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KBRA Assigns AAA Rating to Austin Independent School District's Unlimited Tax School Building Bonds, Series 2024 (PSF); Affirms Ratings for Outstanding Debt; Outlook is Stable

Retrieved on:

Thursday, March 21, 2024

Professional Services, Finance, AISD, FY, Trustee, Sale, Acquisition, KBRA, PSF, AAA, Student, OPEB, AV, Series, State

KBRA assigns a AAA long-term rating with a Stable Outlook to Austin Independent School District’s ("AISD" or "the District") Unlimited Tax School Building Bonds, Series 2024 (PSF), and concurrently affirms the AAA rating and Stable Outlook for the District’s KBRA-rated Unlimited Tax School Bonds (PSF) and Unlimited Tax School Bonds (Non-PSF) outstanding.

Key Points:

KBRA assigns a AAA long-term rating with a Stable Outlook to Austin Independent School District’s ("AISD" or "the District") Unlimited Tax School Building Bonds, Series 2024 (PSF), and concurrently affirms the AAA rating and Stable Outlook for the District’s KBRA-rated Unlimited Tax School Bonds (PSF) and Unlimited Tax School Bonds (Non-PSF) outstanding.
KBRA understands that proceeds from the sale of the Series 2024 bonds will be used for the construction and acquisition of school buildings, upgrading technology systems, and for stadium improvements.
The rating actions reflect the following key credit considerations:
Strong financial management policies and an experienced, effective management team.
While not expected a trend of decline in the ad valorem tax base may negatively impact the rating.

Capstan Therapeutics Announces $175M Oversubscribed Series B Financing

Retrieved on:

Wednesday, March 20, 2024

Capstan Therapeutics, Inc. (“Capstan”), a biotechnology company dedicated to advancing in vivo reprogramming of cells through RNA delivery using targeted lipid nanoparticles (tLNP), today announced the successful closing of a $175M oversubscribed Series B financing.

Key Points:

Capstan Therapeutics, Inc. (“Capstan”), a biotechnology company dedicated to advancing in vivo reprogramming of cells through RNA delivery using targeted lipid nanoparticles (tLNP), today announced the successful closing of a $175M oversubscribed Series B financing.
The Series B financing was led by RA Capital Management, with participation from new investors Forbion, Johnson & Johnson Innovation - JJDC, Mubadala Capital, Perceptive Advisors, and Sofinnova Investments.
The proceeds from the Series B financing will be used to advance CPTX2309, Capstan’s lead in vivo chimeric antigen receptor T cell (CAR-T) candidate, to early clinical proof-of-concept in autoimmune disorders, and to further develop Capstan’s tLNP pipeline.
“This Series B financing brings together an exceptional syndicate of investors that recognize the potential of Capstan’s in vivo CAR-T technology,” said Laura Shawver, Ph.D., President and Chief Executive Officer of Capstan.

Flosonics Medical Secures $20 Million USD in Series C Funding Led by New Leaf Venture Partners to Accelerate Growth

Retrieved on:

Tuesday, March 19, 2024

Flosonics Medical, a leader in wearable medical ultrasound, today announced its Series C financing, raising $20 million USD.

Key Points:

Flosonics Medical, a leader in wearable medical ultrasound, today announced its Series C financing, raising $20 million USD.
The round was led by New Leaf Venture Partners, with participation from previous investors Arboretum Ventures, Genesys Capital, and iGan Partners.
“We are thrilled to have New Leaf Venture Partners lead our Series C round and welcome Vijay Lathi to our board,” said Joe Eibl, CEO of Flosonics Medical.
About New Leaf Venture Partners: New Leaf Venture Partners is a leader in healthcare technology venture investing.

Engrail Therapeutics Closes Oversubscribed $157M Series B Financing Round to Advance the Development of Transformational Therapies

Retrieved on:

Tuesday, March 19, 2024

Science, Neurology, Biotechnology, Research, Pharmaceutical, Health, Mental Health, Clinical Trials, Depression, Growth, Norwest Venture Partners, Patient, Capital, Acute stress disorder, Anxiety, Series, Pharmaceutical industry

Engrail Therapeutics™ (Engrail) (the Company), a precision neuroscience company focused on the development of transformational therapies to improve the lives of patients, today announced the close of an oversubscribed $157 million Series B financing round.

Key Points:

Engrail Therapeutics™ (Engrail) (the Company), a precision neuroscience company focused on the development of transformational therapies to improve the lives of patients, today announced the close of an oversubscribed $157 million Series B financing round.
Funding from the Series B round will propel the advancement of the Company’s pipeline through multiple stages of clinical development.
“Engrail was fortunate to have been incubated under a tremendous commitment from Pivotal Life Sciences.
We have assembled a strong Series B syndicate that positions the organization well for significant growth and pipeline advancement.”

Pembina Pipeline Corporation Announces Conversion Results for Series 17 Preferred Shares

Retrieved on:

Monday, March 18, 2024

Oil, Gas, Energy, Series, Pembina Pipeline, PBA, PPL, Multimedia, TSX, Series 17, Rate, Security (finance)

Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 17 ("Series 17 Shares") (TSX: PPL.PR.Q) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 18 of Pembina ("Series 18 Shares") on March 31, 2024.

Key Points:

Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 17 ("Series 17 Shares") (TSX: PPL.PR.Q) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 18 of Pembina ("Series 18 Shares") on March 31, 2024.
This press release features multimedia.
View the full release here: https://www.businesswire.com/news/home/20240318885366/en/
After taking into account all the conversion notices received from holders of its outstanding Series 17 Shares by the March 18, 2024 deadline for the conversion of the Series 17 Shares into Series 18 Shares, less than the 1,000,000 Series 17 Shares required to give effect to conversions into Series 18 Shares were tendered for conversion.

Acacia Research Reports Fourth Quarter 2023 Financial Results

Retrieved on:

Thursday, March 14, 2024

Professional Services, Business, Finance, Exercise, Webcast, Book value, Sale, Acquisition, Senior, Port and starboard, Investment, Printronix, GAAP, Rights, Intellectual property, Series, Video game

Fourth Quarter 2023 Financial Summary:

Key Points:

Fourth Quarter 2023 Financial Summary:
Total revenues were $92.3 million, compared to $13.1 million in the same quarter last year.
Printronix generated $8.6 million in revenue during the quarter, compared to $10.6 million in the same quarter last year.
Benchmark generated $0.8 million in revenue in the quarter subsequent to the completion of the acquisition of Benchmark that closed on November 13, 2023.
Acacia owns 64% of MalinJ1, which results in a 26% indirect ownership stake in Viamet Pharmaceuticals, Inc. for Acacia.

Sofinnova Partners Portfolio Company Amolyt Pharma to be Acquired by AstraZeneca

Retrieved on:

Thursday, March 14, 2024

We are thankful to Sofinnova Partners and all the investors for their continued confidence in our team and for their support of our strategy,” said Thierry Abribat, Ph.D., Founder and Chief Executive Officer of Amolyt Pharma.

Key Points:

We are thankful to Sofinnova Partners and all the investors for their continued confidence in our team and for their support of our strategy,” said Thierry Abribat, Ph.D., Founder and Chief Executive Officer of Amolyt Pharma.
“Congratulations to the Amolyt team on its proposed acquisition by AstraZeneca.
Thierry, is a visionary leader and embodies the serial biotech entrepreneurs we partner with,” added Antoine Papiernik, Managing Partner & Chairman of Sofinnova Partners.
Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage.

Ault Alliance Announces Termination of At-The-Market Offering and Embarks on Path to Corporate Restructuring

Retrieved on:

Wednesday, March 13, 2024

Technology, NFT, Finance, Professional Services, Metaverse, Blockchain, Hardware, Data Management, Cryptocurrency, Artificial Intelligence, Growth, Circle, Investment, ATM, Series

The Company may, however, consider issuing non-convertible debt to continue to fund its operations until its revenues can cover such costs.

Key Points:

The Company may, however, consider issuing non-convertible debt to continue to fund its operations until its revenues can cover such costs.
Further, the Company plans to restructure ownership of its operating businesses to create a more simple, efficient and understandable organizational chart.
Once complete, the Company will have two reporting segments, consisting of Sentinum, Inc. (“Sentinum”) and Ault Capital Group, Inc. (“Ault Capital”).
Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance, provided comments on the Company’s strategic direction, emphasizing the importance of today’s announcement, “Today marks a pivotal moment for Ault Alliance as we conclude our ATM program and fundamentally reevaluate our financing strategy.

U.S. Bancorp announces quarterly dividends

Retrieved on:

Tuesday, March 12, 2024

Banking, Professional Services, Finance, Series, USB, Life insurance

The Board of Directors of U.S. Bancorp (NYSE: USB) has declared a regular quarterly dividend of $0.49 per common share, payable April 15, 2024, to stockholders of record at the close of business on March 29, 2024.

Key Points:

The Board of Directors of U.S. Bancorp (NYSE: USB) has declared a regular quarterly dividend of $0.49 per common share, payable April 15, 2024, to stockholders of record at the close of business on March 29, 2024.
At this quarterly dividend rate, the annual dividend is equivalent to $1.96 per common share.
A regular quarterly dividend of $390.264 per share (equivalent to $0.390264 per depositary share) on the Series B Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable April 15, 2024, to stockholders of record at the close of business on March 29, 2024.
A regular quarterly dividend of $250.000 per share (equivalent to $0.250000 per depositary share) on the Series M Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable April 15, 2024, to stockholders of record at the close of business on March 29, 2024.

KBRA Assigns AAA Rating with Stable Outlook to Dormitory Authority of the State of New York State Personal Income Tax Revenue Bonds (General Purpose) Series 2024A-1 (Tax-Exempt), Series 2024A-2 (Tax-Exempt), and Series 2024B (Federally Taxable)

Retrieved on:

Monday, March 11, 2024

Other Professional Services, Professional Services, Business, Finance, Dormitory, PIT, Series, DASNY, AAA, KBRA, General-purpose, Bookkeeping

KBRA assigns a long-term rating of AAA with a Stable Outlook to the Dormitory Authority of the State of New York (DASNY) State Personal Income Tax Revenue Bonds (General Purpose): Series 2024A-1(Tax-Exempt); Series 2024A-2 (Tax-Exempt); and, Series 2024B (Federally Taxable).

Key Points:

KBRA assigns a long-term rating of AAA with a Stable Outlook to the Dormitory Authority of the State of New York (DASNY) State Personal Income Tax Revenue Bonds (General Purpose): Series 2024A-1(Tax-Exempt); Series 2024A-2 (Tax-Exempt); and, Series 2024B (Federally Taxable).
The rating was assigned because of the following key credit considerations:
RBTF Receipts provide ample historical and projected coverage of maximum annual debt service.
A strong 2.0x additional bonds test, as well as the importance of residual PIT revenues to fund operations, mitigate against overleveraging.
Financing agreement payments are subject to annual appropriation and executory only to the extent of amounts available in the RBTF.