Market Signal Briefing

Dogecoin investors may have gotten some new macroeconomic data that bodes well for the token's near-term performance.

Dogecoin (DOGE +5.21%) has been moving higher in Tuesday's trading. The cryptocurrency was up 6.1% over the previous 24 hours as of 9 p.m. ET.

After big sell-offs yesterday, Dogecoin has been surging today in response to some new macroeconomic data. With today's big rebound, the meme coin has cut its valuation slide over the last week of trading to 6.8%.

Image source: Getty Images.

Dogecoin rises on new layoffs data
The Federal Reserve Bank of Cleveland published a new report today showing that 39,006 U.S. workers across 21 states received a Worker Adjustment Retraining Notification Act (WARN) notifying them of an upcoming layoff. While news of rising layoffs is a concerning indicator for the broader economy, a weakening jobs market increases the likelihood that the Federal Reserve will cut interest rates next month in order to bolster economic activity.

Today's Change

(

5.21

%) $

0.01

Current Price

$

0.16

What comes next for Dogecoin?
The Federal Open Market Committee (FOMC) will meet on Dec. 9 and Dec. 10, and the 12-member Fed committee will vote on whether or not to cut interest rates again this year. Following the new WARN report from the Federal Bank of Cleveland, the estimated probability of a rate cut surveyed by CME Group ticked up to 53.4% -- up from its previous reading of 46.6%. A reduction of interest rates would likely be a positive catalyst for Dogecoin and other cryptocurrencies, but other macroeconomic factors and valuation dynamics will also continue to play a role shaping the popular meme coin's token price.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Shares in Canaan surged on Tuesday after the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year, driven by a high demand for equipment as multiple miners saw revenues increase.

Canaan said on Tuesday that its total Q3 revenues increased 104% from last year to $150.5 million due to a “substantial volume of new orders,” with its mining equipment revenues making up the lion’s share at $118.6 million.

James Jin Cheng, the miner’s chief financial officer, said in the company’s earnings call that a large number of sales came from clients in the US, who “started actively placing sizable and repeating orders.”

“Sales of North American customers contributed 31% of our total revenue in quarter three. We are happy to witness the strong demand recovery of the North American market,” he added.

Source: CanaanOther miners have also been reporting strong earnings. HIVE Digital reported a 285% earnings increase on Monday, while BitFuFu doubled its third-quarter revenue off the back of demand for cloud mining and equipment as miners sought to capitalize on the rising price of Bitcoin.

Canaan shares jump on earningsShares in Canaan (CAN) closed trading on Tuesday up nearly 21% to $1.03 on the company’s earnings, with gains extending by nearly 2% after the bell to $1.05.

Canaan’s stock rose after its Q3 earnings report on Tuesday.. Source: Google Finance Canaan’s stock is down nearly 50% this year as many Bitcoin miners have pivoted to powering artificial intelligence, as the cost and difficulty of mining have increased while Bitcoin’s price has fallen.

The company reported it made $30 million in mining revenue over Q3, up 241% year over year, and a net loss of $27 million compared to $75 million a year ago.

Canaan mined 267 Bitcoin (BTC) at an average revenue of $114,485 per coin and increased its holdings to 1,610 Bitcoin by the end of October.

CEO pitches Bitcoin mining as the best way to earnCanaan CEO Nangeng Zhang told investors on an earnings call that some miners facing balance sheet pressure and share price performance issues are shifting toward AI, reducing mining operations over the medium term.

However, he still thinks Bitcoin mining is a viable option while the transition is underway, because the deployment of AI infrastructure takes time.

“Our customers, including ourselves, are thinking about how to build AI-ready mining facilities for the future,” he said. “At this stage, deploying more Bitcoin miners is still the best way to allocate energy today and generate revenues from this date, not waiting for another one or two or three years.”

Magazine: Big Questions: Did a time-traveling AI invent Bitcoin?

Bitcoin price found support near $89,250. BTC is now correcting some losses but faces many hurdles near $93,500 and $94,200.

Bitcoin started a fresh decline below $94,000 and $93,500.
The price is trading below $93,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $90,700 zone.

Bitcoin Price Attempts Recovery
Bitcoin price failed to stay in a positive zone above the $92,500 level. BTC bears remained active below $92,500 and pushed the price lower.

The bears gained strength and were able to push the price below the $90,000 zone. A low was formed at $89,252, and the price is now attempting a recovery wave. There was a move above the 50% Fib retracement level of the recent decline from the $95,888 swing high to the $89,252 low.

Bitcoin is now trading below $94,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $94,200 on the hourly chart of the BTC/USD pair.

If the bulls attempt another recovery wave, the price could face resistance near the $93,350 level and the 61.8% Fib retracement level of the recent decline from the $95,888 swing high to the $89,252 low. The first key resistance is near the $94,200 level and the trend line.

Source: BTCUSD on TradingView.com
The next resistance could be $95,000. A close above the $95,000 resistance might send the price further higher. In the stated case, the price could rise and test the $95,500 resistance. Any more gains might send the price toward the $96,500 level. The next barrier for the bulls could be $96,800 and $97,000.

Another Decline In BTC?
If Bitcoin fails to rise above the $94,200 resistance zone, it could start another decline. Immediate support is near the $91,500 level. The first major support is near the $90,700 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,800 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $91,500, followed by $90,700.

Major Resistance Levels – $93,250 and $94,200.

The crypto market is showing signs of life again after a dramatic shakeout earlier today. Bitcoin, which briefly fell below $90,000 for the first time in seven months, has bounced back toward the $94,000 zone. The recovery comes as the broader market turns slightly positive, with global crypto market capitalization rising 1.4 percent to $3.16 trillion.

Most altcoins are trading in the green, including Ethereum, XRP, Solana, Cardano, Dogecoin and BNB. The rebound follows a wave of volatility triggered by heavy liquidations, a macro-driven sell-off in tech stocks, and speculation surrounding political and regulatory risks.

Bitcoin Reclaims Ground After Liquidations

Bitcoin is now trading near $92,500 after recovering from its morning low of $89,000. Analysts say the plunge was driven by forced liquidations and investors fleeing risk assets. More than $620 million in positions were wiped out in 24 hours as BTC tested key support.

Despite the panic, Bitcoin quickly stabilized. Traders point out that BTC’s earlier fall mirrored this month’s broad sell-off in AI-related tech stocks, suggesting a shift toward “risk-off” behavior in global markets.

Ethereum and XRP Follow the Bounce

Ethereum is up around $3,110 with a 3% gain in the past day, while XRP trades near $2.21 after rising more than 3 percent. XRP’s move follows strong interest in the newly launched spot XRP ETF in the U.S., which recorded nearly $60 million in first-day volume, this year’s highest opening for any ETF.

Altcoins including Solana, TRON, Dogecoin and Cardano have also turned positive after the early-morning chaos.

Why the Market Dropped And Why It’s Recovering

Experts say the downturn was caused by a mix of macro stress and crypto-specific pressure:

• Investors dumped speculative tech and crypto assets as markets weakened.
• U.S. senators demanded an investigation into World Liberty Financial over alleged token ties to North Korea and Russia.
• Rising token supply, new listings, and the growth of memecoin markets added downward pressure.
• Expectations shifted around how much the U.S. Federal Reserve might ease rates.

But the quick rebound shows that underlying interest in digital assets remains strong. 

ETF Growth Adds Support Across the Market

New spot ETFs, including XRP, Litecoin and upcoming Avalanche products, are giving both institutions and retail investors more ways to enter the market. This increased access is helping stabilize prices during moments of panic.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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November 18, 2025 7:40 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 common stock of James Hardie Industries plc (NYSE: JHX) between May 20, 2025 through August 18, 2025, both dates inclusive (the "Class Period") of the important December 23, 2025 lead plaintiff deadline.

SO WHAT: If you purchased James Hardie common stock 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 James Hardie class action, go to https://rosenlegal.com/submit-form/?case_id=46976 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 December 23, 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 that 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, James Hardie Industries plc misled investors about the strength of its key North America Fiber Cement segment between May 20 and August 18, 2025. Despite knowing by April and early May that distributors were destocking inventory, James Hardie falsely claimed demand remained strong and that stock levels were "normal." When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the James Hardie class action, go to https://rosenlegal.com/submit-form/?case_id=46976 or 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/275000

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

By

PYMNTS
 | 
November 18, 2025

 | 

Another lawsuit has reportedly been filed in a dispute between the Federal Deposit Insurance Corporation (FDIC) and Capital One over how much the bank should pay to help bail out depositors of two financial institutions that failed in 2023: Silicon Valley Bank and Signature Bank.

The FDIC filed a lawsuit Monday (Nov. 17) alleging that Capital One paid nearly $100 million less than it should have to help with the bailout, Reuters reported Tuesday (Nov. 18).

The regulator said in its suit that Capital One underreported its uninsured deposits by excluding a $56 billion position between two subsidiaries, according to the report.

The FDIC uses deposit data to calculate the special assessments it charges banks to replenish its deposit insurance fund after bank failures, the report said.

The regulator alleged in its suit that Capital One’s exclusion of those uninsured deposits resulted in the bank calculating a special assessment at $324.84 million rather than the correct $474.08 million, per the report.

Capital One did not immediately reply to PYMNTS’ request for comment.

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It was reported in September that Capital One sued the FDIC, alleging that the regulator overcharged the bank by $149.2 million during the special assessment.

Capital One alleged in its complaint that the FDIC inflated the assessment by incorrectly counting the $56.2 billion of positions between the bank’s subsidiaries as uninsured deposits.

The bank also said in its complaint that it had communicated with the FDIC about this issue for two years but that the regulated continued to seek the special assessment “based on its erroneous calculation.”

The FDIC announced in May 2023 that it planned to extract $15.8 billion in extra fees over two years to recoup its losses after the rescues of Silicon Valley Bank and Signature Bank.

The regulator said 113 banks would pay this special assessment, starting in early 2024, with those that have at least $50 billion in assets covering 95% of the cost. Banks with less than $5 billion in assets were exempt from the assessment.

The FDIC also said in May 2023 that the banking crisis had strained the government’s deposit insurance fund.

Solana Company (HSDT) Q3 2025 Earnings Call November 18, 2025 4:30 PM EST

Company Participants

Choon Wee Chee - Executive Chairman
Cosmo Jiang
Dane Andreeff - President, CEO & Director
Jeff Mathiesen - CFO, Treasurer & Secretary

Presentation

Operator

Hello, and thank you for standing by. Welcome to Solana Company's Third Quarter Operating Results Conference Call. [Operator Instructions] I would now like to hand the conference over to Sarina Jassy, Investor Relations. You may begin.

Unknown Attendee

Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, November 18, 2025, only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in the section entitled Risk Factors annual report on Form 10-K filed with the United States Securities and Exchange Commission or the SEC, on March 25, 2025, and in other subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website.

Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page.

With that, I would now like to turn the call over to Solana Company's Executive Chairman, Joseph Chee.

Choon Wee Chee
Executive Chairman

Thank you. Good morning, everyone, and welcome to our first earnings call since that we successfully raised over $500 million to fund our digital asset

Recommended For You

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of  Anavex Life Sciences Corp.  ("Anavex" or the "Company") (NASDAQ: AVXL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Anavex and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On November 14, 2025, Anavex issued a press release announcing that "[t]he Company was informed by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) of a negative trend vote on the Marketing Authorisation Application (MAA) for blarcamesine following its CHMP oral explanation." 

On this news, Anavex's stock price fell $2.05 per share, or 35.94%, to close at $3.65 per share on November 14, 2025.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

NEW YORK, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Kirby McInerney LLP reminds investors who purchased Firefly Aerospace (“Firefly” or the “Company”) (NASDAQ:FLY) securities to contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests in the securities fraud class action lawsuit at no cost.

If you suffered a loss on your Firefly investments, you have until January 12, 2026 to request lead plaintiff appointment. Follow the link below for more information:

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is The Lawsuit About?

The lawsuit has been filed on behalf of investors who purchased securities during the period of August 7, 2025 through September 29, 2025, inclusive (“the Class Period”). The lawsuit alleges that: (i) the Offering Documents for Firefly’s August 2025 initial public offering contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation; (ii) Firefly had overstated the demand and growth prospects for its Spacecraft Solutions offerings; and (iii) Firefly had overstated the operational readiness and commercial viability of its Alpha rocket program.

Firefly conducted its IPO on August 7, 2025, selling 19.296 million shares of common stock priced at $45.00 per share.

On September 22, 2025, Firefly reported its financial results for the second quarter of 2025, its first earnings report as a public company. Among other items, Firefly reported a loss of $80.3 million, or $5.78 per share, compared to $58.7 million, or $4.60 per share, for the same quarter in 2024. Firefly also reported revenue of $15.55 million, below analyst estimates of $17.25 million and down 26.2% from the same quarter in 2024. Significantly, Firefly reported revenue of only $9.2 million in its Spacecraft Solutions business segment, representing a 49% year-over-year decrease. On this news, the price of Firefly shares declined by $7.58 per share, or approximately 15.3%, from $49.52 per share on September 22, 2025 to close at $41.94 on September 23, 2025.

On September 29, 2025, Firefly disclosed that “the first stage of Firefly's Alpha Flight 7 rocket experienced an event that resulted in a loss of the stage.” Notably, Firefly CEO Jason Kim stated during the September 22, 2025 earnings call that the Company “expect[ed] to launch Flight 7 in the coming weeks.” Following on the heels of Firefly’s failed April 2025 Alpha rocket launch, the Alpha 7 test failure raised significant questions about Firefly’s ability to meet its commercial launch commitments and the viability of the Company’s technology. On this news, the price of Firefly shares declined by $7.64 per share, or approximately 20.7%, from $36.96 per share on September 29, 2025 to close at $29.32 on September 30, 2025.

[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]

What Should I Do?

If you purchased or otherwise acquired Firefly securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[HOW CAN I PROTECT MY RIGHTS?]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP        
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
[email protected]

November 18, 2025 8:00 PM EST | Source: Minnova Corp.
Toronto, Ontario--(Newsfile Corp. - November 18, 2025) - Minnova Corp. (TSXV: MCI) ("Minnova" or the "Company") announces that, further to its press release of November 5, 2025, it has filed an amended and restated offering document dated November 18, 2025, (amending and restating the offering document (the "Offering Document") dated November 5, 2025) (the "Amended and Restated Offering Document") which can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.minnovacorp.ca. Prospective investors should read the Amended and Restated Offering Document before making an investment decision. The Amended and Restated Offering Document amends the Offering Document to reflect the size of the Marketed Offering (as defined below) to be completed pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption").

On November 4, 2025, the Company entered into an engagement agreement with Red Cloud Securities Inc. ("Red Cloud") to act as sole agent and bookrunner in connection with a "best efforts" private placement (the "Marketed Offering") for aggregate gross proceeds of up to C$5,000,000 from the sale of any combination of the following:

A minimum of 10,000,000 units (each, a "Unit") of the Company at a price of $0.20 per Unit and up to a maximum of 15,000,000 HD Units; Up to 13,043,478 flow-through units of the Company (each, a "FT Unit") at a price of C$0.23 per FT Unit; andUp to 3,125,000 flow-through units of the Company to be sold to charitable purchasers (each, a "Charity FT Unit", and collectively with the Units and FT Units, the "Offered Securities") at a price of C$0.32 per Charity FT Unit.Each Unit will consist of one common share of the Company (a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit and Charity FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a "FT Share") and one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.30 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company has granted Red Cloud an option, exercisable in full or in part up to 48 hours prior to the closing of the Marketed Offering, to sell up to an additional C$1,000,000 in any combination of Units, FT Units and Charity FT Units at their respective offering prices (the "Agent's Option"). The Marketed Offering and the securities issuable upon exercise of the Agent's Option shall be collectively referred to as the "Offering".

The Company intends to use the net proceeds from the Offering for the exploration and advancement of the Company's PL Gold Mine Project located in Manitoba as well as for working capital and general corporate purposes, as is more fully described in the Offering Document (as herein defined).

The gross proceeds from the sale of FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's PL Gold Mine Project on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units and Charity FT Units effective December 31, 2025.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units and Charity FT Units (the "LIFE Securities") will be offered for sale to purchasers resident in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan (the "Canadian Selling Jurisdictions") pursuant to the Listed Issuer Financing Exemption. The securities issuable from the sale of the LIFE Securities are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation for LIFE Securities sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act").

The FT Units will be offered by way of the "accredited investor" and "minimum amount investment" exemptions under National Instrument 45-106 – Prospectus Exemptions in the Canadian Selling Jurisdictions. All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in Canada ending on the date that is four months plus one day following the Closing Date as defined in Subsection 2.5(2) of Multilateral Instrument 45-102 – Resale of Securities.

The Offering is scheduled to close on December 3, 2025 or such other date as the Company and Red Cloud may agree (the "Closing Date"). Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV").

The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Minnova Corp.

Minnova Corp. is focused on the restart of its PL Gold Mine, which included completion of a Positive Feasibility Study in 2018, based on a gold price of US$1,250 per ounce. The study concluded the restart of the PL Mine, at an average annual production rate of 46,493 ounces over a minimum 5-year mine life, was economically robust. Importantly the global resource remains open to expansion, as does the reserve. The PL Gold Mine benefits from a short pre-production timeline forecast at 15 months a valid underground mining permit (Environment Act 1207E), and a 1,000 tpd processing plant. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba.

Forward-Looking Statements

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements herein includes, but is not limited to, statements that address activities, events or developments that Minnova expects or anticipates will or may occur in the future including statements regarding the Offering, the closing of the Offering, the intended use of proceeds of the Offering, the filing of the Offering Document and the tax treatment of the FT Shares. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.

For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275096

Staying power you can count on for the long haul is the key.

Plenty of companies tout their long-term growth prospects, and many investors believe them.

The fact is, however, most companies won't quite meet these lofty long-term expectations. It takes something special for a company to thrive for decades on end -- or even in perpetuity -- and reward shareholders for their patience.

These names are out there though, with some of them hiding in plain sight. Here's a look at three such stocks that could create lasting generational wealth. Or, they could at least dish out enough multiyear gains in the meantime to leave a nice lump sum to your grandchildren.

Image source: Getty Images.

1. PepsiCo
When given the choice of beverage stocks to buy, most investors tend to choose Coca-Cola over PepsiCo (PEP +0.64%). And understandably so. Not only is Coke the bigger of the two, it's also a more familiar household name.

If you're going to choose one or the other right now, PepsiCo stock is arguably the better choice here for a couple of reasons.

One of these reasons is very basic. That is, PepsiCo's dividend is higher, with a forward-looking dividend yield of 3.9% versus Coke's 2.9%. Although there's always more to a dividend stock than its yield (like longevity, or its historical growth), these two stocks' dividend pedigrees are similar enough to still make PepsiCo's bigger yield the smarter overall choice at this time.

Coca-Cola has raised its per-share dividend payment every year for the past 63 years, for instance, but PepsiCo is no slouch with 53 consecutive annual increases of its payout.

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As for the other big reason pick PepsiCo over Coke here, while it's not readily evident from a consumer's point of view, the two beverage companies are operationally quite different.

Not only does PepsiCo own the Frito-Lay family of snack chips as well as Quaker Oats, but PepsiCo owns (or at least controls) most of its bottling and production facilities, whereas Coca-Cola punts the majority of its bottling work to contracted third-party bottlers so it can focus on what it does best. That's marketing. It's been a high-margin business model that's worked well for Coca-Cola for years now, too.

With artificial intelligence (AI) leveling the playing field for beverage companies of all sizes though (at the same time consumers are increasingly willing to try less-established and less-obvious brands), PepsiCo's more complete control of its entire -- and more diversified -- business could prove to be a strategic advantage.

2. Amazon
There's no denying Amazon's (AMZN 4.42%) highest-growth days are in the rearview mirror. After all, when you're already realizing more than $600 billion worth of revenue per year, it's logistically difficult to find more customers, or find more ways to generate more sales from existing customers.

Still, last quarter's top line growth of 13% is pretty impressive for a $2.5 trillion behemoth. And it's this sheer size that makes Amazon such a compelling long-term growth prospect.

While it's not outright impossible, dethroning a market leader is pretty difficult to do. An industry's leading name usually becomes its biggest name for good reason, after all, one of which is a fierce focus on the customer experience that Amazon's current CEO Andy Jassy still obsesses over. It's also difficult to displace a market leader when that market leader makes a point of being paranoid about its competition, which Amazon does.

In other words, Amazon isn't about to be displaced as North America's leading e-commerce outfit, or the planet's leading cloud computing service provider.

Neither business is apt to run into any real headwinds anytime soon either. The U.S. Census Bureau reports that -- despite e-commerce's growth over the course of the past 25 years -- still less than one-fifth of this country's retail spending is done online. Meanwhile, the AI boom is not only creating demand for more remote (cloud-based) computing solutions, but also driving the need for more storage of all the digital data now being created by artificial intelligence. And, there's no end in sight to this dynamic.

3. BYD Company
Finally, add BYD Company (BYDDY +0.00%) to your list of stocks that could create lasting generational wealth.

If you're not familiar with it, BYD is the company that recently displaced Tesla as the world's biggest manufacturer of electric vehicles, as measured by revenue as well as unit sales. It's just not a household name here in America because BYD doesn't sell cars here. Its primary market is China, although it's making surprising inroads in Europe too.

No place is out of reach in the long run, however. BYD has taken the unusual-but-savvy step of acquiring six massive transport ships (with a seventh on the way), each capable of carrying a few thousand EVs anywhere accessible by ocean.

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It's difficult not to notice this stock's underperformed since the middle of this year. Blame its competitors, mostly, which are putting pressure on its profit margins in an economic environment that isn't exactly robust, particularly in BYD's core market of China.

This is also apt to be temporary weakness though, turning this ticker's 35% pullback from its June peak into an opportunity rather than a warning. Electric vehicles are still the future, particularly in China, where EY (you may know as Ernst & Young) expects more than 90% of all vehicle sales to be battery-powered automobiles by 2034, up from around 50% this year. The rest of the world shouldn't be too far behind that pace.

The kicker: BYD is working on solid state lithium batteries that should get electric vehicles over the adoption hump, so to speak. While commercial production is still at least a couple years down the road, this new kind of EV battery charges faster, lasts longer, is safer, and perhaps most importantly, adds meaningfully more driving range to current lithium-based EV batteries.

Plenty of other automobile manufacturers are working on electric vehicles. All of them are going to struggle to catch up with BYD. It's just too far along, and is likely to end up becoming the dominant name in the business.

VANCOUVER, British Columbia, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce updated Mineral Reserves and Mineral Resources excluding Mineral Reserves for the Séguéla Mine, reporting 1.2 million ounces of gold in Mineral Reserves, 794,000 ounces of gold in Indicated Resources, and 712,000 ounces of gold in Inferred Resources.

Jorge A. Ganoza, President and CEO, commented, “Continued exploration success over the last two years has created a clear pathway to not only extend the life of mine at Séguéla, but also to evaluate a further plant expansion and a potential increase in annual gold production.” Mr. Ganoza continued, “Séguéla now boasts a 7.5-year life of mine and its largest Mineral Resource inventory on record. In response, we have launched aggressive infill drilling programs, advanced underground mining studies, and initiated plant expansion evaluations to fully capture the opportunities created by our exploration success.” Mr. Ganoza concluded, “With robust exploration programs underway and continuing into 2026, we are confident in our ability to unlock further value from our commanding land position at Séguéla.”

Updated Mineral Reserves and Mineral Resources Highlights        

Growth in Mineral Reserves offset production-related depletion, with an estimated 1.2 million ounces of gold, representing an 11% increase compared to December 31, 2024.Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, are reported containing 794,000 ounces of gold, a 100% increase compared to December 31, 2024.Inferred Mineral Resources are reported containing 712,000 ounces of gold, reflecting a 15% increase compared to December 31, 2024.Kingfisher and Sunbird host the largest Mineral Reserves and Mineral Resources where mineralization remains open at both deposits.Completion of the underground mining study, supporting the potential conversion of up to 502,000 gold ounces of Sunbird Indicated Resources into Mineral Reserves, is expected in December 2025.Technical studies have been initiated to evaluate a plant expansion of approximately 25% capacity to between 2.0 and 2.5 million tonnes per year; studies are expected to be completed in the second quarter of 2026. Mineral Reserves

Proven and Probable    Contained MetalLocationClassificationTonnes
(000)Au
(g/t)Au
(koz)StockpileProven9621.3241Open Pit    AntennaProbable2,4892.20176KoulaProbable7865.35135AncienProbable1,1834.23161AgoutiProbable7542.6163BoulderProbable5321.8832SunbirdProbable2,4093.31256BadiorProbable4044.2555KingfisherProbable3,4972.28257TotalProven + Probable13,0162.811,177
Mineral Resources

Measured and Indicated    Contained MetalLocationClassificationTonnes
(000)Au
(g/t)Au
(koz)Open Pit (OP)    AntennaIndicated1,4611.5874KoulaIndicated1495.3326AncienIndicated1124.1915AgoutiIndicated592.264BoulderIndicated3291.4716SunbirdIndicated2553.1226BadiorIndicated613.487KingfisherIndicated7521.6640OP CombinedIndicated3,1772.03207Underground (UG)    KoulaIndicated233.833AncienIndicated4725.4382SunbirdIndicated3,5974.34502UG CombinedIndicated4,0934.46587TotalIndicated7,2703.40794 Inferred    Contained MetalLocationClassificationTonnes
(000)Au
(g/t)Au
(koz)Open Pit (OP)    AntennaInferred1,4981.9192KoulaInferred1553.6118AncienInferred254.874AgoutiInferred1601.648SunbirdInferred881.464BadiorInferred465.088KestrelInferred601.733KingfisherInferred4,5541.82267OP CombinedInferred6,5861.91404Underground (UG)    KoulaInferred3164.7048AncienInferred223.863SunbirdInferred1,7194.41244KingfisherInferred1352.9813UG CombinedInferred2,1934.36307TotalInferred8,7792.52712 Notes:1.  Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
2.  Mineral Resources are exclusive of Mineral Reserves.
3.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4.  Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate.
5.  Mineral Resources and Mineral Reserves are reported as of October 31, 2025.
6.  Mineral Reserves are reported on a 100% ownership basis using incremental gold grade cut-offs of 0.73 g/t Au for Antenna and Koula, 0.76 g/t Au for Agouti, 0.75 g/t Au for Boulder and Kingfisher, 0.83 g/t Au for Ancien and Badior, and 0.74 g/t Au for Sunbird deposits. These estimates are based on a gold price of US$2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, ex-pit mining costs ranging from US$3.09/t to US$5.74/t, incremental haulage costs ranging from US$3.62/t to US$10.06/t based on the pit’s geographical location in relation to the run-of-mine Pad, processing costs of US$21.28/t, general and administrative (G&A) costs of US$16.21/t, and sustaining capital of US$4.37/t. Only Proven and Probable Mineral Reserve categories within the final pit designs are reported. Pit designs for Antenna, Ancien, Koula, Badior and Kingfisher were developed using inter-ramp angles ranging from 30.6° to 38.3° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. The Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh rock. The Sunbird pit design applied inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery, represented by regularization of the block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher, 0.68 g/t Au for Agouti, and 0.73 g/t Au for Ancien and Badior. These are based on an assumed gold price of US$2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within the optimized stope shapes based on a Longhole Stoping mining method at cut-off grades of 2.32 g/t Au for Sunbird and Koula, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free carried interest held by the State of Côte d’Ivoire.
7.  Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves; both being employees of Fortuna Mining Corp.
8.  Totals may not add due to rounding.

  Mineral Reserves 

As of October 31, 2025, the Séguéla Mine has Proven and Probable Mineral Reserves of 13.0 million tonnes containing 1.2 million ounces of gold.

From December 31, 2024, to October 31, 2025, Mineral Reserve tonnes increased by 33%, while gold grade decreased by 17% to 2.81 g/t Au, resulting in a net increase of 11% in contained gold ounces.

The reduction in the global reserve gold grade from 3.38 g/t Au to 2.81 g/t Au is a direct consequence of incorporating the Kingfisher deposit Mineral Reserves, while production during the period of January to October 2025 depleted higher grade material from the Koula and Ancien deposits. Although the Kingfisher deposit exhibits lower average grades relative to the high grade deposits, it benefits from a lower strip ratio of 7.6:1, compared to the average strip ratio of the Mineral Reserves of 13.4:1.

Changes in the Séguéla Mine's Mineral Reserves are a result of:

Mining-related depletion in the first ten months of 2025 totaling 129,000 ounces of gold.The first-time estimation of Mineral Reserves for the Kingfisher deposit, totaling 3.5 million tonnes at an average grade of 2.28 g/t Au containing 257,000 ounces of gold.Additional variations driven by an updated geologic interpretation of the Koula deposit, as a result of grade-control drilling, as well as adjustments to operational costs and gold price assumptions. Mineral Resources

Measured and Indicated Mineral Resource gold ounces, exclusive of Mineral Reserves, increased by 100%, or 398,000 ounces. The change in Indicated Resources was driven by the growth in the Sunbird Underground Project which stands at 3.6 million tonnes averaging 4.34 g/t Au containing 502,000 gold ounces, an increase of 288,000 ounces compared to December 31, 2024. Changes were also a result of updating gold metal prices and pit optimizations to incorporate an additional 110,000 ounces of gold across all deposits.  

Inferred Resources tonnage increased by 30% to 8.8 million tonnes, while gold grade decreased by 11% to 2.52 g/t, resulting in a net increase of 15% in contained gold to 712,000 ounces. The primary driver of this change was growth at the Kingfisher deposit, where most of the resources upgraded to Mineral Reserves were replaced by new Inferred Resources totaling 267,000 ounces of gold. Further contribution came from the Sunbird Underground Project where all upgraded Inferred Resources were replenished and an additional 53,000 ounces of gold added, bringing the total Inferred Resource to 1.7 million tonnes averaging 4.41 g/t Au containing 244,000 ounces of gold. Additional adjustments arose from updated gold price assumptions and the resulting open pit and underground mineable shape optimizations, which identified the potential for underground resources at Kingfisher.

Ongoing Exploration and Infill Drilling to Support Resource Growth

Drill activities remain ongoing across the Séguéla property, with five drill rigs currently active. Current drilling is focused on the potential for upgrading Inferred to Indicated Resources at the Sunbird Underground Project, while also evaluating mineralization potential at existing deposits and across the wider land package. However, insufficient tonnes were identified at the Gabbro North prospect to support a potentially economical open pit at this time.

Advancing Studies for Process Plant Expansion

Séguéla’s processing plant was commissioned in mid-2023 with a design throughput capacity of 156 t/hr, approximately 1.25 million tonnes per year. Since commissioning, several low-capital optimization initiatives have been implemented to enhance the efficiency of the plant, and the operation is now expected to treat 1.75 million tonnes per year beginning in 2026. Until recently, the increase in the mining rate required to sustain this higher throughput had been constrained by the mine life, which limited the rationale for investing in expanding the processing capacity.

The potential to extend mine life is supported by several key developments:

Expansion of Mineral Resources at the Sunbird and Kingfisher deposits.Strong conversion of Inferred to Indicated Resources.Positive results from ongoing drilling of the Sunbird Underground Project completed after the June 30, 2025 data cut-off.Mineralization at both Kingfisher and Sunbird remains open in all directions. Together, these factors provide increasing confidence in the potential to extend the mine life through future drilling and mining studies.

Given this improved visibility, Fortuna has initiated engineering studies to evaluate options for further expansion of processing plant capacity.

Sunbird Underground Project

Engineering work continues with the objective of converting Mineral Resources to Mineral Reserves by December 2025. All major technical studies, including among others, geotechnical, metallurgical, hydrogeological, are now complete, and the project team is currently developing the pre-feasibility report.

The Sunbird Underground Project has the potential to underpin strong Séguéla production for several years. Planned upcoming activities include:

Updating Sunbird Underground Project Mineral Resources by year end.Ordering long-lead equipment for underground mining.Planning and execution of early works activities.Advancing government permitting. Qualified Person

Eric Chapman, Senior Vice President, Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

Investor Relations:
Carlos Baca | [email protected] | fortunamining.com | X | LinkedIn | YouTube

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, the Mineral Resource and Mineral Reserve estimates; statements regarding extending the life of mine at Séguéla; statements regarding converting resources to reserves at the Sunbird Underground Project and the anticipated timing thereof; upcoming planned activities at the Sunbird Underground Project; the Company’s expectations regarding the expansion of processing plant capacity and a potential increase in annual gold production at Séguéla; the Company’s proposed exploration plans and objectives; statements about the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company’s mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company’s mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

All reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. All Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

PDF available: http://ml.globenewswire.com/Resource/Download/dd7f0f37-f0cf-48a9-861e-1b83ba3fb291

RingCentral, Inc. (RNG) Wells Fargo's 9th Annual TMT Summit November 18, 2025 5:15 PM EST

Company Participants

Vaibhav Agarwal - Chief Financial Officer

Conference Call Participants

Ryan MacWilliams - Wells Fargo Securities, LLC, Research Division

Presentation

Ryan MacWilliams
Wells Fargo Securities, LLC, Research Division

So I'm Ryan MacWilliams, SMID-cap software analyst here at Wells Fargo here for the ninth Annual Wells Fargo TMT Conference. With me today from RingCentral is CFO, Vaibhav Agarwal. Vaibhav, thanks for being here.

Vaibhav Agarwal
Chief Financial Officer

Thank you. Thanks for inviting us here.

Ryan MacWilliams
Wells Fargo Securities, LLC, Research Division

And the joke I was making is like I feel like we should just open the back doors, I mean we can do like Ocean View fireside.

Vaibhav Agarwal
Chief Financial Officer

View is fantastic. This is my first time at the Wells Fargo conference as CFO. The view is just amazing. The attendance is just great. Happy to be here.

Ryan MacWilliams
Wells Fargo Securities, LLC, Research Division

This should have been a part of my pitch to come over. It's like, yes, bring the whole family. So anyway, I'm glad that we're able to do this. Look, we know each other for a long time, and we've been around different environments for UCaaS. And 2020, 2021 was an amazing time and a lot has changed from our product. And technology standpoint. But maybe just to start off, like for those maybe revisiting RingCentral or just trying to look at the story for the first time, can you just talk about this year for RingCentral and kind of what led up to the most recent earnings?

Vaibhav Agarwal
Chief Financial Officer

Yes, absolutely. I think 2025 so far has been a really good year for us on multiple different fronts. We, in our Q3

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SINGAPORE & LAS VEGAS--(BUSINESS WIRE)--Schneider Electric, a global energy technology leader, and Bloomberg New Economy announced today the launch of the Energy Technology Coalition (‘Coalition'). This new private sector initiative brings together global decision makers and experts across industries to accelerate the adoption of technologies that make energy consumption more efficient, resilient, and responsive amid soaring global electricity demand. The Coalition, co-chaired by Schneider Elec.

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, /PRNewswire/ -- BioArctic AB's (publ) (Nasdaq Stockholm: BIOA B) partner Eisai will present the latest findings on lecanemab (Leqembi®) at the Clinical Trials on Alzheimer's Disease (CTAD) conference, being held in San Diego December 1-4. Presentations will include data on long-term treatment and estimated time savings over 10 years, as well as safety and potential benefits of subcutaneous administration of lecanemab for initiation dosing. In addition, data on the effects of lecanemab on soluble amyloid-beta (Aβ) protofibrils[1] and insights from real-world clinical practice studies, including the US ALZ-NET registry, will also be presented.

Key oral presentations

Continued treatment: On Tuesday, Dec. 2, at 5:05 PM PT and Wednesday, Dec. 3, at 2:40 PM PT, new analyses will be presented on benefits of continued therapy and estimated time savings over 10 years of lecanemab treatment based on Phase 3 clinical data (LB12, LB21).
Subcutaneous initiation dosing: On Wednesday, Dec. 3, the late-breaking symposium, "Lecanemab Subcutaneous Formulation for Treatment Initiation in Early Alzheimer's Disease: Optimizing Patient Care with a Potential New Option" (3:10 – 3:50 PM PT), will explore potential benefits of subcutaneous lecanemab initiation dosing as well as pharmacokinetic and safety findings (LB Symposium 2).
Real-world experience: A presentation on Thursday, Dec. 4, at 11:40 AM PT will share findings from an interim analysis of a post-marketing observational study of lecanemab in Japan (OC30).
Mechanism-related: A presentation scheduled for Tuesday, Dec. 2, at 1:40 PM PT, will review the effects of lecanemab treatment on soluble Aβ protofibrils in the Clarity AD clinical trial (OC5).

Key lecanemab poster presentation:

Real-world experience: During the poster session on Monday, Dec. 1, at 3:00 PM PT and Tuesday, Dec. 2, at 5:30 PM PT, Poster 055 presents an overview of baseline characteristics and preliminary safety findings from a study of lecanemab in Alzheimer's disease (AD) using the ALZ-NET registry.

Additional lecanemab poster presentations

Poster Session Date

Title, Abstract Number

Dec. 1 (Mon.) – Dec. 2 (Tues.)

Characterizing Enrollment Patterns in a Preclinical Alzheimer's Disease Trial (P006)

Dec. 1 (Mon.) – Dec. 2 (Tues.)

Stability and Improvement in Early Alzheimer's Disease with Lecanemab: Sub-analysis from a United States Multicenter, Retrospective Real-World Study (P049)

Dec. 1 (Mon.) – Dec. 2 (Tues.)

Long-Term Benefit of Lecanemab in Patients with Low Baseline Amyloid: Estimation of Time Saved (P052)

Dec. 1 (Mon.) – Dec. 2 (Tues.)

Patient, Care Partner, and Health Care Professional Acceptability of the Autoinjector for the Subcutaneous Delivery of Lecanemab in Patients with Early Alzheimer's Disease in the US (P053)

Dec. 1 (Mon.) – Dec. 2 (Tues.)

Real-World Clinical, Safety and Patient-Reported Outcomes of Treatment with Lecanemab in a New England Alzheimer's Disease Center (P072)

Dec. 1 (Mon.) – Dec. 2 (Tues.)

Comparison of Amyloid-related Imaging Abnormalities Risk for Lecanemab versus Donanemab and the Potential Implications (P096)

Dec. 3 (Weds.)

Binding profiles of lecanemab and other amyloid-beta antibodies to amyloid-beta species isolated from Alzheimer's disease brain (P292)

Dec. 3 (Weds.)

C2N Eligibility, APOE Genotype Identification, Amyloid Confirmation Results from the AHEAD 3-45 Programme at Neuroclin Glasgow (P256)

Dec. 3 (Weds.)

A Simulation of Long-Term Lecanemab Treatment Effect on the Alzheimer's Disease Progression in ApoE4 Non-Carriers and Heterozygous Carriers (P278)

Dec. 3 (Weds.)

Neuro-Dynamic Quantitative Systems Pharmacology (QSP) Model Predicts Increasing Benefits of Continued Lecanemab Treatment with Clarity AD 48-Month Data (P279)

Dec. 4 (Thurs.)

Clinical Outcomes and Patient Experience of Subcutaneous Lecanemab Administration from an Alzheimer's Disease Treatment Center (P342)

Dec. 4 (Thurs.)

Societal Cost and Efficiency Comparison of Subcutaneous vs Intravenous Lecanemab for Early Alzheimer's Disease in the United States (P361)

Leqembi is the result of a long-standing collaboration between BioArctic and Eisai, and the antibody was originally developed by BioArctic based on the work of Professor Lars Lannfelt and his discovery of the Arctic mutation in Alzheimer's disease. Eisai is responsible for the clinical development, applications for market approval and commercialization of Leqembi for Alzheimer's disease. BioArctic has the right to commercialize Leqembi in the Nordic region together with Eisai and the two companies are preparing for a joint commercialization in the region.

The information was released for public disclosure, through the agency of the contact person below, on November 19, 2025, at 00:30 a.m. CET.

For further information, please contact: 
Oskar Bosson, VP Communications and Investor Relations
E-mail: [email protected]
Telephone: +46 704 107 180

About lecanemab (Leqembi®)

Lecanemab is the result of a strategic research alliance between BioArctic and Eisai. It is a humanized immunoglobulin gamma 1 (IgG1) monoclonal antibody directed against aggregated soluble (protofibril) and insoluble forms of amyloid-beta (Aβ).

Lecanemab is approved in 51 countries and is under regulatory review in 9 countries. Following the initial phase with treatment every two weeks for 18 months, intravenous (IV) maintenance dosing with treatment every four weeks is approved in the United Kingdom, China, the U.S. and other countries, and applications have been filed in 4 countries and regions. In the U.S., Leqembi Iqlik™ is approved for subcutaneous dosing with an autoinjector for maintenance treatment of early Alzheimer's disease. In September 2025, a rolling sBLA application to the U.S. FDA for the subcutaneous initiation dosing with Leqembi Iqlik was also initiated.

Since July 2020, Eisai's Phase 3 clinical study (AHEAD 3-45) with lecanemab in individuals with preclinical AD, meaning they are clinically normal and have intermediate or elevated levels of amyloid in their brains, is ongoing. The study was fully recruited in October 2024. AHEAD 3-45 is a four-year study conducted as a public-private partnership between Eisai, Biogen and the Alzheimer's Clinical Trial Consortium that provides the infrastructure for academic clinical trials in AD and related dementias in the U.S., funded by the National Institute on Aging, part of the National Institutes of Health. Since January 2022, the Tau NexGen clinical study for Dominantly Inherited AD (DIAD), that is conducted by Dominantly Inherited Alzheimer Network Trials Unit (DIAN-TU), led by Washington University School of Medicine in St. Louis, is ongoing and includes lecanemab as the backbone anti-amyloid therapy.

About the collaboration between BioArctic and Eisai

Since 2005, BioArctic has a long-term collaboration with Eisai regarding the development and commercialization of drugs for the treatment of Alzheimer's disease. The most important agreements are the Development and Commercialization agreement for the lecanemab antibody, which was signed 2007, and the Development and Commercialization agreement for the antibody Leqembi back-up for Alzheimer's disease, which was signed 2015. In 2014, Eisai and Biogen entered into a joint development and commercialization agreement for lecanemab. Eisai is responsible for the clinical development, application for market approval and commercialization of the products for Alzheimer's disease. BioArctic has the right to commercialize lecanemab in the Nordic region and is currently preparing for commercialization in the Nordics together with Eisai. BioArctic has no development costs for lecanemab in Alzheimer's disease and is entitled to payments in connection with sales milestones as well as royalties on global sales.

About BioArctic AB

BioArctic AB (publ) is a Swedish research-based biopharma company focusing on innovative treatments that can delay or stop the progression of neurodegenerative diseases. The company invented Leqembi® (lecanemab) – the world's first drug proven to slow the progression of the disease and reduce cognitive impairment in early Alzheimer's disease. Leqembi has been developed together with BioArctic's partner Eisai, who are responsible for regulatory interactions and commercialization globally. In addition to Leqembi, BioArctic has a broad research portfolio with antibodies against Parkinson's disease and ALS as well as additional projects against Alzheimer's disease. Several of the projects utilize the company's proprietary BrainTransporter™ technology, which has the potential to actively transport antibodies across the blood-brain barrier to enhance the efficacy of the treatment. BioArctic's B share (BIOA B) is listed on Nasdaq Stockholm Large Cap. For further information, please visit www.bioarctic.com.

[1] Protofibrils are thought to be the most toxic Aβ species that contribute to brain damage in AD and play a major role in the cognitive decline of this progressive and devastating disease. Protofibrils can cause neuronal and synaptic damage in the brain, which can subsequently adversely affect cognitive function through multiple mechanisms. The mechanism by which this occurs has been reported not only by increasing the formation of insoluble Aβ plaques, but also by directly damaging signaling between neurons and other cells. It is believed that reducing protofibrils may reduce neuronal damage and cognitive impairment, potentially preventing the progression of AD.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/bioarctic/r/new-data-on-lecanemab-to-be-presented-at-ctad-conference,c4269252

The following files are available for download:

SOURCE BioArctic

Q3: 2025-11-13 Earnings SummaryEPS of -$0.03 beats by $0.08

 |

Revenue of

$0.00

beats by $0.00

Akari Therapeutics, Plc (AKTX) Shareholder/Analyst Call November 18, 2025 11:00 AM EST

Company Participants

Abizer Gaslightwala - CEO, President & Director
Satyajit Mitra - Executive Director & Head of Oncology

Conference Call Participants

Jenene Thomas

Presentation

Jenene Thomas

Okay. We are ready to get started, and welcome, everyone, to the Akari Therapeutics Corporate Update Webcast. [Operator Instructions] Note that this webcast is being recorded at the company's request, and a replay will be made available on the company's website following the end of the event.

At this time, I'd like to remind our listeners that remarks made during this webcast may state management's intentions, beliefs, expectations or future projections. These are forward-looking statements and involve risks and uncertainties. Forward-looking statements on this call are made pursuant to the safe harbor provisions of the federal securities laws and are based on Akari Therapeutics current expectations, and actual results could differ materially.

As a result, you should not place undue reliance on any forward-looking statements. Some of the factors that could cause actual results to differ materially from these contemplated by such forward-looking statements are discussed in the periodic reports Akari Therapeutics files with the Securities and Exchange Commission. These documents are available in the Investors section of the company's website and on the Securities and Exchange Commission's website, and we encourage you to review these documents carefully.

So joining on today's call from the Akari Therapeutics leadership team are Abizer Gaslightwala, he is President and Chief Executive Officer; and Dr. Satyajit Mitra, he is Head of Oncology.

I would now like to turn the call over to Abizer. Please proceed.

Abizer Gaslightwala
CEO, President & Director

Great. Well, thank you, Jenene, and welcome, everyone. We thank you for joining us today.

Go to the next slide, please. So I'm just going to

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November 18, 2025 19:14 ET

 | Source:

Fobi AI Inc.

VANCOUVER, BC, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, announces that it has changed its auditors from MNP LLP (“Former Auditor”) to Can Partners LLP (“Successor Auditor”) effective November 17, 2025.

The Former Auditor resigned as the auditor of the Company and the Board of Directors of the Company appointed the Successor Auditor as the new Auditor effective November 17, 2025, until the close of the Company’s next Annual General Meeting and to perform the audit of the annual financial statements of the Company for the financial year ended June 30, 2025.

There were no reservations in the Former Auditor’s audit reports for any financial period during which the Former Auditor was the Company’s auditor. There are no “reportable events” (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Company and the Former Auditor.

In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Company’s Audit Committee and will be filed on SEDAR+ accordingly.

This press release is available on the Fobi website.

To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi, please visit our Investor Experience page.

About Fobi AI
Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to action, leverage, and monetize their customer data by powering personalized and data-driven customer experiences, and drives digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale.

Fobi works with some of the largest global organizations across retail & CPG, insurance, sports & entertainment, casino gaming, and more. Fobi is a recognized technology and data intelligence leader across North America and Europe, and is the largest data aggregator in Canada's hospitality & tourism industry.

On behalf of the Board of Directors of the Company

Rob Anson
Chief Executive Officer and Director

For more information, please contact:

Fobi AI Inc.   Fobi Website: www.fobi.ai Rob Anson, CEO   Facebook: @ Fobiinc T : +1 877-754-5336 Ext. 3   Twitter: @ Fobi_inc E: [email protected]   LinkedIn: @ Fobiinc This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Fobi's business and technology; the ability of Fobi to engage with industry participants to achieve its goals; the development of Fobi's technology; and the viability of Fobi's business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fobi's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Fobi believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity, or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Fobi does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Fobi should be considered highly speculative. There can be no assurance that Fobi will be able to achieve all or any of its proposed objectives.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

A new asset about to be integrated into the company could give its fundamentals a serious boost.

Drone, robot, and telecom equipment specialist Ondas (ONDS +25.34%) was quite the standout on the stock market on the second trading day of the week. Its share price blasted skyward by more than 25% thanks to news of a fresh acquisition.

Flying high with the new asset
Before market open, Ondas announced, no doubt with great satisfaction, that it wrapped up its purchase of Israeli counter-unmanned aerial systems (CUAS) company sentrycs. It didn't take long to close the sale; it was originally announced two weeks ago.

Image source: Getty Images.

On paper, anyway, the deal is very synergistic. The technology sentrycs has developed tags, tracks, and ultimately gains control of unauthorized drones. It does so without disrupting nearby communications networks, Ondas said.

Ondas will integrate these capabilities into its system-of-systems platform. In its press release on the closing of the deal, the company wrote that this integration "positions Ondas to address the accelerating global demand for layered CUAS infrastructure, particularly in urban population centers, airports, borders, and strategic national facilities, where safe, low-collateral solutions are required."

Today's Change

(

25.34

%) $

1.58

Current Price

$

7.84

Potential to lift the business
While the successful integration of a new asset into an existing company is never guaranteed, this one looks very promising.

Recent conflicts, most notably the Ukraine war, have illustrated the great value drones can have on the battlefield -- and, conversely, the important of developing strong CUAS capabilities for the defense sector. This acquisition definitely feels like a powerful business-enhancing move by Ondas.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

In the latest trading session, ChargePoint Holdings, Inc. (CHPT - Free Report) closed at $8.23, marking a +2.11% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.83%. Meanwhile, the Dow lost 1.07%, and the Nasdaq, a tech-heavy index, lost 1.21%.

Shares of the company have depreciated by 27.32% over the course of the past month, underperforming the Auto-Tires-Trucks sector's loss of 4.21%, and the S&P 500's gain of 0.19%.

The investment community will be paying close attention to the earnings performance of ChargePoint Holdings, Inc. in its upcoming release. The company is slated to reveal its earnings on December 4, 2025. It is anticipated that the company will report an EPS of -$1.35, marking a 32.5% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $96.46 million, indicating a 3.16% downward movement from the same quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$5.16 per share and a revenue of $393.9 million, representing changes of +32.11% and -5.56%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for ChargePoint Holdings, Inc. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, ChargePoint Holdings, Inc. boasts a Zacks Rank of #3 (Hold).

The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 85, placing it within the top 35% of over 250 industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

SS&C Technologies Holdings, Inc. (SSNC) Citi's 14th Annual FinTech Conference November 18, 2025 9:45 AM EST

Presentation

Unknown Analyst

[indiscernible] 14th Annual FinTech Conference. This is my 9th. So super excited to kick off some of my sessions today hosting SS&C Technologies. We have Rahul Kanwar, Chief Operating Officer. Rahul, great to see you; and Justine Stone, Head of IR. Thanks for coming.

Question-and-Answer Session

Unknown Analyst

I think why don’t we start off with this? I think recently, you held your Deliver Conference in Phoenix. It seems like it was a fairly successful event. Why don’t you expand a little bit on some of the new announcements that SS&C made, AI Agent catalog, Gateway and SS&C Agent Services were some key announcements there. Great if you could just kind of recap for us how the event went and take us through some of your announcements.

Unknown Executive

[indiscernible] the most recent one we just had a couple of weeks ago in Phoenix, we had probably our biggest conference ever. We had over 1,000 attendees, 200 sessions and maybe what's most telling is half those sessions are moderated or the speakers are our customers. [indiscernible] speaks to the high level of engagement that we have with those customers. So we're really using that conference as a couple of different things. One is that feedback loop that's really important to us as we build technology, right?

So lots of customers coming and talking to us about how they use our software where they have requirements. And so that's a big part of it. I think the other big part of it is it does allow us to the point you just made. It does allow us to showcase our innovation. So we're -- in particular, we have really across all of our businesses, a

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Pershing Square Capital Management founder Bill Ackman said Tuesday that proposals to sell a piece of the mortgage agencies Fannie Mae and Freddie Mac in an initial public offering is not possible in the short term.

The US government, which has been controlling the enterprises for 17 years, has been considering different structures for a potential IPO, including the creation of a single company representing both of them, but the complexity of such a deal has been a hurdle.

“The sale of a piece of these companies to the public is neither feasible nor desirable at this moment,” Ackman said during a presentation posted on X on Tuesday. Both companies are already listed in the over-the-counter market.

“The sale of a piece of these companies to the public is neither feasible nor desirable at this moment,” Bill Ackman said. AFP via Getty Images
President Trump’s administration is “opportunistically evaluating” such an IPO, possibly as soon as the end of 2025, Federal Housing Finance Agency Director William Pulte said last month. Trump held meetings with bank CEOs to discuss this as a way to end the US conservatorship of the enterprises, which began in 2008 after they suffered heavy losses during the subprime mortgage crisis.

Ackman, whose fund owns stakes in Fannie Mae and Freddie Mac, has benefited as their share prices have risen since the government began considering a privatization.

Ackman proposed instead that these enterprises simply convert their listings currently on the over-the-counter market to the New York Stock Exchange, a process he estimated could take a few weeks.

This could result in valuations close to $400 billion for the two, he said, noting that the government’s stakes would be worth around $300 billion and could be sold off.

President Trump’s administration is “opportunistically evaluating” such an IPO, possibly as soon as the end of 2025, Federal Housing Finance Agency Director William Pulte said last month AP
The billionaire also suggested other steps needed to list the companies, such as recognizing previous payments made by the agencies as repayment of the senior preferred stock issued during the crisis. Then the US Treasury would exercise warrants it got during the crisis to reach a 79.9% common stock stake. Ackman also proposed lowering the current capital requirement of 4.5% of all guarantees.

Merging Fannie Mae and Freddie Mac into a single company for a listing is out of the question, since it would require congressional approval, three sources with knowledge of the matter said in the past two weeks, asking for anonymity to discuss private talks.

Merging Fannie Mae and Freddie Mac into a single company for a listing is out of the question, since it would require congressional approval, sources said. AFP/Getty Images
Creating a holding company would be a simple way to sell stakes, but government entities are not allowed to create vehicles for this strategy, one of the sources said. An extremely complex option is to use an existing joint venture between Fannie Mae and Freddie Mac as a listing vehicle and transfer assets to it.