Quiver News

• Initiated registrational Phase 2b SAFEGUARD trial of SAB-142 in new-onset, Stage 3 autoimmune T1D patients
  
  
• Multiple SAFEGUARD trial sites activated; on-track to dose first patient by year-end
  
  
• Recent data presented at EASD and IPSAD provide further validation for SAB-142 as a novel, potentially best-in-class, disease-modifying, immunotherapeutic approach to redefine treatment of Stage 3 T1D
  
  
• Strong cash position with operational runway through 2028, enabling completion of registrational Phase 2b SAFEGUARD study
  
  

MIAMI, Nov. 13, 2025 (GLOBE NEWSWIRE) -- SAB Biotherapeutics, Inc. (Nasdaq: SABS ), a clinical-stage biopharmaceutical company developing human anti-thymocyte immunoglobulin (hATG) for type 1 diabetes (T1D) and other autoimmune diseases, today announced financial results for the third quarter ending September 30, 2025, and provided business highlights.

“We made significant progress this quarter, specifically executing on our clinical plans, and I am pleased that we initiated the registrational Phase 2b SAFEGUARD study of our lead candidate SAB-142. We have activated multiple sites around the world, and we are on-track to dose the first patient by year-end,” said Samuel J. Reich, Chairman and CEO, SAB BIO. “This quarter, we also showcased the results of our Phase 1 study in multiple presentations at EASD and ISPAD. These data, including a favorable safety profile and a competitive dosing regimen, continue to support the development of SAB-142 as a novel, potentially best-in-class, disease-modifying, immunotherapeutic approach for the treatment of Stage 3 T1D. We look forward to sharing additional Phase 1 data, including redosing data, later this year.”

Recent Highlights and Achievements

SAFEGUARD

• Initiated the SAFEGUARD ( SAF ety and E fficacy of human anti-thymocyte immuno G lob U lin SAB-142 AR resting progression of type 1 D iabetes) clinical trial of SAB-142 as a novel, potentially best-in-class, disease-modifying immunotherapeutic approach in development to treat T1D by delaying the onset or progression of disease.
• Activated multiple clinical trial sites in the US, Australia, and New Zealand.
• Enrollment is ongoing, and the Company is on-track to dose the first patient by year-end.
• The Company previously aligned with the U.S. Food and Drug Administration (FDA) on the design and advancement of the SAFEGUARD Phase 2b trial as a registrational trial following a constructive Type B regulatory meeting in May.

Clinical Data

• Presented four oral and two poster presentations at the 51 ^st Annual Conference of the International Society for Pediatric and Adolescent Diabetes (ISPAD) November 5-8, 2025, showcasing progress in the development of SAB-142.
  • Key data presented included data from the Phase 1 study showcasing the clinically validated, multi-specific mechanism of action with sustained immunomodulation of SAB-142.
• Presented four oral presentations at the 61 ^st Annual Meeting of the European Association for the Study of Diabetes (EASD).
  • Key data presented included safety data from the Phase 1 trial of SAB-142 demonstrating a favorable safety profile, characterized as not causing serum sickness or anti-drug antibodies at the target dose.
• INNODIA presented the MELD-ATG study data at EASD demonstrating rabbit ATG’s benefit to preserve C-peptide in Stage 3 autoimmune T1D patients, providing further validation of a de-risked mechanism of action for SAB-142.
  • Data demonstrated statistically significant preservation of C-peptide and statistically significant improvement in glycemic control.

Upcoming Anticipated Milestones

• On-track to dose the first patient in SAFEGUARD by the end of the year.
• On-track to share data from SAFEGUARD in 2H 2027.
• The Company plans to present final data from the Phase 1 study of SAB-142, including data from a cohort of T1D participants and data from redosed participants, by the end of the year.
  • Previously, the Company presented data from a Phase 1 trial of SAB-142 in healthy volunteers demonstrating a competitive and favorable safety profile at EASD, ISPAD, and in a Company sponsored R&D presentation.

Q3 2025 Financial Results

• SAB BIO held cash, cash equivalents, and available for sale securities of $161.5 million as of September 30, 2025, compared to $20.8 million as of December 31, 2024.
  
  
• R&D expenses were $9.0 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively. R&D expenses were $23.6 million and $22.6 million for the nine months ended September 30, 2025 and 2024, respectively. The increase is driven by the ongoing investments made to advance the SAB-142 program into Phase 2 clinical trials.
  
  
• General and administrative expenses were $3.7 million and $3.5 million for the three months ended September 30, 2025 and 2024, respectively. General and administrative expenses were $9.6 million and $11.5 million for the nine months ended September 30, 2025 and 2024, respectively. This decrease was driven by reduced payroll related costs and professional fees to prioritize the Company’s continued research activities and development of its product candidates.
  
  
• Other income was $58.1 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively. Other income was $63.3 million and $10.2 million for the nine months ended September 30, 2025 and 2024, respectively. This increase was driven by the change in fair value of warrant liabilities.
  
  
• SAB BIO reported net income of $45.4 million and a net loss of $10.3 million for the three months ended September 30, 2025 and 2024, respectively, and net income of $30.1 million and a net loss of $22.7 million for the nine months ended September 30, 2025 and 2024, respectively.
  

About SAB-142
SAB-142 is a potentially disease-modifying, redosable immunotherapy in clinical development for the treatment of autoimmune type 1 diabetes (T1D). SAB-142 is a multi-specific, fully human anti-thymocyte globulin (hATG) with a mechanism of action analogous to that of rabbit ATG (rATG). rATG has demonstrated in multiple clinical trials the ability to slow disease progression in patients with new or recent onset of Stage 3 T1D. SAB-142, like rATG, directly targets multiple immune cells involved in destroying pancreatic beta cells, including modulation of “bad acting” T-lymphocytes like Cytotoxic T-cells. By stopping immune cells from attacking beta cells, this treatment has the potential to preserve insulin-producing beta cells.

About SAB BIO
SAB BIO is a clinical-stage biopharmaceutical company focused on developing multi-specific, high-potency, human immunoglobulin G (hIgG) to treat and prevent immune and autoimmune disorders. The Company’s lead candidate, SAB-142, targets autoimmune T1D with a disease-modifying therapeutic approach that aims to change the T1D treatment paradigm by delaying onset and potentially preventing disease progression of Stage 3 T1D patients. Using advanced genetic engineering and antibody science, SAB BIO developed a proprietary platform which holds the potential to generate additional novel therapeutic candidates utilizing the human immune response, without the need for human donors or convalescent plasma. SAB BIO has optimized genetic engineering in the development of transchromosomic cattle, or Tc Bovine, to produce hIgG. SAB BIO’s drug development production system is able to generate a diverse repertoire of specifically targeted, high-potency, hIgGs that can address a wide range of serious unmet needs in human diseases. For more information, visit www.sab.bio .

Forward-Looking Statements
Certain statements made in this current report that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “to be,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, including statements about the Company’s expected cash runway, the development and clinical trial results of the Company’s T1D program and other discovery programs, and the timing of dosing, enrollment, and other milestones related to the Company’s programs. These statements are based on the current expectations of SAB BIO and are not predictions of actual performance, and are not intended to serve as, and must not be relied on, by any investor as a guarantee, prediction, definitive statement, or an assurance, of fact or probability. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties and other factors which may be beyond our control. Actual events and circumstances are difficult or impossible to predict, and these risks and uncertainties may cause our or our industry’s results, performance, or achievements to be materially different from those anticipated by these forward-looking statements. A further description of risks and uncertainties can be found in the sections captioned “Risk Factors” in our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, each as may be amended or supplemented from time to time, and other filings with or submissions to, the U.S. Securities and Exchange Commission, which are available at https://www.sec.gov/. Except as otherwise required by law, SAB BIO disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events, or circumstances or otherwise.

CONTACTS
Investors:
Cristi Barnett
[email protected]

Media:
Sheila Carlson
[email protected]

Los Angeles, CA, Nov. 13, 2025 (GLOBE NEWSWIRE) -- OFA Group (NASDAQ: OFAL) (“OFA” or the “Company”), an international architecture, technology, and digital-asset infrastructure company, today announced that its Extraordinary General Meeting of Shareholders (“EGM”), originally scheduled for November 5, 2025, has been rescheduled to November 24, 2025 at 5:00 p.m. Eastern Time.

The meeting will be held exclusively in a virtual format via electronic communication facilities. Instructions for accessing the meeting platform, login credentials, and voting procedures will be provided in the updated proxy materials.

The EGM was rescheduled in order to allow the Company to add and finalize additional items requiring shareholder approval, ensuring shareholders have sufficient time to review the updated information.

At the rescheduled EGM, shareholders will be asked to vote on the following five key matters:

1. Increase of Authorized Share Capital
2. Re-designation of Share Classes
3. Adoption of the Second Amended and Restated Memorandum and Articles of Association :
4. Issuance of Class B Ordinary Shares
5. Approval of the Series A Convertible Preferred Share Financing and Pipe Transaction Documents
6. Approval of the Creation of a Digital Asset Treasury
   
   

Updated proxy materials reflecting the new meeting date, time, and virtual access instructions will be provided to all shareholders of record as of October 10, 2025. Shareholders who previously submitted proxies may update or revoke them at any time prior to the meeting.

OFA Group encourages all shareholders to attend the virtual EGM and participate in these important corporate matters.

About OFA Group

OFA Group (NASDAQ: OFAL) is a diversified architecture, technology, and digital-asset infrastructure company focused on AI-powered design systems, real-world asset tokenization, and next-generation financial technologies. The Company operates through subsidiaries spanning architecture, AI research, digital assets, and real-estate innovation.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. These statements involve risks and uncertainties that may cause actual results to differ materially. OFA Group undertakes no obligation to update any forward-looking statements except as required by law.

Contact

Investor Relations
OFA Group
Email: [email protected]
Website: www.ofagroup.com

NEW YORK, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (“BAM”) (NYSE: BAM, TSX: BAM) a leading global alternative asset manager headquartered in New York with over $1 trillion of assets under management, today announced the pricing of a public offering of (i) $600 million principal amount of senior notes due 2030, which will bear interest at a rate of 4.653% per annum (the “2030 notes”), and (ii) $400 million principal amount of senior notes due 2036, which will bear interest at a rate of 5.298% per annum (the “2036 notes” and, together with the 2030 notes, the “notes”).

The net proceeds from the sale of the notes will be used for general corporate purposes. The offering is expected to close on November 18, 2025, subject to the satisfaction of customary closing conditions.

The notes are being offered under BAM’s existing base shelf prospectus filed in the United States and Canada and pursuant to an effective registration statement on Form F-10 on file with the U.S. Securities and Exchange Commission (File No. 333-287429). Copies of the prospectus supplement and accompanying base shelf prospectus may be obtained free of charge on EDGAR at www.sec.gov/edgar or on SEDAR+ at www.sedarplus.ca. Before you invest, you should read these documents and other public filings by BAM for more complete information about BAM and this offering.

Alternatively, copies can be obtained from the joint book-running managers and underwriters:

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes described in this news release, nor will there be any sale of these notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The notes being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the base shelf prospectus or the prospectus supplement.

Contact Information

About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements” ) . You can identify these forward-looking statements by the use of words such as “outlook”, “believe”, “think”, “expect”, “potential”, “continue”, “may”, “should”, “seek”, “approximately”, “predict”, “intend”, “will”, “plan”, “estimate”, “anticipate”, the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. These statements identify prospective information. Important factors could cause actual results to differ, possibly materially, from those indicated in these statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. In particular, the forward-looking statements contained in this news release include statements referring to the offering, the expected use of proceeds from the offering and the expected closing date of the offering.

Although BAM believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, not presently known to BAM, or that BAM currently believes are not material, could cause actual results or events to differ materially from those contemplated or implied by forward-looking statements. Reference should be made to “Item 1A - Risk Factors” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements” in BAM’s annual reports on Form 10-K, and to “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” in BAM’s most recently filed quarterly report on Form 10-Q.

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, BAM undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

TEJON RANCH, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (the “Company”) (NYSE:TRC), a diversified real estate development and agriculture company, today issued a public letter from President and Chief Executive Officer Matthew Walker to their shareholders, ahead of the Company’s Investor Engagement Event, being held tomorrow at the New York Stock Exchange in New York City.

Dear Shareholders,

Eight months into my tenure at Tejon Ranch Company, I want to speak with you candidly and directly. My goal is straightforward: to show you how I look at our business, where we’ve made progress, where we’re still evolving, how I’m thinking about the future, and my strategy for driving the Company toward success.

I’ve spent these first months immersing myself in every aspect of the Company. I’ve celebrated wins, like the opening of our Terra Vista apartments. I've also made decisions that in hindsight I would have approached differently, such as allocating too much capital to a proxy defense effort. And I've grappled with the reality that our share price has been disappointing for far too long. That needs to change.

I've also heard many of your concerns: frustration over years of capital deployed without commensurate returns, skepticism about resources devoted to long-term projects while near-term performance lags, and anxiety about whether management truly prioritizes shareholder value. I've listened carefully, and my job now is to show you, through actions not words, that we're charting a different course.

Why Tejon Ranch Matters
Before diving into what we're changing, let me briefly explain why I believe Tejon Ranch Company represents a compelling opportunity, one worthy of your patience and continued investment.

• Tejon Ranch is Main on Main. We control 270,000 acres at the gateway between the Central Valley and Los Angeles. Everything connecting these two massive economies runs through our land: highways, rail, water, power, oil and gas, telecom, fiber and more. Like a strategic tollbooth, we capture value from the economic activity flowing between California's two largest regions.   We're not just landowners, we're gatekeepers. We generate durable and compounding revenue from the many users of our incredibly well-located property and are constantly looking to expand this revenue base.
• The Central Valley is California's growth engine. While Los Angeles and the Bay Area have stagnated on multiple fronts, the Central Valley and Kern County where we’re headquartered are experiencing dramatic population and job growth. This threshold fact underlies our commercial and residential development activities. With our strategic location at the neck of the infrastructure hourglass between Northern and Southern California, coupled with our Central Valley setting within the State’s cradle of expansion, Tejon Ranch Company is a well-diversified and extremely effective vehicle for investing in California’s growth engine.
• Tejon Ranch Commerce Center (TRCC) is our flywheel. TRCC generated $110M of cash flow from 2004 through 2024 from commercial and industrial development, with 11 million square feet of remaining entitled density. This isn't speculative future value, it's proven, operational, cash-generating real estate in one of the country's premier logistics corridors. Our retail, residential, and industrial assets create a reinforcing cycle: apartments drive retail traffic, outlets enhance residential appeal, and together they make TRCC a more attractive hub for industrial tenants and users. This is the nucleus from which our growth will expand. Moreover, it is important to recognize that the same challenging California land use entitlement process that we are advancing through today on our master planned communities is what we successfully navigated twenty years ago at TRCC. The financial success that we celebrate at TRCC is a testament to our long term investment perspective.
• Tejon Ranch addresses California's housing crisis. Our three master planned communities represent 35,000 potential homes in a state desperate for housing, while also creating thousands of jobs through our additional commercial development. This is the supply and demand imbalance that drives our investment thesis. The question isn't whether California needs these homes. The question is whether we can deliver them in a way that creates shareholder value without disproportionately consuming our capital. I believe we can, and I'll address that directly in this letter.

This combination—strategic location, income-producing assets, entitled development capacity, and multiple paths to value creation—is rare. The challenge hasn't been our assets. It's been our capital allocation. That's what I'm here to fix.

Capital Allocation: Our Most Consequential Decision
I’ve spent plenty of time in the wilderness over the years. I grew up backpacking in the Sierras with my dad, and I’m the father of four Eagle Scouts (two boys, two girls). In my spare time, I’ve been exploring the vastness of the Ranch, getting a few flat tires in the process. While in the backcountry, I've been struck by two things. First is the spectacular beauty of the land. The stunningly picturesque landscape of the Ranch reinforces why we've worked so hard to preserve the majority of it while developing a few select areas. My second realization as I’ve stood at the intersection of countless roads, trails, canals and easements crisscrossing our 270,000 acres, is that it's remarkably easy to get lost here, both literally and figuratively.

As CEO, I face a similar challenge. I'm surrounded by competing strategies, capital priorities, opportunities and distractions. Every day presents decisions about where to deploy capital, which projects to advance, which to defer, and which to abandon entirely. My job isn't to venture down every promising path, it's to make the choices that ultimately create lasting shareholder value.

This is where discipline matters most. For Tejon Ranch Company, with our complex mix of income-producing properties, long-term development projects, and emerging opportunities, capital allocation isn't just important, it's everything.

My approach is straightforward: prioritize capital for opportunities with proven demand that can generate sustainable cash flow in the near term. This starts with investing in TRCC, where we've demonstrated our ability to create value and compound returns. Any capital allocated to long-term investments like master planned communities must be carefully measured and mitigated through joint venture partnerships, ensuring they don't consume a disproportionate share of today's resources or dilute shareholders.

The Compass of Hurdle Rates
To guide these capital allocation decisions, we need a compass—a clear set of investment hurdles that keep us oriented toward value creation.   After careful discussion with management and our Board, we have reaffirmed the internal hurdle rates that guide us to determine where we deploy our capital.
Not every investment fits neatly into a formula, and some opportunities, particularly those which are strategic or pioneering, deserve flexibility. However, by laying out our hurdles, I want to make clear the framework that we use to stay oriented toward our true north goal of channeling capital toward opportunities that provide compounding value for shareholders.

We find that the roll-up of our operations is best measured with metrics such as Adjusted EBITDA. This measures cash flow and is a better indicator of performance of our overall portfolio than Net Income (though we remain vigilant about our earnings per share). We’ve also received feedback that many of our shareholders look at performance in a similar way. Going forward, we will be enhancing our earnings releases with supplemental financial information that better reflects how we evaluate and manage our investments. By focusing on improving these measures, we anticipate that our Total Shareholder Return will improve materially.

Tracking Investment Performance
The best way to chart a path forward is to understand where we’ve been. At Tejon Ranch Company, that means analyzing the performance of our existing investments against our hurdles and then changing course or divesting from those investments which do not provide acceptable returns, and increasing our capital investment in those which outperform.   The chart below is a summary of the investment return metrics for our existing revenue generating investments, with hurdles achieved shown in green.

When I look at the investment scorecard, the results are clear. The vast majority of the capital deployed into implemented projects has generated results which exceed our hurdle rates, validating the discipline of our approach.

There are exceptions, notably the Outlets at Tejon and the Terra Vista apartments. Both are pioneering efforts that carry strategic importance for TRCC and create demand and land value premiums elsewhere at TRCC. Today, the synergy between these assets is beginning to take hold, setting the stage for material growth in the future. The apartments drive additional retail traffic, and the outlets have been a catalyst for the growth of TRCC’s restaurants, hotels and travel centers and have enhanced the value of our residential community. Collectively they make TRCC a more attractive industrial hub.

Our successful track record is a model for the future and gives me confidence that we are allocating capital to income-producing assets in a way that positions Tejon Ranch for sustained growth.

Going forward, we’ll continue to use joint ventures for capital-intensive projects to avoid dilution and to leverage our partners’ specialized expertise. For smaller, high-yield opportunities, our goal is to invest directly from our balance sheet. We’ll continue to screen projects to ensure that they meet our investment hurdles which are designed to protect per-share value.

The Road Ahead
As we look ahead, I’ve heard the urgency from our shareholders that the future is now: strategic implementation, tighter costs, improved operating margins, disciplined capital, and a credible path to returns. In response, we’ve organized our efforts around four investor-facing priorities, our strategic pillars: Income, Growth, Governance, and Culture . These pillars are designed to guide our actions and drive earnings improvement over the next several quarters. Let me say a few words about each one.

1. Income: Demonstrate Positive Incremental Earnings
To drive incremental income growth from operations, we must focus on increasing revenues and decreasing costs. Below is a discussion of both.

Revenue Growth
Our first priority is to grow earnings from our operating businesses—TRCC, new revenue opportunities, minerals, water and farming. These platforms generate cash today, and we’re optimizing them to generate more tomorrow.

Focus on TRCC
I want to reaffirm our core strategy to focus capital investment on TRCC, pursuing additional industrial development, on balance sheet if possible, plus capitalizing on opportunistic investments which become available. At TRCC, we have proven success plus a considerable runway of 11 million square feet of remaining entitled density. Moreover, as I mentioned above, there is a flywheel effect between industrial, retail and residential investment. To be absolutely clear, future investment in TRCC must be market driven. Controlling the market (as we do), maintaining high occupancy and limiting future supply are all crucial considerations for sustained long term value creation.

On the Horizon: New Revenue Opportunities
Over the past several months, management has completed an exploratory process to identify new revenue sources that take advantage of the unique attributes of the Ranch and produce recurring Adjusted EBITDA. The strongest candidates are those with the lowest capital requirement and which produce the highest yielding cash flow stream with the greatest predictability in the shortest amount of time with the least risk.

The chart below categorizes a wide range of existing and contemplated investments, weighing the revenue potential against the capital investment and resulting yield on cost for each opportunity. Scale matters, so we must prioritize those investments which move the needle the most or which can be implemented and managed with the most efficient use of resources.

The best opportunities are those which are up and to the right. These include ground leases and royalty agreements covering approved land uses and requiring minimal capital. Indeed, there is rarely a free lunch, and most promising ideas are also the most difficult to source and typically come with strings attached – approval challenges, restrictions under existing agreements, not enough revenue for considerable effort, or significant capital requirements. We must cast a wide enough net to catch some fish while differentiating the signal from the noise so that we avoid going down too many rabbit holes. We are optimistic about our investigations into several categories of revenue growth including utilities, energy, recreation, land monetization and commercial real estate. We look forward to reporting on these as they progress.

Existing Land Monetization Efforts
Our oil and gas rights provide royalty income tied to production volumes and commodity prices, while aggregate and other minerals generate cash through easements and extraction royalties from third-party operators. We remain hopeful that recent State permitting reforms will lead to an increase in oil and gas extraction on Tejon’s properties.

Water is one of our most critical resources for future development. Our long-term water rights and contracts provide the foundation for future growth, while strategic water sales help offset the costs of carrying those rights and contracts. There are also several opportunities in the early stages of development where we are looking to leverage our existing water infrastructure to generate additional cash flow.

A Word about Farming
Several shareholders have questioned our farming operations given the reported losses. When measured by cash flow (Adjusted EBITDA) rather than GAAP income (which includes significant non-cash depreciation and yielded farming operating income of $8.1M since 2013 with a 4% margin), farming has generated Adjusted EBITDA before fixed water obligations of $61.3M over 12 years with a 21% margin. These returns exceed our hurdle rates. We will continue evaluating each crop’s economics, but farming remains a portfolio diversifier and supports the water contracts that will ultimately support our residential communities.

Reducing Overhead Costs
As CEO, I must ensure that we spend wisely and foster a culture that remains cost-conscious. Since coming on board in April 2025, I’ve led our team through tough but necessary decisions to improve operating margins and sharpen execution. Most notably, in September we completed a workforce reduction that resulted in more than $2M in annual payroll savings. This reduction, which impacted approximately 20% of our team, affected all levels of the organization. The cuts were difficult but necessary.

I have been challenged by some investors to make deeper reductions. Keep in mind that nearly half of our team works in farming, landscaping and Ranch operations. These are jobs necessary to maintain the 270,000 acre Ranch, and while the positions could potentially be performed by contractors, we are unlikely to save money and would almost assuredly lose control over this essential function.

Additionally, I have been told that we have too many real estate executives. I’ve scrutinized this carefully. In my past, I have personally asset managed sizable portfolios with a concentrated staff. This isn’t that. We’re actively and principally developing and operating several complex projects simultaneously: industrial, retail, residential and other commercial assets in TRCC, three MPCs in different regulatory jurisdictions, dozens of long-term participating contractual relationships, farming and ranch operations plus pursuing new opportunities. After benchmarking against comparable companies and analyzing workload, I'm confident we're appropriately staffed at present. I am constantly evaluating our efficiency against our needs as our business continues to evolve.

We have also worked hard to reduce overhead costs. For example, we have comprehensively evaluated our legal resources and have made several key changes. After an extensive interviewing process, we are convinced that moving forward we are well represented by firms whose billing rates are a fraction of what we were previously paying. We have similarly brought down our audit costs and are in the process of addressing our insurance costs. In total, in addition to our payroll savings, we are targeting a savings of $1.5M next year in recurring overhead between our segments and corporate expenses.

2. Growth: Honor the Land and Invest for Long-Term Value Creation
I know some of you believe we should sell our Mountain Village and Centennial land, return capital to shareholders and/or repurchase shares, and focus exclusively on building out TRCC. I've considered this idea carefully, and here's why I believe a more nuanced approach creates greater value.

Below are the concerns that I have heard from shareholders about our MPC strategy, as well as our response:

We have a specific strategy for each community:

• Grapevine: This year, we have been advancing a business plan for the initial phase of the fully entitled 12,000 unit Grapevine project in planning area 6A, leveraging existing TRCC infrastructure and critical mass to initiate the flywheel on our existing industrial, retail, outlet and multifamily assets. We are confident our concept will resonate in the Kern County market. Grapevine’s entitlement includes an additional 5.1 million square feet of commercial and industrial uses as well. Following Board evaluation and a mapping and permitting process which we estimate will take approximately 24 months, we intend to capitalize the first phase of Grapevine with a JV partner who would fund the new equity without dilution. The JV would implement construction of a master planned community with homes serving residents primarily of Kern County. Anticipated distributions to the Company during the sellout of the initial phase of Grapevine are expected to be orders of magnitude higher than the Company’s current earnings, showing the power of the residential development. We look forward to sharing more details about Grapevine as the project progresses.
• Mountain Village: We intend to raise capital for the 3,450 unit fully entitled Mountain Village project, seeking a joint venture equity partner who would fund the go-forward equity without dilution. For an approximate timeline and subject to a variety of factors and market conditions, we estimate that the JV would complete construction documents over a projected 18 to 24 month period, then break ground on the initial phase of horizontal infrastructure which would take approximately 24 months, and then initiate homesite sales to builders and custom lot buyers. A finite amount of capital would be spent prior to closing the JV (under $1M) and only what is necessary to advance permitting or compliance and present the project to prospective investors. While the Company has been unsuccessful in its capital raising to date, I am confident that with my 25-year background in conceptualizing, capitalizing and developing luxury master planned resort communities, we will achieve a positive outcome.
• Centennial: Following the appellate court rescission of our project approvals, we considered several alternatives for Centennial, including a strategic disposition. The best available option which preserves our investment in Centennial is to file amended project entitlements addressing the court’s specific concerns. The number of contested topics has been substantially reduced, and we have responsive plans addressing each issue. Moreover, following our anticipated submittal of updated supplemental environmental documentation within the next several months, we are optimistic that Los Angeles County will again support and approve our effort next year, and we remain optimistic that ongoing CEQA reform will further streamline the process for approvals. Upon approval and successful defense, we'll have a valuable asset with 19,333 units and 10.1 million square feet of commercial entitled density in Los Angeles County with considerable optionality.
  

I would like to emphasize that my approach to all of our investments, including our MPC’s, is that there are no sacred cows and we must objectively consider any and all options for every asset in the best interests of our shareholders.

3. Governance and Communications: Respect Shareholders and Be Transparent
During my time as CEO, I’ve enjoyed working with our Board, individually and collectively. I’ve found them to be extremely thoughtful, diverse in their backgrounds and deeply caring with respect to the Company and its long-term interests. They have provided me with valuable input to make informed decisions about the Company.

Nonetheless, our governance can be improved and streamlined in the same way that we’re addressing our management team. We’ve taken several steps already, including adding depth to our Board’s Executive Committee and naming committee vice chairs to ensure seamless succession.

Looking ahead to the upcoming 2026 proxy and annual shareholder meeting, the Board has instructed the Nominating and Governing Committee to start the process to evaluate both the reduction of the number of directors elected at the May 2026 shareholder meeting as well as the elimination of the Executive Committee. I will report on this topic as the process unfolds.

We have also heard from shareholders about the desire to have a special meeting if requested by a certain percentage of shareholders. The Board has discussed this topic and will be proposing a special meeting right with a 25% threshold which would appear in the proxy statement for shareholder consideration at the 2026 annual shareholder meeting. The majority of public companies with a special meeting right have set the ownership threshold at 25%.

We’re also finalizing our executive compensation plan for 2026 to better align with market expectations and shareholder priorities. This plan will be presented to the Board for approval this December and implemented next year. Additionally, I have deferred and partially reduced a portion of my sign-on incentive as part of our cost streamlining effort.

We have taken several positive steps forward as to how we report and communicate to you, our shareholders. This includes hosting our first quarterly earnings call on November 6th and our Investor Engagement Event on November 14th. As I noted above, we are enhancing our earnings releases with supplemental financial information to provide greater transparency into the Company’s operations, including Adjusted EBITDA by segment and JV earnings. This effort will help shareholders gain a clearer understanding of each segment’s performance. We also intend to hold an in-person/hybrid annual shareholder meeting in 2026 for those shareholders who want to participate, and will offer tours of our assets on the Ranch.

4. Culture: Foster a Cohesive Atmosphere to Drive Performance
Finally, we’re building a team that’s engaged, entrepreneurial, and focused on results. I recognize that workforce reductions can impact morale, which is why engagement is more important than ever. In a leaner organization, performance depends on a highly-functioning, motivated team.

I believe in experimentation, taking ownership, and doing things the right way. Together with senior management, we’re cultivating a culture that reflects our shared commitment to succeed and deliver the outcomes our shareholders expect. After reviewing our organization, I’m confident that this is the team we need to win.

What to Expect and When
Accountability requires measurable milestones. Here's what you should expect over the next 18 months:

• Q1 2026: Enhanced supplemental financial information reporting
• Q2 2026: Board size reduction at Annual Shareholder Meeting
• Q3 2026: Progress update on Grapevine planning; additional TRCC investments
• Q4 2026: Year-over-year cost savings fully realized
• 1H 2027: Mountain Village capital raise process culminates
  

These aren't aspirations, they're commitments I'm making to you today.

In Closing: Accountability and Action
I’ve spent eight months exploring the literal and figurative landscape of our Company. Today we stand at a crossroads. Once as an Assistant Scoutmaster, I successfully chased down the hiking boot of a Boy Scout who attempted (unsuccessfully) to throw his only footwear across a waist deep river on Day 2 of a ten-day backpack trip. A road nearly poorly taken. My job is to learn from past mistakes, both my hiking misadventures and our Company's strategic decisions, and chart a wiser course forward.

My goal in this letter is to show you how I intend to lead Tejon Ranch Company down a path toward success. It starts with having a clear framework for capital allocation by establishing investment hurdles and analyzing our existing investment performance. Our plan focuses on prioritizing the four strategic pillars of income, growth, governance and culture. We are scouring the land in search of new revenue sources and have made the right steps to reduce our overhead so that we can implement our plan with maximum impact on the bottom line.

I know some of you want faster transformation and more change. I'm balancing two imperatives: first, moving quickly enough to be opportunistic and to enact meaningful change, and second, being deliberate enough to avoid missteps that would set us back. We're making fundamental progress today that we expect will compound over the coming quarters. I'm confident you'll see material results within the timeframe I've outlined.

You've watched this company for years, sometimes decades, and you have reason to be skeptical. This year’s contested election has made clear that the status quo is unacceptable. I’ve heard that message. If we haven't delivered improved Adjusted EBITDA, new revenue streams, and momentum on our MPC partnerships by this time next year, I'll be the first to acknowledge it and adjust course. That's my commitment to you.

Sincerely,

Matthew H. Walker
President and Chief Executive Officer
Tejon Ranch Company

Forward-Looking Statements
This letter contains forward-looking statements within the meaning of the federal securities laws. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding the Company’s business plans, strategies, prospects, objectives, milestones, future operating results, financial condition, expectations regarding capital allocation, cost savings, share repurchases, entitlement and development timelines, partnerships, regulatory reforms, and other future events or circumstances are forward-looking statements. These statements reflect the Company’s current expectations and beliefs about future developments and their potential effects on the Company. Forward-looking statements are not guarantees of performance and speak only as of the date of this letter.

Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “will,” “should,” “would,” “likely,” “improve,” “commit,” and similar expressions, as well as discussions of strategy, objectives, and intentions, are intended to identify forward-looking statements. These statements are based on current assumptions and involve known and unknown risks, uncertainties, and other factors—many of which are beyond the Company’s control—that could cause actual results to differ materially from those expressed or implied. Such factors include, but are not limited to, market, economic, geopolitical and weather conditions; the availability and cost of financing for land development and other activities; competition; commodity prices and agricultural yields; success in obtaining and maintaining governmental entitlements and permits; the timing and outcome of regulatory or litigation processes; demand for commercial, industrial, residential, and retail real estate; and other risks inherent in real estate and agricultural operations.

No assurance can be given that actual results will not differ materially from those expressed or implied by these forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements. For a discussion of risks and uncertainties that could cause actual results to differ, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent filings with the U.S. Securities and Exchange Commission.

Non-GAAP Financial Measures
EBITDA represents earnings before interest, taxes, depreciation, and amortization, a non-GAAP financial measure, and is used by us and others as a supplemental measure of performance. We use Adjusted EBITDA to assess the performance of our core operations, for financial and operational decision making, and as a supplemental or additional means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as EBITDA, excluding stock compensation expense. We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view income from our operations on an unleveraged basis, before the effects of taxes, depreciation and amortization, and stock compensation expense and other items impacting comparability. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure our performance independent of our capital structure and indebtedness and, therefore, allow for a more meaningful comparison of our performance to that of other companies, both in the real estate industry and in other industries. We believe that excluding charges related to share-based compensation facilitates a comparison of our operations across periods and among other companies without the variances caused by different valuation methodologies, the volatility of the expense (which depends on market forces outside our control), and the assumptions and the variety of award types that a company can use. In addition, the Company excludes other items impacting comparability to provide a clearer understanding of its core operating performance. EBITDA and Adjusted EBITDA have limitations as measures of our performance. EBITDA and Adjusted EBITDA do not reflect our historical cash expenditures or future cash requirements for capital expenditures or contractual commitments. While EBITDA and Adjusted EBITDA are relevant and widely used measures of performance, they do not represent net (loss) income or cash flows from operations as defined by GAAP. Further, our computation of EBITDA and Adjusted EBITDA may not be comparable to similar measures reported by other companies.

Reconciliation of Adjusted Farming EBITDA before Fixed Water Obligations
The Company evaluates the performance of its farming operations using Adjusted Farming EBITDA before fixed water obligations, a non-GAAP financial measure. Management believes this measure provides a meaningful representation of the underlying profitability and cash flow potential of its agricultural operations by excluding both non-operating items and the fixed water obligation, which represents a non-controllable infrastructure cost incurred regardless of the level of farming activity in this segment.

The fixed water obligations reflect the Company’s allocated share of infrastructure and financing costs associated with the transmission and delivery of water to the Company’s property. These obligations primarily consist of annual assessments levied to repay bonds issued by the State of California to finance the construction and on-going maintenance of the state water project system and local water districts water systems. The landowners who hold water rights, including the Company, are responsible for repaying these bonds through fixed annual payments.

Unlike variable water costs which are included in farming expenses, management views the fixed water obligation as an infrastructure cost that supports long-term access to water resources, rather than an essential operating cost of farming. Accordingly, Adjusted Farming EBITDA before fixed water obligations allows management and investors to evaluate the operating performance of the Company’s farming segment independent of the fixed costs associated with water infrastructure.

About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 15 miles south of Bakersfield.

More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com .

Contact:
Nicholas Ortiz
Senior Vice President, Corporate Communications & Public Affairs
[email protected]
(661) 331-0313

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/a324eaf0-8c95-4121-9af4-906b9c984e2c

https://www.globenewswire.com/NewsRoom/AttachmentNg/5f3ee37d-f952-47ca-ab04-389be999fc65

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GREENWICH, Conn., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium carbonate, today announced its results for the third quarter ended September 30, 2025.

Third Quarter 2025 Business Updates and Subsequent Events

Operational highlights for the third quarter of 2025 include:

• The FEL-3 engineering report was completed for the Muskogee, Oklahoma lithium refinery, detailing Phase 1 capacity of 25,000 metric tons per annum (mtpa) (expandable to 50,000 mtpa), and estimated CapEx of approximately $500 million (including owner’s cost, contingency, and escalation), which is about $200 million below the prior estimate. The report outlined a 24-month construction timeline and a 90% probability of cost achievement.
• An independent third-party engineering review is underway, which evaluates the design assumptions underlying the Muskogee lithium refinery, determines achievability of the project’s objectives and identifies risks in the Company’s project execution plans.
• Stardust Power regained full listing compliance, with its shares continuing to trade under the ticker “SDST” on the Nasdaq Capital Market.
• Subsequent to quarter end, the Company executed two separate supply agreements with Prairie Lithium and Mandrake Lithium to secure 13,500 metric tons of lithium carbonate equivalent (LCE) as lithium chloride feedstock for the Muskogee, Oklahoma refinery.

Roshan Pujari, Founder and CEO of Stardust Power commented, “This has been a quarter of strong execution and tangible progress. With our FEL-3 engineering complete, third-party validation approaching completion, with initial long-term supply secured and additional agreements in progress, we’re advancing rapidly toward final investment decision and the start of construction in Muskogee. Each milestone brings us closer to establishing a major U.S. source of battery-grade lithium.”

Third Quarter Financial Highlights

• The Company remains debt-free, with no long term corporate debt outstanding as of September 30, 2025.
• As of September 30, 2025, the Company had cash and cash equivalents of approximately $1.6 million.
• Net Loss of $4.5 million for the third quarter of 2025, compared to $10.1 million for the prior year quarter ended September 30, 2024.
• Net Loss per share improved to $(0.53) for the third quarter of 2025, compared to $(2.23) for the prior year quarter.
• Net cash used in operating activities decreased to $6.5 million for the nine months ended September 30, 2025, compared to $8.5 million for the prior year period primarily driven by certain expenses related to the close of the business combination incurred in prior year offset partially by our continued investment in operations and hiring of key talent.
• Net cash used in investing activities was $3.0 million for the nine months ended September 30, 2025, compared to $1.3 million for the prior year period, driven by our initial capital investments made in the anticipated building of the refinery.
• Net cash provided by financing activities was $10.2 million for the nine months ended September 30, 2025, compared to $10.1 million for the prior year period. During the current period, cash provided by financing activities was driven primarily by $12.0 million in net proceeds from public offerings and warrant inducements, and $1.6 million proceeds from common stock issuances, offset partially by the repayment of $3.8 million of short-term loans. The prior year period financing cash flow resulted from cash received from closing of the business combination including proceeds from the PIPE subscription agreements and convertible notes, net of transaction costs paid.
  

Conference Call Details

Stardust Power will host a conference call to discuss the results today, November 13, 2025, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions:

https://register-conf.media-server.com/register/BI8410ddc4006d40c8b384816eaeaa1ee7

Upon registering at the link you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in:

https://edge.media-server.com/mmc/p/ydbh7nh5

The earnings call will be available on the Company website following the event.
About Stardust Power

Stardust Power is a developer battery-grade lithium carbonate designed to bolster America’s energy security through resilient supply chains. The Company is building a strategically located lithium refinery in Muskogee, Oklahoma, with the capacity to produce up to 50,000 metric tons of battery-grade lithium carbonate annually. Committed to sustainability at every stage, Stardust Power trades on Nasdaq under the ticker “SDST.”

For more information, visit www.stardust-power.com

Cautionary Statement Regarding Forward-Looking Statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects. These statements may include, without limitation, statements regarding management’s expectations about future business strategies, financial performance, operating results, growth opportunities, market developments, competitive position, regulatory outlook, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “model,” “outlook,” “plan,” “predict,” “project,” “seek,” “target,” “will,” “could,” “should,” or similar expressions.

Forward-looking statements are not guarantees of future performance. They are based on current expectations, estimates, forecasts, and assumptions that involve significant risks and uncertainties, many of which are beyond the Company’s control and are difficult to predict. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including but not limited to: macroeconomic conditions; inflationary pressures; changes in interest rates; supply chain disruptions; evolving consumer demand; competitive and technological developments; regulatory or legal changes; litigation exposure; cybersecurity threats; and fluctuations in foreign exchange rates. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. Except as required by law, the Company assumes no obligation and expressly disclaims any duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, even if subsequent events cause expectations to change.

You should consult our filings with the U.S. Securities and Exchange Commission (SEC), including the “Risk Factors” section of its most recent Annual Report on Form 10-K and subsequent filings on Form 10-Q, for additional detail about the factors that could affect our financial and other results.

Stardust Power Contacts

For Investors:

Johanna Gonzalez
[email protected]

For Media:

Michael Thompson
[email protected]

KUALA LUMPUR, Malaysia, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bio Green Med Solution, Inc. (NASDAQ: BGMS, NASDAQ: BGMSP; "BGMS" or the "Company" (formerly Cyclacel Pharmaceuticals, Inc.)), a diversified company engaged primarily in the provision of fire safety protection and distribution activities, today announced third quarter financial results and provided a business update.

Highlights of the third quarter ended September 30, 2025, or in some cases shortly thereafter, include:

• In July, the Company implemented a one-for-fifteen reverse stock split effective on July 7, 2025 on which day the Company’s common stock began trading on a split-adjusted basis in an effort to meet the share bid price requirements of The Nasdaq Capital Market.
  
• In September, the Company entered into a Warrant Exchange Agreement (the “Exchange Agreement”) with certain accredited investors (the “Holders”) of certain existing warrants (the “Exchanged Warrants”) to purchase an aggregate of 559,395 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”). The Exchanged Warrants were originally issued pursuant to a securities purchase agreement, dated as of June 20, 2025 by and between the Company and each Holder. Pursuant to the Exchange Agreement, the Company agreed to exchange with the Holders, respectively, the Exchanged Warrants for an aggregate of 559,395 shares of Common Stock (the “New Shares”).
  
• In September, the Company completed its previously announced share exchange agreement with FITTERS Diversified Berhad, a Malaysian publicly listed company (“Fitters Parent”) and FITTERS Sdn. Bhd., a Malaysia based private limited company and wholly-owned subsidiary of Fitters Parent to effect a voluntary share exchange transaction whereby Fitters Parent exchanged all of its ownership interest in FITTERS Sdn. Bhd. representing 100% of all of the issued and outstanding capital shares of FITTERS Sdn. Bhd, for approximately 19.99% of all of the issued and outstanding shares of common stock of the Company on the closing date of the transaction. Following the closing of the transaction, FITTERS Sdn. Bhd. became a wholly-owned subsidiary of the Company and Datuk Dr. Doris Wong Sing Ee, the Chief Executive Officer and Executive Director of the Company, was appointed as a director of Fitters and all of its subsidiaries;
• In early October, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Tethra Biosciences Inc., a Delaware corporation (the “Buyer”). Under the terms of the Purchase Agreement, the Company agreed to sell, and the Buyer agreed to purchase, certain assets, including all patent rights of the Company related to Plogosertib, a polo-like kinase 1 (PLK 1) inhibitor for treatment of advanced cancers and hematological malignancies (“Plogo”), for a purchase price of $300,000, plus a further potential Milestone payment (as defined in the Purchase Agreement) of $170,000.
• Also in October, the Board of Directors of the Company declared a quarterly cash dividend of $0.15 per share on the Company’s 6% Convertible Exchangeable Preferred Stock, which cash dividend was paid on November 1, 2025, to holders of record as of the close of business on October 20, 2025;
• In early November, the Company entered into a Warrant Exchange Agreement (the “Exchange Agreement”) with certain accredited investors (the “Holders”) of certain existing warrants (the “Exchanged Warrants”) to purchase an aggregate of 1,402,605 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”). The Exchanged Warrants were originally issued pursuant to a securities purchase agreement, dated as of June 20, 2025 by and between the Company and each Holder. Pursuant to the Exchange Agreement, the Company agreed to exchange with the Holders, respectively, the Exchanged Warrants for an aggregate of 1,402,605 shares of Common Stock (the “New Shares”).
  
  

Financial Highlights

As of September 30, 2025, cash and cash equivalents totaled $3.8 million, compared to $3.1 million as of December 31, 2024.

Net cash used in operating activities was $0.4 million for the three months ended September 30, 2025. The Company estimates that its current cash resources will fund planned expenditure into the first quarter of 2026.

Following the acquisition of Fitters Sdn. Bhd. on September 12, 2025, product revenue from sales and distribution of fire safety equipment was $81,000 for the three months ended September 30, 2025.

Cost of sales related to sales and distribution of fire safety equipment was $64,000 for the three months ended September 30, 2025.

Research and development expenses were $0 for the three months ended September 30, 2025, as compared to $1.0 million for the same period in 2024. Expenditure for the transcriptional regulation program ceased as a result of the Company’s UK subsidiary, Cyclacel Limited, being liquidated on January 24, 2025. Research and development expenses relating to plogosertib were paused as we explored an alternative salt, oral formulation with improved bioavailability.

General and administrative expenses decreased by approximately $0.2 million from $1.2 million for the three months ended September 30, 2024 to $1.0 million for the three months ended September 30, 2025, due to lower operating costs of the company under current management.

Total other income, net, for the three months ended September 30, 2025, was broadly flat year on year.

United Kingdom research & development tax credits for the three months ended September 30, 2024, were $0.2 million. There were no research and development tax credits for the three months ended September 30, 2025, following the liquidation of the UK subsidiary and the subsequent loss of eligibility for recoverable tax credits as a result thereof.

Net loss for the three months ended September 30, 2025, was $1.0 million (including stock-based compensation expense of $6,000), compared to $2.0 million (including stock-based compensation expense of $0.1 million) for the same period in 2024.

About Bio Green Med Solution, Inc.

BGMS is a diversified company that was formerly engaged in the biopharmaceutical industry but as of September 2025 has shifted its operations to focus on provision of fire safety protection and distribution activities. Specifically, on September 12, 2025, the Company completed its acquisition of Fitters Sdn. Bhd., a Malaysia-based group specializing in fire protection products and services. Headquartered in Malaysia, the Company is now focused on advancing opportunities across these distinct sectors whilst maintaining its commitment to driving long-term value creation for shareholders. For additional information, please visit www.bgmsglobal.com .

Forward-looking Statements

Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report. BGMS’s SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at https://investor.bgmsglobal.com/sec-filings . Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE:
Bio Green Med Solution, Inc.
[email protected]

HOUSTON, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the third quarter of 2025.

Key Highlights

• Generated third quarter 2025 sales volumes of 12,293 barrels of oil equivalent per day (“Boe/d”) (53% oil)
• AGI facility remains out of service
• Gas Production is being treated by third party
• The Company has entered into an amendment of its existing credit facility allowing additional operational flexibility
• The Company continues to pursue potential merger, acquisition and divestiture opportunities
  

Management Comments

Drilling and completion operations concluded in the West Quito Draw with two wells coming online and producing an average of 883 Boe/ day over the first 120 days of production. Well operations yielded more than $1.1 million in savings per well across all phases compared to AFE. Both wells are still on choke while flowing back, confirming the significant inventory in the asset area.

The acid gas injection (“AGI”) facility ceased operations on August 11, 2025 and remains out of service. In response, we temporarily shut in a portion of our Monument Draw field and redirected our gas production to alternative gas processing options available in the immediate vicinity of our operations. Currently, we have brought most wells back online; however, approximately 1,600 barrels of oil per day remain shut-in across Monument Draw ready to flow to sales.

Results of Operations

Average daily net production and total operating revenue during the third quarter of 2025 were 12,293 Boe/d (53% oil) and $43.5 million, respectively, as compared to production and revenue of 12,076 Boe/d (52% oil) and $45.3 million, respectively, during the third quarter of 2024. The decrease in revenues in the third quarter of 2025 as compared to the third quarter of 2024 is primarily attributable to a $2.24 decrease per Boe in average realized prices (excluding the impact of hedges) partially offset by an approximate 217 Boe/d increase in average daily production. Excluding the impact of hedges, Battalion realized 98.3% of the average NYMEX oil price during the third quarter of 2025. Realized hedge gains totaled approximately $4.1 million during the third quarter of 2025.

Lease operating and workover expense was $11.69 per Boe in the third quarter of 2025 versus $11.56 per Boe in the third quarter of 2024. The increase in lease operating and workover expense per Boe year-over-year is primarily the result of increased water production from new wells yielding higher disposal costs. Gathering and other expenses were $9.02 per Boe in the third quarter of 2025 versus $11.20 per Boe in the third quarter of 2024. The decrease in gathering and other expenses per Boe is primarily related to progress made at the central production facilities yielding lower labor and repair costs as well as increased throughput and overall production volumes being treated by the AGI facility during 2025. Although the AGI facility ceased operations on August 11, 2025, we were able to secure treatment at alternative facilities. The AGI facility treated natural gas production from March 2024 to August 11, 2025. General and administrative expenses were $2.73 per Boe in the third quarter of 2025 compared to $3.46 per Boe in the third quarter of 2024. The decrease in general and administrative expenses for the third quarter of 2025 is primarily due to lower merger costs. Excluding non-recurring charges, general and administrative expenses would have been $2.44 per Boe in the third quarter of 2025 compared to $2.58 per Boe in the third quarter of 2024.

For the third quarter of 2025, the Company reported a net loss available to common stockholders of $15.0 million and a net loss of $0.91 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the third quarter of 2025 of $15.7 million or an adjusted diluted net loss of $0.96 per common share (see Reconciliation for additional information). Adjusted EBITDA during the third quarter ended September 30, 2025 was $18.9 million as compared to $13.5 million during the quarter ended September 30, 2024 (see Adjusted EBITDA Reconciliation table for additional information).

Liquidity and Balance Sheet

As of September 30, 2025, the Company had $213.8 million of term loan indebtedness outstanding and total liquidity made up of cash and cash equivalents of $50.5 million.

On November 12, 2025, the Company entered into the Second Amendment to the Second Amended and Restated Senior Secured Credit Agreement which provides total net leverage ratio and asset coverage ratio covenant relief through the fiscal quarter ended June 30, 2027.

For additional details on liquidity, financial position, and recent developments, please refer to Management’s Discussion and Analysis and Risk Factors included in Battalion’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", “projects,” "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.battalionoil.com . Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.

About Battalion

Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Contact

Matthew B. Steele
Chief Executive Officer & Principal Financial Officer
832-538-0300

THE WOODLANDS, Texas, Nov. 13, 2025 (GLOBE NEWSWIRE) -- TWFG Insurance announced a series of pivotal leadership appointments designed to accelerate the company’s growth and strengthen its position for continued industry innovations.

Katherine Nolan , who has served as Chief Operating Officer for more than 16 years, has been promoted to President . A seasoned insurance executive, Nolan has played a critical role in TWFG’s expansion and operational excellence. Her leadership and vision will continue to shape the company’s future as it enters its next phase of growth.

Julie Benes , previously General Counsel for over 6 years, has been appointed Chief Legal Officer . Benes’ contributions have played a critical role in shaping TWFG’s legal strategy and enabling long-term success. Benes is responsible for all legal and compliance matters and has a strategic focus on growing and expanding the business through M&A and various business initiatives.

TWFG also welcomes Mohan Vijayagopal as Chief Technology Officer . With over 20 years of technology leadership experience, he will play a pivotal role in driving TWFG's digital strategies. Vijayagopal brings substantial experience in enterprise transformation, cloud architecture, core platform modernization, AI strategy, and technology delivery.

“These leadership changes mark an exciting chapter for us as a company,” stated Gordy Bunch, Founder and CEO of TWFG Insurance. “The combined experience of our executive management team positions us to continue accelerating growth and embracing innovation.”

About TWFG Insurance

TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com .

Media Contact:
Alex Bunch
Chief Marketing Officer
TWFG Insurance
[email protected]

WALNUT, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Armlogi Holding Corp. (“Armlogi” or the “Company”) (Nasdaq: BTOC), a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, today announced financial results for its first quarter ended September 30, 2025 of fiscal year 2026.

First Quarter Fiscal Year 2026 Financial Highlights:

• Total revenue increased by 16.5% to $49.5 million for the first quarter of fiscal year 2026, compared to $42.5 million for the first quarter of fiscal year 2025, driven by continued strong demand for both transportation and warehousing services.
  
• Transportation services revenue grew 12.6% to $32.1 million, reflecting increased shipment volumes from new warehouse locations.
  
• Warehousing services revenue rose 24.4% to $17.4 million, driven by the expansion of the Company’s warehouse network.
  
• Gross loss improved to $2.5 million, or (5.0%) of revenue, in the first quarter of fiscal year 2025, compared to a gross loss of $3.6 million, or (8.5%) of revenue, in the first quarter of fiscal 2024, demonstrating progress despite continued freight cost pressures.
  
• Net loss was $6.5 million, or $(0.15) per basic and diluted share, for the first quarter of fiscal year 2026, compared to a net loss of $4.6 million, or $(0.11) per share, for the first quarter of fiscal year 2025.
  
• Active customer base expanded to 607 customers as of September 30, 2025, compared to 505 as of June 30, 2025.
  
• Cash, cash equivalents, and restricted cash totaled $10.8 million as of September 30, 2025.
  

Management Commentary

Aidy Chou, Chairman and CEO of Armlogi, said, "Our first quarter results show that our core business is still growing, with revenue up 16.5% year over year and improvement in our gross margin profile. We are especially happy with the 24% increase in revenue from our warehousing services, which shows that customers are using our expanded facilities and full range of logistics solutions.”

"Even though we are still addressing rising freight costs across the board, especially from big carriers like FedEx, we have made progress in diversifying our carrier relationships and setting more competitive prices. Our gross margin improved year over year, which we believe is indicative that our operational efforts are starting to yield results.”

"Our network of warehouses now includes ten locations and covers about 3.9 million square feet. We believe this positions us favorably to meet the growing needs of cross-border e-commerce merchants. Adding our Illinois facility has been especially important because it has increased our presence in the Midwest and made it easier for us to serve customers nationwide.”

Mr. Chou concluded, "Looking ahead, we will continue to focus on three main goals: making the most of our expanded warehouse network, improving our gross margin profile through operational efficiencies, and selectively pursuing growth opportunities that fit with our strategic vision. We believe Armlogi is well-positioned to deliver long-term value to our stockholders, thanks to our infrastructure and growing customer base.”

About Armlogi Holding Corp.

Armlogi Holding Corp., based in Walnut, CA, is a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions, including warehouse management and order fulfillment. The Company caters to cross-border e-commerce merchants looking to establish overseas warehouses in the U.S. market. With ten warehouses covering over three and a half million square feet, the Company offers comprehensive one-stop warehousing and logistics services. The Company’s warehouses are equipped with facilities and technology for handling and storing large and bulky items. Armlogi is a member of the Russell Microcap® Index. For more information, please visit www.armlogi.com .

Forward-Looking Statements
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to keep pace with new technology and changing market needs and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us.

Company Contact:
[email protected]

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]

*** tables follow ***

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that total the same amounts shown in the Consolidated Statements of Cash Flows:

WESTFORD, Mass., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) announced today that its Board of Directors has approved a quarterly cash dividend to stockholders of $0.34 per share to be paid on February 5, 2026 to stockholders of record as of the close of business on January 8, 2026. Future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change.

About Kadant
Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing ^® . The Company’s products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 3,900 employees in 22 countries worldwide. For more information, visit kadant.com .

Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our business, financial performance, and cash dividend program. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading “Risk Factors” in Kadant’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions.

Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000
[email protected]

Media Contact Information:
Wes Martz, 978-776-2000
[email protected]