Market Signal Briefing

November 19, 2025 01:00 ET

 | Source:

ICG PLC

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN 

GB00BYT1DJ19

Issuer Name 

ICG PLC

UK or Non-UK Issuer 

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

Credit Agricole S.A.

City of registered office (if applicable)

Paris

Country of registered office (if applicable)

France

Name                           City of registered officeCountry of registered office Credit Agricole S.A.ParisFrance                                 4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

Amundi Asset Management

City of registered office (if applicable)

Paris

Country of registered office (if applicable)

France

5. Date on which the threshold was crossed or reached

18-Nov-2025

6. Date on which Issuer notified

18-Nov-2025

7. Total positions of person(s) subject to the notification obligation

  % of voting  rights attached to shares (total of 8.A) % of voting  rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuerResulting situation on the date on which threshold was crossed or reached4.64% 4.64%4.64%Position of previous notification (if applicable)     8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of
shares ISIN
code(if possible)Number of direct voting rights (DTR5.1)Number of indirect
voting rights
(DTR5.2.1)% of direct voting rights (DTR5.1)% of indirect voting rights (DTR5.2.1)
Ordinary SharesGB00BYT1DJ19

 13,492,663 4.64%Sub Total 8.A13,492,6634.64% 8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrumentExpiration dateExercise/conversion periodNumber of voting rights that may be acquired if the instrument is exercised/converted
% of
voting rightsSub Total 8.B1    8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument Expiration date Exercise/conversion period Physical or  cash settlement Number of voting rights% of 
voting rightsSub Total 8.B2    9.  Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

 Ultimate  controlling personName of controlled undertaking% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable thresholdCredit
Agricole
S.A.    Credit
Agricole
S.A. Amundi SA   Credit
Agricole
S.A.
Amundi Asset Management4.64% 4.64% 10. In case of proxy voting

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional Information

12.  Date of Completion

18-Nov-2025

13. Place Of Completion
Paris, France

Total bookings and revenue growth accelerated to 14% y/y in Q3, fueled by robust new cohort behavior and Base44 outperformanceBase44 is quickly proving to be a top vibe coding platform with over 2 million users served and more than one thousand new paying subscribers joining everyday Sustaining tremendous demand as initial product and marketing investments take hold, putting Base44 on track to achieve at least $50 million of ARR by year-end and accelerating path to $100 million ARR milestone NEW YORK -- Wix.com Ltd. (Nasdaq: WIX) (the “Company”), a leading global platform for creating, managing, and growing a complete digital presence, today reported financial results for the third quarter of 2025. In addition, the Company provided its outlook for the fourth quarter and an updated outlook for full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q3'25 Shareholder Update and other materials.

“Our goal has always been to give people the power to access advanced technology without the barriers of complexity,” said Avishai Abrahami, Co-founder and CEO of Wix. “With Base44, we’re extending this mission by bringing the next generation of AI and natural-language development to applications. This is the next phase in the evolution of our commitment to democratizing technology, and I’m excited for what’s ahead.”

Nir Zohar, President and Co-founder at Wix, continued, “Strong execution across both Creative Subscriptions and Business Solutions drove bookings and revenue growth to accelerate to 14% y/y, exceeding expectations. Importantly, new cohort bookings sustained the momentum we saw in 1H as a result of healthy demand and robust business fundamentals. Continued strength in our new cohorts is a testament to the value of the Wix brand and growing importance of our platform for small businesses and all types of creators on the internet today.”

Lior Shemesh, CFO at Wix, added, “With market share growing from low-single digits to more than 10%1 since June, Base44 top-line growth is exceeding expectations. To capture this better than anticipated demand, we are accelerating our marketing investments in Base44 with strong TROI. As a result of Base44’s outperformance, coupled with new cohort strength in our core Wix business, we are increasing our bookings guidance for the full year. I’m confident the strategic investments we’re making today will enable Base44 to be a meaningful growth driver for Wix in 2026 and beyond with similar margins to our core business in the long-term.”

Q3 2025 Financial Results

Total revenue in the third quarter of 2025 was $505.2 million, up 14% y/yCreative Subscriptions revenue in the third quarter of 2025 was $356.2 million, up 12% y/y Creative Subscriptions ARR increased to $1.457 billion as of the end of the quarter, up 11% y/y Business Solutions revenue in the third quarter of 2025 was $149.0 million, up 18% y/y Transaction revenue2 in the third quarter of 2025 was $65.3 million, up 20% y/y Partners revenue3 in the third quarter of 2025 was $192.1 million, up 24% y/yTotal bookings in the third quarter of 2025 were $514.5 million, up 14% y/y Creative Subscriptions bookings in the third quarter of 2025 were $366.4 million, up 12% y/yBusiness Solutions bookings in the third quarter of 2025 were $148.2 million, up 20% y/y Total gross margin on a GAAP basis in the third quarter of 2025 was 68% Creative Subscriptions gross margin on a GAAP basis was 83%Business Solutions gross margin on a GAAP basis was 32% Total non-GAAP gross margin in the third quarter of 2025 was 69% Creative Subscriptions gross margin on a non-GAAP basis was 84%Business Solutions gross margin on a non-GAAP basis was 34% GAAP net loss in the third quarter of 2025 was $0.6 million, or $0.01 per basic and diluted shareNon-GAAP net income in the third quarter of 2025 was $100.2 million, or $1.80 per basic share and $1.68 per diluted shareNet cash provided by operating activities for the third quarter of 2025 was $128.7 million, while capital expenditures totaled $1.4 million, leading to free cash flow of $127.3 millionExcluding acquisition-related costs, free cash flow for the third quarter of 2025 would have been $159.4 million, or 32% of revenueIn Q3’25, we executed $175 million of share repurchases, repurchasing approximately 1.3 million Wix ordinary shares in total at an approximate volume-weighted average price per share of $136.64Total employee count at the end of Q3’25 was 5,344
____________________
1 Per Similarweb and proprietary Wix data on AI application builders. Wix’s market share reflects its share of total desktop unique visitors as of October 2025. 
2 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions. 
3 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions (including Base44) and Business Solutions businesses.

Financial Outlook

We expect year-to-date momentum to carry through the remainder of 2025, driven by a robust top-of-funnel and disciplined execution on our strategic initiatives, particularly as we build out the Base44 business. Health in our core Wix offering coupled with ramping contribution from Base44 outperformance is setting the foundation for a strong finish to the year.

We are raising our full year bookings outlook to $2,060 - 2,078 million, or 13-14% y/y growth, compared to $2,040 - 2,075 million, or 11-13% y/y growth, previously. This increased expectation is driven by meaningful outperformance of Base44, which we expect to continue as we accelerate marketing investments to capture the stronger-than-anticipated demand we’re seeing today. As a result, we expect Base44 to achieve at least $50 million of ARR by year-end, an increase from our previous plan. Our guidance also assumes a stable macro and continued top-of-funnel strength.

At the same time, we are updating our full year revenue outlook to $1,990 - 2,000 million, or 13-14% y/y growth, compared to $1,975 - 2,000 million, or 12-14% y/y growth, previously. Base44 outperformance is expected to be offset by the continued shift in our core Wix business mix towards two- and three-year subscription packages.

We expect total revenue in Q4 2025 to be $521 - 531 million, up 13-15% y/y.

For the full year, we now expect non-GAAP gross margin to be 68-69% due to higher AI costs as a result of better than anticipated demand and increasing usage volume for Base44.

Additionally to capture the robust Base44 opportunity we see today, we are accelerating branding and marketing investments above previous expectations as a result of top-line outperformance, in-line with our TROI methodology. We now expect non-GAAP operating expenses to be ~50% of revenue for the full year.

Due to our anticipated increase in bookings, higher operating expenses, and continued working capital benefits, we now expect to generate free cash flow of approximately $600 million in 2025, or approximately 30% of revenue.

Conference Call and Webcast Information

Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, November 19, 2025. A live and archived webcast of the conference call will be accessible from the "Investor Relations" section of the Company’s website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is a leading global platform for creating, managing, and growing a complete digital presence. Founded in 2006, Wix empowers millions of users, including self-creators, agencies, enterprises and more, with industry-leading infrastructure, performance and security. The platform combines advanced AI, flexible design and robust business and commerce solutions to help users build stronger brands, connect with their audiences and scale their businesses online. Wix is shaping the future of how digital experiences are built, with its intuitive AI-powered website builder and no-code application creation through Base44, making sophisticated creation accessible to all.

For more about Wix, please visit our Press Room
Media Relations Contact: [email protected]

Non-GAAP Financial Measures and Key Operating Metrics

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the "Non-GAAP financial measures"). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude the capital expenditures and other expenses associated with the buildout of our new corporate headquarters, and cash acquisition-related expenses. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Acquisition-related expenses include transaction costs and retention payments that would not otherwise have been incurred by us in the normal course of our business. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow margin, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of revenue, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company's control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions (including Base44) in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “subject,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners to our various offerings, and generate new paid subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per paid subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product, as well as our vibe coding product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, including as a result of elevated costs related to AI, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of the war and hostilities between Israel and Hamas, Hezbollah, Iran and the Houti movement in Yemen and/or the Ukraine-Russia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners, large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 21, 2025. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

         Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP
(In thousands, except income per share data)
                   Three Months Ended Nine Months Ended  September 30, September 30,   2025   2024   2025   2024  (unaudited) (unaudited) Revenues        Creative Subscriptions$356,174  $318,825  $1,039,306  $935,243 Business Solutions 149,020   125,848   429,469   364,952   505,194   444,673   1,468,775   1,300,195          Cost of Revenues        Creative Subscriptions 59,101   52,909   169,299   160,751 Business Solutions 100,827   89,119   295,761   260,248   159,928   142,028   465,060   420,999          Gross Profit 345,266   302,645   1,003,715   879,196          Operating expenses:        Research and development 172,025   124,593   434,257   368,095 Selling and marketing 137,428   109,096   362,146   318,828 General and administrative 43,184   43,110   132,972   128,152 Impairment, restructuring and other costs -   -   -   - Total operating expenses 352,637   276,799   929,375   815,075 Operating income (loss) (7,371)  25,846   74,340   64,121 Financial income (expenses), net 14,926   4,198   (17,619)  35,465 Other income (expenses), net 4,136   (191)  4,323   58 Income before taxes on income 11,691   29,853   61,044   99,644 Income tax expenses (benefit) 12,280   3,075   (29,836)  9,346 Net income (loss)$(589) $26,778  $90,880  $90,298          Basic net income per share$(0.01) $0.49  $1.63  $1.63 Basic weighted-average shares used to compute net income per share 55,651,271   55,099,939   55,754,920   55,509,920          Diluted net income per share$(0.01) $0.46  $1.55  $1.55 Diluted weighted-average shares used to compute net income per share 55,651,271   58,166,801   58,686,501   58,294,313           Wix.com Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
     Period ended September 30,December 31,  2025   2024 Assets(unaudited) (audited)Current Assets:   Cash and cash equivalents$889,616  $660,939 Restricted cash 9,230   - Short-term deposits 387,408   106,844 Restricted deposits 240   773 Marketable securities 307,605   338,593 Trade receivables 54,688   44,674 Prepaid expenses and other current assets 101,862   128,577 Total current assets 1,750,649   1,280,400     Long-Term Assets:   Prepaid expenses and other long-term assets 40,156   27,021 Property and equipment, net 117,418   128,155 Deferred tax asset 72,356   - Marketable securities 4,897   6,135 Intangible assets, net 23,301   22,141 Goodwill 150,942   49,329 Operating lease right-of-use assets 398,822   399,861 Total long-term assets 807,892   632,642     Total assets$2,558,541  $1,913,042     Liabilities and Shareholders' Deficiency   Current Liabilities:   Trade payables$32,575  $47,077 Employees and payroll accruals 112,068   143,131 Deferred revenues 728,688   661,171 Current portion of convertible notes, net -   572,880 Accrued expenses and other current liabilities 162,323   63,246 Operating lease liabilities 42,446   27,907 Total current liabilities 1,078,100   1,515,412 Long Term Liabilities:   Deferred revenues 110,664   89,271 Deferred tax liability 4,992   1,965 Convertible notes, net 1,124,494   - Other long-term liabilities 114,995   16,021 Operating lease liabilities 404,061   369,159 Total long-term liabilities 1,759,206   476,416     Total liabilities 2,837,306   1,991,828     Shareholders' Deficiency   Ordinary shares 105   107 Additional paid-in capital 2,008,326   1,840,574 Treasury shares (1,500,159)  (1,025,167)Accumulated other comprehensive loss 23,625   7,242 Accumulated deficit (810,662)  (901,542)Total shareholders' deficiency (278,765)  (78,786)    Total liabilities and shareholders' deficiency$2,558,541  $1,913,042      Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
                 Three Months Ended Nine Months Ended September 30, September 30,  2025   2024   2025   2024  (unaudited) (unaudited)OPERATING ACTIVITIES:       Net income (loss)$(589) $26,778  $90,880  $90,298 Adjustments to reconcile net loss to net cash provided by operating activities:       Depreciation 6,190   6,099   18,426   18,968 Amortization 1,370   1,461   4,077   4,409 Share based compensation expenses 59,565   60,892   179,265   178,920 Amortization of debt discount and debt issuance costs 959   792   2,548   2,373 Changes in accrued interest and exchange rate on short term and long term deposits (504)  (283)  (602)  1,487 Amortization of premium and discount and accrued interest on marketable securities, net (5,650)  (10,077)  (26,502)  (6,374)Remeasurement loss (gain) on marketable equity securities and investments in privately held companies (42)  -   (42)  (2,536)Changes in deferred income taxes, net (2,097)  30   (66,913)  (5,189)Changes in operating lease right-of-use assets 4,842   9,585   14,445   19,895 Changes in operating lease liabilities 10,736   (18,753)  36,035   (30,265)Loss (gain) on foreign exchange, net (11,876)  (716)  (17,714)  1,435 Decrease (increase) in trade receivables 666   5,560   (9,944)  7,170 Decrease (increase) in prepaid expenses and other current and long-term assets (16,673)  27,484   35,526   (13,279)Decrease in trade payables 6,907   12,189   (15,012)  (4,436)Increase (decrease) in employees and payroll accruals 11,326   7,758   (31,413)  19,019 Increase in short term and long term deferred revenues 18,316   6,096   88,889   72,841 Increase in accrued expenses and other current liabilities 45,253   (5,081)  122,576   8,943 Net cash provided by operating activities 128,699   129,814   424,525   363,679 INVESTING ACTIVITIES:       Proceeds from short-term deposits and restricted deposits 70,649   178,661   178,429   179,646 Investment in short-term deposits and restricted deposits (345,000)  (114,619)  (457,810)  (144,792)Investment in available-for-sale marketable debt securities -   -   -   - Proceeds from available-for-sale marketable debt securities 8,510   19,021   59,810   110,176 Investment in trading marketable debt securities (87,032)  (75,664)  (278,038)  (267,209)Proceed from trading marketable debt securities 87,032   -   277,249   - Purchase of property and equipment and lease prepayment (1,144)  (1,665)  (6,038)  (16,251)Capitalization of internal use of software (273)  (388)  (1,099)  (1,122)Proceeds from (investment in) other assets -   -   (10,458)  550 Proceeds from sale of equity securities -   -   -   22,148 Payment for Businesses acquired, net of acquired cash -   -   (18,545)  - Proceed from realization of investments in privately held companies -   -   417   - Purchases of investments in privately held companies (1,950)  (1,150)  (5,058)  (2,160)Net cash provided by (used in) investing activities (269,208)  4,196   (261,141)  (119,014)FINANCING ACTIVITIES:       Proceeds from exercise of options and ESPP shares 31,604   28,641   54,618   52,884 Purchase of treasury stock (175,000)  -   (475,000)  (466,302)Proceeds from issuance of convertible senior notes 1,150,000   -   1,150,000   - Repayment of convertible notes (575,000)  -   (575,000)  - Payments of debt issuance costs (25,934)  -   (25,934)  - Purchase of capped call (71,875)  -   (71,875)  - Net cash provided by (used in) financing activities 333,795   28,641   56,809   (413,418)Effect of exchange rates on cash, cash equivalent and restricted cash 1,418   716   17,714   (1,435)INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 194,704   163,367   237,907   (170,188)CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period 704,142   276,067   660,939   609,622 CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period$898,846  $439,434  $898,846  $439,434          Wix.com Ltd.
 KEY PERFORMANCE METRICS
 (In thousands)
              Three Months Ended
  Nine Months Ended  September 30,
  September 30,  2025
 2024
 2025
 2024
 (unaudited)
  (unaudited) Creative Subscriptions 356,174  318,825
  1,039,306  935,243 Business Solutions 149,020  125,848  429,469  364,952 Total Revenues$505,194  $444,673  $1,468,775  $1,300,195              Creative Subscriptions 366,350  326,638  1,100,690  990,242 Business Solutions148,193  123,142  434,682  375,218 Total Bookings$514,543  $449,780  $1,535,372  $1,365,460             Free Cash Flow$127,282  $127,761  $417,388  $346,306 Free Cash Flow excluding HQ build out and acquisition costs$159,410  $127,761  $449,516  $356,631 Creative Subscriptions ARR$1,457,091  $1,308,022  $1,457,091  $1,308,022                         Wix.com Ltd.
 RECONCILIATION OF REVENUES TO BOOKINGS
 (In thousands)
              Three Months Ended
  Nine Months Ended  September 30,
  September 30,  2025
 2024
 2025
 2024
 (unaudited) (unaudited)Revenues$505,194  $444,673  $1,468,775  $1,300,195 Change in deferred revenues18,316  6,096  88,910  72,841 Change in unbilled contractual obligations (8,967)  (989)  (22,313)  (7,576)Bookings$514,543  $449,780  $1,535,372  $1,365,460              Y/Y growth 14%     12%                                                                 Three Months Ended
 Nine Months Ended September 30,
 September 30, 2025
 2024
 2025
 2024
 (unaudited)
 (unaudited)Creative Subscriptions Revenues$356,174  $318,825  $1,039,306  $935,243 Change in deferred revenues19,143  8,802  83,697  62,575 Change in unbilled contractual obligations (8,967)  (989)  (22,313)  (7,576)Creative Subscriptions Bookings$366,350  $326,638  $1,100,690  $990,242             Y/Y growth 12%     11%                                                    Three Months Ended
 Nine Months Ended September 30,
 September 30, 2025
 2024
 2025
 2024
 (unaudited)
 (unaudited) Business Solutions Revenues$149,020  $125,848  $429,469  $364,952 Change in deferred revenues (827)   (2,706)  5,213  10,266 Business Solutions Bookings$148,193  $123,142  $434,682  $375,218             Y/Y growth 20%     16%                               Wix.com Ltd.RECONCILIATION OF COHORT BOOKINGS(In millions)  Nine Months Ended
    September 30,
    2025
 2024
       (unaudited)   Q1 Cohort revenues33  $33       Q1 Change in deferred revenues22  18       Q1 Cohort Bookings$55  $51                               Wix.com Ltd.RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT(In thousands)  Three Months Ended
       September 30,
       2025
 2024
       (unaudited)
      Revenues$505,194  $444,673       FX impact on Q3/25 using Y/Y rates (839) -       Revenues excluding FX impact$504,355  $444,673                   Y/Y growth 13%                      Three Months Ended
       September 30,
       2025
 2024
       (unaudited)
      Bookings$514,543  $449,780       FX impact on Q3/25 using Y/Y rates (6,412) -       Bookings excluding FX impact$508,131  $449,780                   Y/Y growth 13%                                 Wix.com Ltd.TOTAL ADJUSTMENTS GAAP TO NON-GAAP(In thousands)             Three Months Ended
 Nine Months Ended  September 30,
 September 30,  2025
 2024
 2025
 2024
(1) Share based compensation expenses:(unaudited)
  (unaudited) Cost of revenues$3,539  $3,574  $10,331  $10,680 Research and development32,233  32,258  95,822  94,142 Selling and marketing9,448  9,441  27,671  29,130 General and administrative14,345  15,619  45,441  44,968 Total share based compensation expenses59,565  60,892  179,265  178,920 (2) Amortization1,355  1,461  4,086  4,409 (3) Acquisition related expenses35,432  -  41,519  6 (4) Amortization of debt discount and debt issuance costs959  792  2,548  2,373 (5) Sales tax accrual and other G&A expenses945  225  706  583 (6) Unrealized loss (gain) on equity and other investments70  -  28   (2,536)(7) Non-operating foreign exchange income2,460   (886) 11,283   (8,470)(8) Provision for income tax effects related to non-GAAP adjustments-  -  -  583 Total adjustments of GAAP to Non GAAP$100,786  $62,484  $239,435  $175,868                         Wix.com Ltd.RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT(In thousands)             Three Months Ended
 Nine Months Ended  September 30,
 September 30,  2025
 2024
 2025
 2024
 (unaudited)
  (unaudited) Gross Profit$345,266  $302,645  $1,003,715  $879,196 Share based compensation expenses3,539  3,574  10,331  10,680 Acquisition related expenses20  -  183  - Amortization915  667  2,250  2,002 Non GAAP Gross Profit349,740  306,886  1,016,479  891,878             Non GAAP Gross margin 69%  69%  69%  69%                         Three Months Ended
 Nine Months Ended  September 30,
 September 30,  2025
 2024
 2025
 2024
 (unaudited)
 (unaudited) Gross Profit - Creative Subscriptions$297,073  $265,916  $870,007  $774,492 Share based compensation expenses2,494  2,562  7,303  7,750 Acquisition related expenses20  -  183  - Non GAAP Gross Profit - Creative Subscriptions299,587  268,478  877,493  782,242             Non GAAP Gross margin - Creative Subscriptions 84%  84%  84%  84%                         Three Months Ended
 Nine Months Ended  September 30,
 September 30,  2025
 2024
 2025  2024 (unaudited) (unaudited) Gross Profit - Business Solutions$48,193  $36,729  $133,708  $104,704 Share based compensation expenses1,045  1,012  3,028  2,930 Acquisition related expenses-  -  -  - Amortization915  667  2,250  2,002 Non GAAP Gross Profit - Business Solutions50,153  38,408  138,986  109,636             Non GAAP Gross margin - Business Solutions 34%  31%  32%  30%                        Wix.com Ltd.RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME(In thousands)             Three Months Ended
 Nine Months Ended
 September 30,
 September 30,
 2025
 2024
 2025
 2024
 (unaudited)
 (unaudited) Operating income (loss)$(7,371) $25,846  $74,340  $64,121 Adjustments:           Share based compensation expenses59,565  60,892  179,265  178,920 Amortization1,355  1,461  4,086  4,409 Impairment, restructuring and other charges-  -  -  - Sales tax accrual and other G&A expenses945  225  706  583 Acquisition related expenses35,432  -  41,519  6 Total adjustments$97,297  $62,578  $225,576  $183,918             Non GAAP operating income$89,926  $88,424  $299,916  $248,039             Non GAAP operating margin 18%  20%  20%  19%                        Wix.com Ltd.RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE(In thousands, except per share data)             Three Months Ended
 Nine Months Ended
 September 30,
 September 30,
 2025 2024 2025 2024  (unaudited)
  (unaudited) Net income (loss)$(589) $26,778  $90,880  $90,298 Share based compensation expenses and other Non GAAP adjustments100,786  62,484  239,435  175,868 Non-GAAP net income$100,197  $89,262  $330,315  $266,166             Basic Non GAAP net income per share$1.80  $1.62  $5.92  $4.79 Weighted average shares used in computing basic Non GAAP net income per share55,651,271  55,099,939  55,754,920  55,509,920             Diluted Non GAAP net income per share$1.68  $1.50  $5.55  $4.46 Weighted average shares used in computing diluted Non GAAP net income per share59,563,452  59,593,549  59,430,280  59,721,061                         Wix.com Ltd.RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW(In thousands)             Three Months Ended
 Nine Months Ended
 September 30,
 September 30,
 2025
 2024
 2025
 2024
 (unaudited)
 (unaudited) Net cash provided by operating activities$128,699  $129,814  $424,525  $363,679 Capital expenditures, net (1,417)  (2,053)  (7,137)  (17,373)Free Cash Flow$127,282  $127,761  $417,388  $346,306             Cash paid for acquisition-related costs32,128  -  32,128  - Capex related to HQ build out-  -  -  10,325 Free Cash Flow excluding HQ build out and acquisition costs$159,410  $127,761  $449,516  $356,631             

SAN DIEGO and TORONTO, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (TSX: APS; OTC: APTOF) and Hanmi Pharmaceutical Co. Ltd. (“Hanmi”) today announced that Aptose, Hanmi and HS North America Ltd., a wholly owned subsidiary of Hanmi (“Hanmi Purchaser” and together with Hanmi, the “Hanmi Purchasers”), have entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which Hanmi Purchaser will acquire all of the issued and outstanding common shares of Aptose (“Common Shares”) that are not currently owned or controlled by the Hanmi Purchasers or their respective affiliates.

Hanmi has participated in multiple financings of Aptose and owns 19.93% of all outstanding Common Shares. During the past 18 months, Hanmi has singularly supported Aptose and the continued development of tuspetinib (TUS) through debt facilities to Aptose totaling more than US$30 million. Under the terms of the Arrangement Agreement, upon the completion of the transactions contemplated under the Arrangement Agreement, Aptose shareholders, other than the Hanmi Purchasers and their respective affiliates that hold any Common Shares, will receive C$2.41 in cash per Common Share, which represents a premium of 28% over Aptose’s 30-day VWAP of C$1.88 on the Toronto Stock Exchange (TSX). 

“We are very pleased to have reached an agreement on a transaction with Hanmi,” stated William G. Rice, Ph.D., Chairman, President, and Chief Executive Officer of Aptose. “This transaction not only offers a premium value for our minority shareholders but also enables Aptose to continue the development of TUS combined with standard treatment venetoclax plus azacitidine (VEN+AZA) for acute myeloid leukemia (AML) in the TUSCANY Phase 1/2 clinical study. The TUS+VEN+AZA triplet therapy has shown promising response rates and safety in a diverse population of patients newly diagnosed with AML. We are extremely grateful for Hanmi’s ongoing support as we work toward our long-term goal of improving patient outcomes in AML.”

“We are very pleased to have reached this agreement with Aptose,” said Jae-Hyun Park of Hanmi. “With a growing body of positive data, it is important to support the uninterrupted and expanded development of tuspetinib in the TUSCANY clinical study. This step also marks Hanmi’s first beachhead and direct entry into North America, establishing a strategic foothold for future partnerships and clinical expansion in the region.”

Transaction Details

Under the terms of Arrangement Agreement, Aptose will continue from a corporation incorporated under the Canada Business Corporations Act to a corporation continued under the Business Corporations Act (Alberta) (the “Continuance”) and, following the completion of the Continuance, Hanmi Purchaser will acquire all of the issued and outstanding Common Shares that are not currently owned or controlled by the Hanmi Purchasers or their respective affiliates by way of a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement” and, together with the Continuance, the “Transaction”).

Upon the completion of the Transaction, subject to applicable tax withholdings:

each Common Share (other than any Common Share owned or controlled by the Hanmi Purchasers or their respective affiliates or for which dissent rights have been validly exercised) will be transferred to Hanmi Purchaser in exchange for an amount in cash equal to C$2.41 per Common Share;each Aptose option will cease to represent an option or other right to acquire any Common Share and will be deemed surrendered and exchanged for an amount in cash equal to C$2.41 per Common Share, multiplied by the number of Common Shares subject to the Aptose option, less the aggregate exercise price in respect of such Aptose option;each Aptose restricted share unit will cease to represent a share unit of Aptose and will be deemed surrendered and exchanged for an amount in cash equal to C$2.41 per Common Share, multiplied by the number of Common Shares subject to the Aptose restricted share unit;each Aptose warrant held by Armistice Capital Master Fund Ltd. (the “Armistice Warrants”) will cease to represent a warrant exercisable for Common Shares and will be deemed surrendered and exchanged for an amount in cash equal to an amount calculated using the “Black Scholes” valuation model in accordance with the terms of the applicable Armistice Warrant; andeach Aptose warrant (other than the Armistice Warrants) will cease to represent a warrant exercisable for Common Shares and will be deemed surrendered and exchanged for an amount in cash equal to C$2.41 per Common Share, multiplied by the number of Common Shares subject to the Aptose warrant, less the aggregate exercise price in respect of such Aptose warrant.
The Arrangement Agreement contains customary non-solicitation provisions prohibiting Aptose from soliciting competing acquisition proposals, as well as “right to match” provisions in favour of Hanmi Purchaser. The Arrangement Agreement provides for a C$300,000 expense fee payable to Hanmi Purchaser if the Arrangement Agreement is terminated in certain circumstances, including in the context of a change in recommendation by the board of directors of Aptose (the “Board”) or by the special committee consisting of independent members of the Board formed in connection with the Arrangement (the “Special Committee”).

The completion of the Transaction is subject to satisfaction of customary closing conditions, including court approval and approval of Aptose shareholders as further set out below. After completion of the Transaction, Aptose expects to no longer be subject to the reporting requirements of applicable Canadian securities legislation and the Common Shares will be delisted from all stock exchanges where Common Shares are currently listed, including the TSX.

Completion of the Transaction will be subject to the approval of (i) at least two-thirds (66 2/3%) of the votes cast by Aptose shareholders present in person or represented by proxy at a special meeting of Aptose shareholders to be held no later than January 16, 2026 to approve the Transaction (the “Special Meeting”), voting as a single class, and (ii) the majority of the holders of Common Shares present in person or represented by proxy at the Special Meeting, excluding the votes of the Hanmi Purchasers and their respective affiliates, and any other shareholders whose votes are required to be excluded for the purposes of “minority approval” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) in the context of a “business combination” (the “Minority Shareholders”). Further details regarding the applicable voting requirements will be contained in a management information circular to be filed and mailed to Aptose shareholders in connection with the Special Meeting to approve the Transaction.

Concurrent with the execution of the Arrangement Agreement, Hanmi Purchaser entered into voting support agreements with each of the directors and officers of Aptose pursuant to which, subject to the terms of the voting support agreements, each Aptose director or officer has agreed to, among other things, vote or cause to be voted all of the Common Shares owned, controlled or directed, directly or indirectly, by them in favour of the Transaction at the Special Meeting.

Further details of the Transaction are set out in the Arrangement Agreement, which will be made available on Aptose’s SEDAR+ profile at www.sedarplus.ca.

Opinion and Formal Valuation

Locust Walk Securities, LLC (“Locust Walk”) was retained by the Special Committee to provide financial advice and prepare a formal valuation of the Common Shares, as required under MI 61-101. Locust Walk delivered a valuation that, as of November 18, 2025, and based on Locust Walk’s analysis and subject to the assumptions, limitations and qualifications to be set forth in the formal valuation that will be included in the management information circular that will be sent to Aptose shareholders in connection with the Special Meeting (the “Formal Valuation”), using multiple analyses, including DCF modeling, the fair market value of the Common Shares is in the range of C$1.00 to C$5.23 per Common Share. Locust Walk has also delivered an oral opinion (the “Fairness Opinion”) to the Special Committee that, as of November 18, 2025, and subject to the assumptions, limitations and qualifications to be set forth in Locust Walk’s written fairness opinion that will be included in the management information circular, the consideration to be received by the holders of Common Shares (other than the Hanmi Purchasers and their respective affiliates) pursuant to the Arrangement Agreement is fair, from a financial point of view, to such holders of Common Shares. The management information circular will also include factors considered by the Special Committee and the Board and other relevant information.

Unanimous Approval of Aptose Special Committee and Board of Directors

The Special Committee, after consultation with and receiving advice from its financial adviser and outside legal counsel, has unanimously recommended that the Board approve the Arrangement and that Aptose shareholders vote in favour of the Arrangement.

The Board, acting on the unanimous recommendation in favour of the Arrangement by the Special Committee and after receiving advice from its financial adviser and outside legal counsel in evaluating the Arrangement, has unanimously determined that the Arrangement is fair to Aptose shareholders (other than the Hanmi Purchasers and their respective affiliates) and that the Arrangement is in the best interests of Aptose, and resolved to unanimously recommend that Aptose shareholders vote in favour of the Arrangement.

Advisors

Locust Walk is acting as financial advisor and independent valuator to the Special Committee and the Company. McCarthy Tétrault LLP is acting as independent legal advisor to the Special Committee and the Company. Stikeman Elliott LLP is acting as independent legal advisor to Hanmi Purchaser.

About Tuspetinib

Aptose’s lead compound tuspetinib is a convenient once daily oral agent that potently targets SYK, mutated and wild type forms of FLT3, mutated KIT, JAK1/2, and RSK2 kinases, while avoiding many typical toxicity concerns observed with other agents. The ongoing TUSCANY triplet Phase 1/2 study is designed to test various doses and schedules of TUS in combination with standard dosing of azacitidine and venetoclax in newly diagnosed patients with AML who are ineligible to receive induction chemotherapy. Aptose has reported data from the first three dose cohorts that have demonstrated safety, CRs and minimal residual disease (MRD) negativity across patients with diverse mutations. The early data showed that 9 out of 10 patients responded to the TUS triplet therapy, with 100% complete remission (CR/CRh) achieved in the 80mg and 120mg cohorts. Notably, patients with difficult-to-treat mutations in TP53, RAS and FLT3 genes also achieved a 100% CR/CRh rate (press release here).

About Hanmi

Hanmi Pharmaceutical Co., Ltd., founded in 1973 in Seoul, South Korea, is a leading global biopharmaceutical company focused on developing innovative drugs in the fields of oncology, diabetes, obesity, and other metabolic diseases. The company operates GMP-compliant facilities in Hwaseong, Pyeongtaek, and Siheung, Gyeonggi-do, producing high-quality APIs and finished products exported worldwide. Renowned for pioneering R&D partnerships with Janssen, Roche, MSD, and Gilead, Hanmi drives patient-centric, first-in-class therapies as a top player in Korea’s pharmaceutical industry. For more information, please visit www.hanmipharm.com.

About Aptose

Aptose Biosciences Inc. is a clinical-stage biotechnology company committed to developing precision medicines addressing unmet medical needs in oncology, with an initial focus on hematology. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. The Company’s lead clinical-stage compound tuspetinib (TUS), is an oral kinase inhibitor that has demonstrated activity as a monotherapy and in combination therapy in patients with relapsed or refractory acute myeloid leukemia (AML) and is being developed as a frontline triplet therapy in newly diagnosed AML. For more information, please visit www.aptose.com.

Forward Looking Statements

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management’s beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release include, among other things, statements relating to Aptose’s business in general; statements relating to the Transaction, the ability to complete the transactions contemplated by the Arrangement Agreement and the timing thereof, including the parties’ ability to satisfy the conditions to the completion of the Transaction, the receipt of the required Aptose shareholder approval and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Company and its shareholders of the proposed Transaction.

Risks and uncertainties related to the transactions contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the completion of the Transaction or for other reasons; the risk that competing offers or acquisition proposals will be made; the negative impact that the failure to complete the Transaction for any reason could have on the price of the Common Shares or on the business of Aptose; Hanmi Purchaser’s failure to pay the cash consideration at completion of the Transaction; the business of Aptose may experience significant disruptions, including loss of employees due to transaction related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of Aptose; risks related to the diversion of management’s attention from Aptose’s ongoing business operations while the Transaction is pending; and other risks and uncertainties affecting Aptose, including those described in filings and reports Aptose may make from time to time with the Canadian securities authorities. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell, or an offer to sell or a solicitation of an offer to buy, Common Shares.

For further information, please contact:

Aptose Biosciences Inc.                                         
Susan Pietropaolo                                                                                   
Corporate Communications & Investor Relations                        
201-923-2049
[email protected]

Hyundai Motor CEO José Muñoz talks on Bloomberg TV about the aftermath of the ICE raid on its Georgia battery plant, on the sidelines of the New Economy Forum 2025. -------- More on Bloomberg Television and Markets Like this video?

Paris (France), November 19, 2025, released at 7:30 am

Viridien reinstates a dissociated governance

The Board of Directors of Viridien splits the functions of Chair and Chief Executive Officer

In line with the Board’s earlier commitment to limit the combination of the Chair and Chief Executive Officer (CEO) functions at Viridien to a temporary period, Sophie ZURQUIYAH will remain Chair of the Board and will step down from her executive responsibilities at the end of her term of office as director, i.e. at the 2026 General Meeting.

The Board of Directors unanimously supports Sophie ZURQUIYAH remaining as Chair to maintain strategic continuity and to guide Viridien’s long-term vision. Since 2018, her leadership has repositioned Viridien as an asset-light, technology-driven company with a stronger financial foundation and a more diverse portfolio.

The Board also unanimously approved the appointment of Henning BERG as Group CEO effective June 3, 2026, following recommendation of the Appointment, Remuneration and Governance Committee, after a thorough selection process, coordinated by Colette LEWINER, Committee Chair, and Philippe SALLE, Lead Director. Henning BERG will join Viridien on March 3, 2026, as Chief Operating Officer, ensuring a structured and gradual transition to the CEO role. His appointment as Director will also be submitted to the shareholders for approval at the 2026 General Meeting.

Sophie ZURQUIYAH will serve as non-executive Chair, with her directorship to be submitted at the next General Meeting to facilitate a smooth transition with Henning BERG.

Following best governance practices, Philipe SALLE will continue to serve as Lead Director.

Colette LEWINER, Chair of the Appointment, Remuneration and Governance Committee, stated: “On behalf of the Board of Directors, we extend our sincere appreciation to Sophie for her tremendous leadership, under which Viridien has achieved a profound and resilient transformation and is now well positioned for the future. We are confident that Henning’s experience and operational strengths will allow him to leverage the Group’s solid foundations and effectively support Viridien’s growth.”

Sophie ZURQUIYAH, Chair and CEO, said: “I am proud of the Group’s accomplishments over the past eight years, which reflects not only strong leadership but also the exceptional commitment and talent of our teams worldwide. I am delighted to hand over the Group CEO role to Henning, whose knowledge and experience will support Viridien’s continued success. I look forward to supporting him during this transition and continuing my journey at Viridien as Chair.”

Henning BERG, designated CEO, stated: “It is an honor to join Viridien at this exciting stage. I thank the Board of Directors and Sophie for their trust, and I look forward to working closely with the teams to drive sustainable growth for the Group.”

Henning BERG brings over 27 years of solid experience in the oil and gas services industry, where he held senior global leadership roles. His career combines deep operational expertise with strong exposure to technology, business development, and international management.

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Contact:

Group General Secretary
[email protected]

Viridien reinstates a dissociated governance

November 19, 2025 01:30 ET

 | Source:

BW Offshore

Ex dividend USD 0.0625 today

The shares in BW Offshore Limited will trade ex dividend USD 0.0625 per share as from today, 19 November 2025.

Dividend payment to shareholders will be on or about 28 November 2025.

This information is published in accordance with the requirements of the Continuing Obligations.

[email protected]   www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs and floating wind solutions. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets worldwide. BW Offshore has around 900 employees and is publicly listed on the Oslo stock exchange.

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

GUANGZHOU, China, Nov. 19, 2025 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced that it will release its unaudited financial results for the third quarter ended September 30, 2025 on Wednesday, November 26, 2025, before the U.S. market opens.

EHang’s management team will host an earnings conference call at 8:00 AM on Wednesday, November 26, 2025, U.S. Eastern Time (9:00 PM on Wednesday, November 26, 2025, Beijing/Hong Kong Time).

To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

Participant Online Registration:
English line: https://s1.c-conf.com/diamondpass/10051638-kpcfwl.html

Chinese line: https://s1.c-conf.com/diamondpass/10051640-h69lmj.html

A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.

About EHang
EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (eVTOL) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investor Contact: [email protected]
Media Contact: [email protected]

SummarySmart Sand delivered record 3Q25 results, secured a new EQT supply deal, and raised full-year volume guidance above expectations.SND maintains a fortress balance sheet, ample liquidity, and continues to generate strong free cash flow, supporting ongoing shareholder returns.The stock trades at a significant discount to peers, with TEV/EBITDA multiples well below industry averages, despite robust operational performance.Ongoing capital returns include opportunistic buybacks and special dividends, with management focused on steady sand volume growth into key natural gas markets. Kulikova Anna/iStock via Getty Images

Smart Sand (SND) reported record 3Q25 results, penned a new supply deal with EQT, guided full-year volumes above our expectations, maintained their strong balance sheet, and last night announced another special dividend.

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

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

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November 18, 2025 11:55 PM EST | Source: Canada Climate Week Xchange (CCWX)
Halifax, Nova Scotia--(Newsfile Corp. - November 18, 2025) - Surfrider Dalhousie is excited to announce its participation in the inaugural Canada Climate Week Xchange (CCWX). As part of this national initiative, Surfrider Dalhousie will host Making Waves: Oceanic Solutions To Climate Change In Nova Scotia. Our panel focuses on the local effects of climate change on our oceans. The specific goal is to educate the audience on the issue and what they can do to help protect our oceans.

Making Waves: Oceanic Solutions To Climate Change In Nova Scotia is taking place during CCWX 2025 which runs from November 24 to November 30th.

Event details:

Date: November 27, 2025Time: 6:00 pm ASTFormat/Location: Hybrid / LSC common area, 6299 South st., Room 208, Halifax, NSTo learn more about Making Waves: Oceanic Solutions To Climate Change In Nova Scotia, or to see other events taking place during CCWX, visit www.ccwx.ca.

About Surfrider Dalhousie
Surfrider Dalhousie is a branch of the global Surfrider Foundation, which focuses on action-based ocean conservation. Through community involvement and education, we hold events to protect the local oceans and shorelines.

About CCWX
Canada Climate Week Xchange (CCWX) is a five-year initiative bringing Canadians from coast to coast together, one week a year, to collaborate on solutions and opportunities to address our country’s climate-related challenges. Organizations and individuals are encouraged to apply to have their event included in the inaugural 2025 week, which will run from November 24 to November 30, 2025. To learn more about CCWX and how to participate, visit www.ccwx.ca.

Investors include Nvidia and the Kuwait Investment Authority.

SummaryRose's Income Garden portfolio allocates 25% to finance, with a focus on high-yield preferred shares and closed-end funds.DFP and NPFD are highlighted as attractive CEFs, both trading at discounts to NAV and offering rising or stable monthly distributions above 6%.Six preferred shares, including AGNCN, DLNG.PR.A, NLY.PR.F, RITM.PR.D/E, and SEAL.PR.B, are recommended for their high yields and careful attention to call dates.Preferreds serve as cash alternatives in RIG, with disciplined buying and readiness to sell if interest rates drop or call risk increases.Black Friday Sale 2025: Get 20% Off Mohd Azrin/iStock via Getty Images

Rose’s Income Garden "RIG" portfolio holds ~25% of its value in finance-type investments and therefore quite a bit of its income as well. The finance sector holds not only mREITs, BDCs, and cash assets/equivalents such as bonds and interest-earning ETFs but also crypto assets and preferred shares.

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

Rose and RIG has strong positions in all shares listed.

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

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November 18, 2025 10:33 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 18, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Quanex Building Products Corporation (NYSE: NX) between December 12, 2024 and September 5, 2025, both dates inclusive (the "Class Period"), of the important November 18, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Quanex securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Quanex class action, go to https://rosenlegal.com/submit-form/?case_id=45157 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. 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 has achieved, at the time, the largest ever securities class action settlement against a Chinese Company. 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.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) Quanex's procedures and policies regarding tooling and equipment maintenance in its Tyman Mexico facility were significantly "underinvested"; (2) as a result, Quanex's tooling and equipment conditions had significantly degraded to near "catastrophic" levels; (3) as a result of the foregoing, Quanex was likely to incur significant costs, "pushing out the timing" of expected benefits from the Tyman integration; (4) Quanex had previously identified the foregoing issues; and (5) as a result of the foregoing, defendants' positive statements about Quanex's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Quanex class action, go to https://rosenlegal.com/submit-form/?case_id=45157 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275129

Key Points:Gold and silver consolidate as markets await delayed U.S. jobs data.The Fed’s hawkish tone limits the upside for gold, despite a weaker dollar outlook.Breakouts in gold and silver could resume bullish momentum.

Gold (XAUUSD) price rebounded on Tuesday to around $4,070 after a three‑day decline. The recovery comes as risk‑off sentiment builds ahead of key U.S. economic releases. The market is now awaiting the delayed Nonfarm Payrolls (NFP) report and the FOMC Minutes, both of which are important events to set the next move in the gold and silver markets.

The delayed NFP data for September and October have increased uncertainty around the Federal Reserve’s policy path. Without updated labour data, the Fed may find it difficult to justify further tightening or to begin cutting rates in December. If Thursday’s NFP release comes in weaker than expected, it could pressure the U.S. Dollar and support gold, which tends to benefit from lower rate expectations.

However, recent hawkish signals from Federal Reserve officials may limit gold’s upside. Fed Vice Chair Jefferson and others have emphasised a cautious approach to rate cuts, warning that inflation remains a concern. As a result, market expectations for a December rate cut have dropped from over 60% to 48.9%, reducing near-term support for gold.

Gold Technical Analysis
XAUUSD Daily Chart – Ascending Broadening Wedge
The daily chart for spot gold shows that the price has reached strong resistance near the $4,250 level.  This resistance aligns with the upper boundary of the ascending broadening wedge pattern. Following this, the price corrected lower toward the 50-day SMA and is now consolidating in a tight range around the key $4,000 level.

A break below the $4,000–$3,900 region could trigger a deeper decline toward the 100-day SMA, located around the $3,700 area. On the other hand, a breakout above the $4,250 resistance would likely resume the bullish momentum.

The RSI is hovering near the mid-level, reflecting uncertainty about the next move. However, the broader trend remains bullish, and this correction may present a buying opportunity for the next leg higher in the gold market.

XAUUSD 4-Hour Chart – Consolidation Patterns
The 4-hour chart for gold shows strong consolidation above the $3,970 region. The price recently corrected back toward the $4,000–$3,900 zone and is attempting a rebound.

However, the rebound remains uncertain, and the short-term trend continues to show consolidation. A breakout above the $4,250 area could trigger a strong upward move. On the other hand, a break below the $3,900 level would reinforce the short-term bearish trend.

Silver Technical Analysis
XAGUSD Daily Chart – Super Bullish Momentum
The daily chart for spot NFP data shows that the price has pulled back from the recent high of $54.50 toward the 50-day SMA. This correction remains above the key support level at $49.30, indicating short-term price consolidation.

Additionally, the RSI has stabilized above the 50 level, further suggesting a consolidative phase. The broader trend remains bullish, supported by the formation of an inverted head and shoulders pattern along with an Adam and Eve base.

A breakout above the $54.50 level would signal the potential for a strong upward surge in the silver market.

XAGUSD 4-Hour Chart – Bullish Consolidation
The 4-hour chart for spot silver shows that the metal has formed an inverted head and shoulders pattern and moved higher to mark a recent peak at the $54.54 level. After reaching this high, the price corrected back toward the neckline of the pattern, located around $49.30.

The price rebounded from this support level but now shows signs of uncertainty and short-term consolidation. The previous low was near $45.80, and the high was at $54.40, suggesting a strong consolidation range between the $45 and $55 levels.

This pattern indicates that silver requires a clear breakout from either side of this range to confirm the next directional move.

US Dollar Index Technical Analysis
US Dollar Daily – Consolidation
The daily chart for the U.S. Dollar Index shows that the index is consolidating just below the 200-day SMA near the 100.50 level. A break below the 98.00 level would keep the index in negative territory and likely push it down toward the 96.50 region. Conversely, a breakout above 100.50 would signal renewed bullish momentum, with potential upside toward the 102.00 level.

The RSI is consolidating above the midline, suggesting a mildly positive trend in the short term. However, the strong resistance at the 200-day SMA continues to exert downward pressure on the index.

US Dollar 4-Hour Chart – Consolidation
The 4-hour chart for the U.S. Dollar Index shows strong consolidation between the 96.50 and 100.50 levels. A breakout from either side of this range will define the next directional move.

A break above 100.50 could push the index toward higher resistance near 102.00. On the downside, a break below 96.50 would violate long-term support and may trigger a sharp drop toward 90.00.

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Gold (XAU/USD) Price Forecast: $3,998 Tests Trendline – Recovers 20-Day SupportCrude Oil Price Forecast: Bull Flag Breakout Sets UpNatural Gas Price Forecast: Channel Breakdown Targets $4.07 20-Day SupportAbout the Author

Muhammad Umair is a finance MBA and engineering PhD. As a seasoned financial analyst specializing in currencies and precious metals, he combines his multidisciplinary academic background to deliver a data-driven, contrarian perspective. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies.

, /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that the Board of Directors appointed Mr. Juan Carlos Hurtado Parra as Alternate Legal and Commercial Representative of Ecopetrol S.A. on November 18, 2025.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

For more information, please contact:

Head of Capital Markets
Carolina Tovar Aragón
Email: [email protected]

Head of Corporate Communications
Marcela Ulloa
Email: [email protected]

SOURCE Ecopetrol S.A.

Tesla has obtained a permit to operate a ride-hailing service in Arizona, the state's department of transportation said.

The electric vehicle company applied for a "transportation network company" permit on Nov. 13, and was approved on Monday, ADOT said in an emailed statement. Additional permits will be required before Tesla can operate a robotaxi service in Arizona.

In July, Tesla applied to conduct autonomous vehicle testing and operations in Phoenix, with and without human safety drivers on board. A month earlier, Tesla started a robotaxi pilot in Austin, Texas, with safety valets and remote operators. Tesla also operates a more traditional car service in the San Francisco Bay Area.

Tesla didn't immediately respond to a request for comment.

Tesla plans to take human safety drivers out of its cars in Austin before the end of this year. The company is aiming to operate a commercial robotaxi service in Phoenix and several other U.S. cities before the end of 2026.

According to the National Highway Traffic Safety Administration's website, Tesla cars equipped with automated driving systems were involved in seven reported collisions following the launch of the company's pilot in Texas.

Competitors including Alphabet's Waymo in the U.S. and Baidu's Apollo Go in China are way ahead in the nascent robotaxi ride-hailing market. In the Phoenix area, Waymo operates a sizable commercial business, with at least 400 autonomous vehicles, the company previously told CNBC. In May, Waymo said it had surpassed 10 million driverless trips served to riders across the U.S.

Baidu said in an earnings update on Tuesday that its Apollo Go service "provided 3.1 million fully driverless operational rides in the third quarter of 2025," representing year-over-year growth of 212%.

Musk has been promising that Tesla will "solve" autonomy for years without reaching its goals. The world's richest person has continued with the lofty pronouncements.

At the company's 2025 shareholder meeting earlier this month, Musk said the "killer app" for self-driving technology is when people can "text and drive," or "sleep and drive."

"Before we allow the car to be driven without paying attention, we need to make sure it's very safe," Musk said. "We're on the cusp of that. I know I've said that a few times. We really are at this point."

watch now

NEW YORK CITY and NEW ORLEANS, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 23, 2025 to file lead plaintiff applications in a securities class action lawsuit against James Hardie Industries plc (“James Hardie” or the “Company”) (NYSE: JHX), if they purchased or otherwise acquired the Company’s shares between May 20, 2025, and August 18, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.

What You May Do

If you purchased shares of James Hardie and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-jhx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 23, 2025.

About the Lawsuit

James Hardie and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 19, 2025, despite prior reassurances that its North America Fiber Cement segment remained strong, the Company disclosed that sales in North America Fiber Cement declined by 12% due to customer destocking first discovered “in April through May,” that was expected to impact sales for at least the next two quarters.

On this news, the price of James Hardie’s shares fell by over 34%, or $9.79 per share, from a closing price of $28.43 per share on August 18, 2025 to $18.64 per share on August 20, 2025.

The case is Laborers’ District Council and Contractors’ Pension Fund of Ohio v. James Hardie Industries plc, et al., No. 25-cv-13018.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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New facility in Wuhu to produce electric drives for Chery and support future growthMagna advances electrification capabilities and market reach in ChinaExpansion expected to create approximately 200 new jobs AURORA, Ontario, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Magna is strengthening its presence in China with a new facility in the Jiujiang Economic Development Zone, Wuhu to support the growing demand of electric drive systems—starting with Chery and positioned to serve additional automakers in the future.

As China’s automotive industry accelerates toward electrification, localized production of electric technologies is more critical than ever. Magna’s new operation in Wuhu positions the company to meet this need and reinforces its role as a global leader in powertrain innovation.

“This expansion reflects Magna’s commitment to supporting our customers’ electrification strategies and advancing sustainable mobility,” said Diba Ilunga, President Magna Powertrain. “Wuhu offers a strong industrial foundation and an environment conducive to innovation. We are excited to bring our world-class electric drive technologies closer to Chery and other partners in China.”

The new facility will manufacture Magna’s eDrive systems, delivering smooth, high-performance electric propulsion with a scalable architecture for a wide range of battery electric vehicles.

These innovations enable automakers to achieve strict emissions standards and deliver efficient, high-performance electrified vehicles across diverse segments while enhancing driving dynamics.

Magna’s newly leased facility spans over 160,000 square feet and is expected to generate approximately 200 new jobs upon reaching full production.

Over the past 20 years, Magna has accelerated its growth in China. In 2024, the company recorded $5.6 billion in sales in the market, with approximately 60% of this revenue coming from Chinese OEMs.

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets. To learn more about Magna’s powertrain technologies, visit www.magna.com/products/powertrain.

INVESTOR CONTACT
Louis Tonelli, Vice President, Investor Relations
[email protected] │905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
[email protected] │248.761.7004

ABOUT MAGNA
Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets—North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety, and quality.​
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For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3acb7b0-29b3-488e-87ce-c26c9489c82f

Magna eDrive
Magna’s eDrive systems deliver smooth, high-performance electric propulsion with scalable architectu...

USDJPY – Daily Chart – 191125
Notably, USD/JPY gains lifted demand for Asian equities. The Nikkei, the Hang Seng Index, and Mainland China’s equity markets joined US stock futures in positive territory. The Nikkei led the gains, climbing 0.55%.

However, the gains were modest given investor caution ahead of key earnings results and the upcoming FOMC Meeting Minutes.

Nvidia Earnings Crucial For Market Momentum
While the Fed’s policy outlook remains key for near-term market trends, the US corporate earnings calendar will influence sentiment later on Wednesday. Nvidia (NVDA) will release its earnings and is likely to influence risk appetite.

Strong earnings are likely to revive the 2025 market rally driven by relief over the stock’s valuation. Traders will likely be wary ahead of the release, given the potential impact of disappointing earnings on sentiment.

US Stock Futures: FOMC Meeting Minutes in Focus
Futures posted gains during the Asian session after the previous day’s pullback. The Dow Jones E-mini rose 38 points, the Nasdaq 100 E-mini gained 13 points, while the S&P 500 E-mini climbed 5 points.

Later on Wednesday, the FOMC Meeting Minutes will fuel speculation about a December Fed rate cut. Hawkish minutes underscoring concerns about inflation would likely weigh on US stock futures. On the other hand, a greater focus on a cooling labor market could lift sentiment.

Ahead of today’s minutes, Several FOMC members have poured cold water on hopes for further monetary policy easing, citing high inflation.

According to the CME FedWatch Tool, the chances of a Fed December rate cut have fallen from 66.9% on November 11 to 48.9% on November 18.

While increasing focus on inflation would be a headwind for US equity futures, strong earnings from Nvidia could lift sentiment ahead of key US jobs data on Thursday, November 20.

Key Technical Levels for Dow Jones, Nasdaq 100, and S&P 500
Despite Wednesday’s early gains, US stock futures remained below their 50-day EMA, signaling a bearish near-term bias.

Near-term trends will hinge on the FOMC Meeting Minutes, Fed speakers, and Nvidia’s earnings. Key levels to monitor include:

Dow Jones

Resistance: 46,500 50-day EMA (46,717), 47,000, 47,500, and the November 12 record high of 48,528.
Support: 46,000, then 45,500.

Prime Capital seems to think Cava is a buy-the-dip opportunity right now -- and I'd tend to agree.

Prime Capital Management disclosed a new position in CAVA Group, Inc. worth $32.7 million, according to its Nov. 13, 2025, SEC filing.

What happenedPrime Capital Management Co Ltd reported opening a new stake in CAVA (CAVA 0.40%), acquiring 541,330 shares valued at $32.70 million as of Sept. 30, 2025.

The disclosure, made in a Nov. 13, 2025, SEC filing, shows the CAVA position now accounts for 3.9% of the fund’s reported U.S. equity assets.

What else to knowThe fund established a new position in CAVA, which makes up 3.9% of its 13F assets under management.

Top holdings after the filing: 

Tesla (TSLA 1.88%): $320 million (38.5% of AUM)Taiwan Semiconductor Manufacturing (TSM 1.45%): $185 million (22.3% of AUM)Nvidia (NVDA 2.81%): $165 million (19.8% of AUM)e.l.f. Beauty (ELF +0.37%): $80 million (9.6% of AUM)Kinsale Capital (KNSL +1.49%): $49 million (5.9% of AUM)As of Nov. 13, 2025, shares were priced at $48.20, down 67% over the past year and underperforming the S&P 500 by 79 percentage points.

Company OverviewMetricValuePrice (as of market close 2025-11-13)$48.20Market capitalization$5.59 billionRevenue (TTM)$1.13 billionNet income (TTM)$137.44 millionCompany snapshotCava:

Offers Mediterranean-inspired salads, dips, spreads, toppings, dressings, and related products through its chain of restaurants and partnerships with grocery stores.Operates a fast-casual restaurant model, generating revenue primarily from in-store dining, online ordering, and retail distribution.Serves a broad customer base, including individuals seeking fresh, customizable meal options and grocery shoppers across the nation.Cava leverages a vertically integrated approach and omnichannel distribution to expand its presence in the U.S. restaurant industry, focusing on fresh ingredients and flexible menu offerings to meet evolving consumer preferences.

Foolish takePrime Capital's new purchase of Cava is noteworthy, if nothing else, for the fact that the firm only holds six positions.

This selective strategy may imply that they think Cava is a promising buy-the-dip opportunity, now that its stock is down 70% from its all-time high.

If that is the case, I would tend to agree with Prime.

Not only did Cava eek out same-store sales (SSS) growth of 2% in its latest quarter -- at a time when many fast-casual restaurant chains have reported substandard results -- but it did so lapping 18% SSS growth from last year.

I believe Cava has become an interesting stock, as it now trades at just 31 times cash from operations (CFO). I use this valuation to demonstrate that if the company were not opening new stores and making its capital expenditures spike, it would be reasonably valued as a growth stock.

Overall revenue growth was 20% in the last quarter, alongside an 18% increase in Cava's store count.

Best yet, 58% of the company's sales come from younger generations (Millennials and Gen Z), which points to the potential for decades of growth ahead.

Powered by these demographics and the world's continued demand for healthier food options, I have Cava on my shortlist of stocks to add to this year.

Glossary13F assets under management: The total value of U.S. equity securities a fund must report quarterly to the SEC.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share an investor holds in a company.
Top holdings: The largest investments in a fund's portfolio by value.
Fast-casual restaurant model: A dining format offering higher-quality food than fast food, with limited table service and quick service times.
Retail distribution: The process of selling products through stores or other outlets directly to consumers.
TTM: The 12 months ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Kinsale Capital Group, Nvidia, and Tesla. The Motley Fool has positions in and recommends Kinsale Capital Group, Nvidia, Taiwan Semiconductor Manufacturing, Tesla, and e.l.f. Beauty. The Motley Fool recommends Cava Group. The Motley Fool has a disclosure policy.

Chilean lithium producer SQM on Tuesday reported a rise in third-quarter net profit, helped by an improved pricing environment that lifted average lithium prices for the first time in two years.

Q1: 2025-11-11 Earnings SummaryEPS of $0.20 misses by $0.04

 |

Revenue of

$234.52M

(-5.67% Y/Y)

misses by $5.16M

Endava plc (DAVA) J.P. Morgan 2025 Ultimate Services Investor Conference November 18, 2025 3:20 PM EST

Company Participants

Mark Thurston - CFO & Director
Alastair Lukies - Chair of Global Advisory Board & Chief Engagement Officer

Conference Call Participants

Puneet Jain - JPMorgan Chase & Co, Research Division

Presentation

Puneet Jain
JPMorgan Chase & Co, Research Division

Good afternoon. My name is Puneet. I'm from JPMorgan's payment processing and IT services team. Glad to have here with us Endava. We have Mark, who obviously, you all know, CFO of the company; and Al, who's Chief Engagement Officer. If you have any questions on Fintech, feel free to ask him. He's the Fintech guru here. So the format of this presentation is going to be fireside chat. I'll start with a few questions, and then we'll open for questions from audience. Welcome. Thank you, both of you. Appreciate it.

Mark Thurston
CFO & Director

Thank you.

Question-and-Answer Session

Puneet Jain
JPMorgan Chase & Co, Research Division

So let's start with like the third quarter results. You reported recently results came in slightly below expectations. So talk to us like what are the trends, high-level trends you are seeing? What were the drivers for the weakness or for the shortfall? And what do you expect going forward?

Mark Thurston
CFO & Director

Yes. So it was mainly a top line hit or miss. We suffered an unexpected credit with a significant client. It wasn't driven by poor performance or delivery issues. It was basically to secure future sort of pipeline of work with them. So it was unexpected, and it was issued after -- or the discussion was entered into after the guide. Now taking the revenue off, it impacted our EPS. It went straight through to the bottom line. So we were just short on the revenue and we would have been in the

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Nufarm Limited (OTCPK:NUFMF) Q4 2025 Earnings Call November 18, 2025 6:00 PM EST

Company Participants

Gregory Hunt - MD, CEO & Executive Director
Brendan Ryan - Chief Financial Officer
Rico Christensen - Group Executive of Portfolio Solutions
Brent Zacharias - Group Executive of Nuseed

Conference Call Participants

John Purtell - Macquarie Research
William Park - Citigroup Inc., Research Division
Ramoun Lazar - Jefferies LLC, Research Division
Jonathan Snape - Bell Potter Securities Limited, Research Division
Owen Birrell - RBC Capital Markets, Research Division
Scott Ryall - Rimor Equity Research Pty Ltd

Presentation

Operator

Thank you for standing by, and welcome to the Nufarm Limited FY '25 Results Conference Call. [Operator Instructions]

I would now like to hand the conference over to Mr. Greg Hunt, CEO. Please go ahead.

Gregory Hunt
MD, CEO & Executive Director

Thank you, and good morning, everyone. Welcome to Nufarm's Financial Year '25 Results Presentation. Joining me today are Brendan Ryan, Nufarm's CFO; Brent Zacharias, Group Executive of Seed Technologies; as well as Rico Christensen, who is the Group Executive Portfolio Solutions.

And as you'll see from this morning's announcement, CEO [Technical Difficulty], I will talk to the transition in more detail later in the presentation. But in terms of the call today, I will speak to the financial year '25 results. Brendan will speak to the financials and Rico will cover priorities for financial year '26 and the outlook.

Before we move to the presentation, I draw your attention to the disclaimer on Slide 2 and in particular, the wording related to forward-looking statements.

To the result, since the half year, we have delivered on key profitability and leverage unwind targets that we communicated to the market in August. We are very pleased with the performance of Crop Protection, delivering an earnings increase of 18%, with importantly, growth across all regions.

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EQT, one of the largest private market investors in the world, is doubling down on Asia, calling the region a big growth engine and home to some of the most compelling opportunities across private equity and infrastructure. 

"Asia is a big growth opportunity for us… we see some of the most attractive opportunities in our pipeline in Asia," EQT CEO Per Franzén said in an interview with CNBC. The Swedish private equity giant said more private market investors worldwide are seeking to diversify their portfolios and channel more money toward the region.

Earlier in April, EQT raised over $10 billion for its ninth Asia private equity fund, the BPEA Private Equity Fund IX, which launched in August 2024 with a $12.5 billion target. The firm also plans to invest around $930 million in South Korea's enterprise software provider Douzone Bizon.

EQT's emphasis on the region also mirrors that of other private equity players.

watch now

Rival KKR recently said that half of the 2025 private‐equity capital that it will return to investors this year will be from Asia. The American firm even held its first board meeting in Tokyo, despite being headquartered in New York.

Jean-Eric Salata, EQT's long-time Asia chair and nominee for global chairman next year, said the firm's Asia strategy hinges on a strong local presence to exploit what he called "structural alpha opportunities" in the region, or inefficiencies, especially when compared to the U.S. and Europe.

"The markets here are quite inefficient, in many ways more inefficient… so in order to capture that alpha, you really need to be on the ground and have a local presence," Salata said, adding that EQT has 350 staff across Asia.

He noted, however, that Asia's complexity and relatively high entry barriers make operating locally essential for sourcing deals, recruiting talent, and driving exits.

China: a bright spot for early-stage deals?While many global private equity investors remain cautious on China, EQT sees a different opportunity set emerging.

"The buyout strategy, we believe, is still a little early… the maturity of the market is not quite there yet in China." said Salata.

"Where we see a lot more interesting opportunities in China is in the early stage strategies where there's a tremendous amount of innovation… a tremendous amount of growth."

He added that EQT's strategy in Asia centers on companies tied to domestic demand rather than cross-border flows, allowing its assets in industries such as services, software, education and financial services to be more insulated from geopolitics such as U.S.-China tensions.

"We own one of the largest hospital groups in India, doing gastrointestinal procedures. That business is booming, and it's really completely uncorrelated to what's going on with trade or with trade tariffs and all of that complexity," Salata said.

In 2020, China accounted for more than half of all Asia-Pacific private equity deal value, but that share plunged to 27% in 2024, according to a Bain & Company report this year.

Additionally, while some private-equity managers have attributed weak exits to high interest rates, EQT said its decisions and outcomes have been largely independent of monetary cycles.

Franzén said the firm isn't counting on rates falling: "We certainly don't count on interest rates coming down… It will be important that you continue to invest into your value creation capabilities."

Salata cited examples such as Nord Anglia Education, which EQT acquired with a consortium in March, valuing the international schools operator at $14.5 billion.

"People want to invest more in their children's education, particularly in this part of the world and that business, we delivered $10 billion of distributions back to our investors, again, through a very challenging environment, in terms of where interest rates were," Salata said.

"If you have the right assets in the right sectors, and you're adding value to the businesses, we try to create an all-weather strategy that's not necessarily correlated to what's going on with interest rates."

November 18, 2025 23:32 ET

 | Source:

Plug Power, Inc.

SLINGERLANDS, N.Y., Nov. 18, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG) today announced the pricing of $375.0 million aggregate principal amount of 6.75% Convertible Senior Notes due 2033 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Plug Power also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $56.25 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to close on November 21, 2025, subject to customary closing conditions, and is expected to result in approximately $347.2 million (or approximately $399.4 million if the initial purchasers exercise their option to purchase additional notes in full) in net proceeds to Plug Power after deducting the initial purchasers’ discount and estimated offering expenses payable by Plug Power.  

The offering price of the notes is 95% of the principal amount of notes. Plug Power intends to use approximately $245.6 million of the net proceeds from the offering to fully repay the outstanding principal amount of, plus accrued and unpaid interest on, its 15.00% secured debentures, and pay the related termination fee in connection therewith, and approximately $101.6 million of the net proceeds, together with cash on hand of approximately $52.4 million, to repurchase for cash approximately $138.0 million aggregate principal amount of Plug Power’s 7.00% convertible senior notes due 2026 (the “2026 notes”) in the note purchase transactions described below.

The notes will be Plug Power’s general unsecured obligations and will rank senior in right of payment to all of its future indebtedness that is expressly subordinated in right of payment to the notes, equal in right of payment to all of its existing and future liabilities that are not so subordinated, including the 2026 notes, effectively junior to all of its secured indebtedness, to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities of its subsidiaries. Interest will be payable semi-annually in arrears. The notes will bear interest at a rate of 6.75% per year. Interest will be payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2026. The notes will mature on December 1, 2033, unless earlier repurchased, redeemed or converted.

Plug Power may not redeem the notes prior to December 6, 2028. Plug Power may redeem for cash all or any portion of the notes (subject to certain limitations), at its option, on or after December 6, 2028 and prior to the 26th scheduled trading day immediately preceding the maturity date, if the last reported sale price of Plug Power’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Plug Power provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Holders of notes may require Plug Power to repurchase for cash all or any portion of their notes on December 6, 2029 at a repurchase price equal to 100% of the principal amount of notes to be repurchased, plus accrued and unpaid interest to, but excluding December 9, 2029. In addition, holders of the notes will have the right to require Plug Power to repurchase all or a portion of their notes upon the occurrence of a fundamental change (as defined in the indenture governing the notes) at a purchase price of 100% of their principal amount plus any accrued and unpaid interest to, but excluding, the relevant fundamental change repurchase date.

The notes may not be converted prior to the earlier of (i) February 28, 2026 and (ii) the “reserved share effective date” (as defined in the indenture governing the notes), which is effectively the date on which Plug Power reserves the maximum number of shares of common stock underlying the notes. The notes will be convertible at an initial conversion rate of 333.3333 shares of Plug Power’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $3.00 per share, which represents a conversion premium of approximately 40% to the last reported sale price of $2.14 per share of Plug Power’s common stock on The Nasdaq Capital Market on November 18, 2025). Conversions of the notes will be settled in cash, shares of Plug Power’s common stock, or a combination thereof, at Plug Power’s election; provided that unless and until the reserved share effective date occurs, conversions of the notes will be settled via cash settlement.

Contemporaneously with the pricing of the notes, Plug Power entered into separate and individually negotiated transactions with certain holders of its 7.00% Convertible Senior Notes due 2026 (the “2026 notes”) to repurchase approximately $138.0 million in aggregate principal amount of the 2026 notes for approximately $154.0 million in cash, representing the principal amount repurchased and accrued and unpaid interest thereon (the “notes repurchase transactions”). The notes repurchase transactions are expected to close concurrently with the closing of the offering of notes, subject to customary closing conditions. Plug Power expects that holders of the 2026 notes that are repurchased as described above may enter into or unwind various derivatives with respect to Plug Power’s common stock and/or purchase shares of Plug Power’s common stock concurrently with or shortly after the pricing of the notes. The repurchase of the 2026 notes and the potential related market activities by the holders of the 2026 notes that agree to participate in the note repurchase transactions could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of Plug Power’s common stock. The notes were only offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Neither the notes nor the shares of Plug Power’s common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, the anticipated use of proceeds from the offering, including the repayment of the 15.00% secured debentures and the repurchase of the 2026 notes; the completion of the offering, the completion of the note repurchase transactions; the terms and consideration for the note repurchase transactions; and other statements contained in this press release that are not historical facts. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Plug Power’s control. Plug Power’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks related to the offering and uncertainties related to market conditions; risks that Plug Power may not be able to repay the 15.00% secured debentures or repurchase the 2026 notes as anticipated; risks related to the terms and amount of consideration for the note repurchase transactions; the impact of the offering and the note repurchase transactions on the market price of Plug Power’s common stock; risks related to the potential dilution to holders of Plug Power's common stock. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Plug Power’s filings and reports with the Securities and Exchange Commission (the “SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024, the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, as well as other filings and reports that are filed by Plug Power from time to time with the SEC. These forward-looking statements should not be relied upon as representing Plug Power’s views as of any date subsequent to the date of this press release, and you should not place undue reliance on such statements. Except as required by law, Plug Power undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact

Teal Hoyos
[email protected]

Analysts expect the Franklin XRP ETF to draw significantly more demand than the Canary XRP ETF (XRPC), given the asset manager’s substantial $1.5 trillion in assets under management. Prominent crypto commentator Jungle Inc Crypto News commented on the significance of the Franklin XRP ETF launch, stating:

“Analysts now project Franklin Templeton’s XRPZ could hit $150M-$250M in DAY ONE volume: as much as 5x the massive debut of Canary’s XRPC ETF. With Franklin entering the arena and several other issuers lining up XRP ETFs, institutional exposure is widening faster than most people realize.”

The crypto commentator underscored the significance of the upcoming sessions, adding:

“The next few weeks will show whether this demand starts to surface – or if the real flow is still ahead of us.”

Franklin XRP ETF’s launch will face heightened scrutiny given November’s $2.58 billion in outflows across BTC-spot ETFs.

Market Structure Bill Edges Closer to Senate Vote
While Franklin XRP ETF-related filings grabbed the headlines, legislative updates from Capitol Hill were also crucial.

Crypto In America host Eleanor Terrett shared the latest developments on the Market Structure Bill, stating:

“Senator Tim Scott, previously mum on the Banking side of market structure, revealed a timeline today: markups and votes in both Banking and AG committees next month, with legislation expected on the Senate floor early next year.”

Why do XRP traders need to closely monitor the Market Structure Bill’s progress on Capitol Hill?

XRP soared 14.69% on July 17 after the House passed the Market Structure Bill to the Senate. Crypto-friendly legislation could follow the launch of XRP-spot ETFs, potentially boosting institutional demand.

Technical Outlook: Key XRP Price Levels
XRP rose 2.49% on Tuesday, November 18, reversing the previous day’s 2.38% loss to close at $2.2179. The token outperformed the broader crypto market, which gained 1.46%.

Despite Tuesday’s recovery, XRP continued trading below the 50-day and 200-day Exponential Moving Averages (EMAs), affirming bearish momentum.

Looking ahead, several price action catalysts could extend the recovery, potentially driving XRP toward $2.5.

Key technical levels to watch include:

Support levels: $2.2, $2.0, and $1.9.
50-day EMA resistance: $2.4726.
200-day EMA resistance: $2.5574.
Resistance levels: $2.35, $2.5, $2.62, $2.8, $3.0, and $3.66.