaction is expected to be structured as a share exchange pursuant to which SureNano will acquire 100% of the issued and outstanding common shares in the capital of GlucaPharm through the issuance of an aggregate number of common shares to GlucaPharm shareholders, to be agreed upon subject to completion of Due Diligence, in the capital of SureNano (the "SureNano Shares") upon closing of the Proposed Transaction via a share exchange agreement. Following the closing, it is expected that GlucaPharm shareholders will collectively own under 20% of the issued and outstanding SureNano Shares.

The LOI sets out certain terms and conditions pursuant to which the Proposed Transaction will be completed. The Proposed Transaction remains subject to certain closing conditions, including, without limitation: (a) the completion of customary due diligence; (b) the negotiation and execution of a Definitive Agreement; and (c) the receipt of all required regulatory and third-party approvals and, if applicable, the approval of the GlucaPharm shareholders. There can be no guarantees that the Proposed Transaction will be completed as contemplated, or at all.

Upon the execution of a Definitive Agreement between SureNano and GlucaPharm, the Company will issue a subsequent news release containing the details of the Definitive Agreement and any additional terms of the Proposed Transaction.

Finder's fees may be payable in connection with the Proposed Transaction, all in accordance with the policies of the Canadian Securities Exchange.

SureNano Private Placement
On November 5, 2025, the Company announced its intention to complete a private placement for proceeds of up to $1,250,000 (the "Private Placement") which will consist of the sale of up to 10,000,000 units (each a "Unit") at a price of $0.125 per Unit. Each Unit will be comprised of one common share (a "Common Share") and one Common Share purchase warrant (each a "Warrant"), with each Warrant entitling the holder thereof to acquire one Common Share in the capital of the Company at a price of $0.35 per Common Share for a period of 24 months from the date of issuance. The Warrants will be subject to an acceleration provision, such that if at any time after the date that is four months and one day after the closing, the Company's Shares trade on the Canadian Securities Exchange (the "CSE") at a closing price of $0.50 or greater per Share for a period of ten (10) consecutive trading days, the Company may accelerate the expiry of the Warrants by giving notice to the holders thereof and, in such case, the Warrant will expire on the thirtieth (30th) day after the date of such notice. Refer to SureNano press release dated November 5, 2025, for further details on the Private Placement announcement.

The Company intends to use proceeds of the Private Placement for operating expenses, including legal and audit fees, general working capital, expenses related to exploring new markets for its SureNanoTM surfactant, and to investigate complementary industries including but not limited to GlucaPharm. The negotiations to acquire GlucaPharm and the Private Placement are not interdependent.

About SureNano Science Ltd.:
The business of SureNano Science Ltd. is the sale and distribution of the SureNano™ surfactant, which is a ready-to-mix food grade compound that provides the base for high performance nanoemulsions to create incredibly homogeneous and stable products while maximizing bioavailability, clarity, and taste. The Company has an exclusive license to distribute the SureNanoTM surfactant within Canada; Oklahoma, USA; and Colorado, USA.

Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of SureNano. Forward-looking information is based on certain key expectations and assumptions made by the management of SureNano. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that a) SureNano will acquire 100% of the issued and outstanding common shares in the capital of GlucaPharm, b) the Proposed transaction will be completed, c) the Private Placement will be completed as disclosed, d) finders fees may be paid, e) the Warrants may be accelerated, and f) that GlucaPharm shareholders will hold under 20% of the issued and outstanding shares of SureNano. Although SureNano believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SureNano can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275199

SALT LAKE CITY--(BUSINESS WIRE)--KindlyMD, Inc. (NASDAQ: NAKA) (“KindlyMD” or “the Company”), a provider of integrated healthcare services and a Bitcoin treasury company via its subsidiary Nakamoto Holdings, Inc. (“Nakamoto”), today announced its financial and operating results for the quarter ended September 30, 2025, along with an update on its Bitcoin treasury strategy. In May 2025, KindlyMD took a major strategic leap when it announced its merger with Nakamoto and subsequently raised approx.

FARMINGTON, Utah--(BUSINESS WIRE)--PACS announced operating results for the third quarter of 2025. PACS has completed its Restatement of financials and is current with SEC obligations.