Bank of San Francisco New Stock (OTC: BSFO)

Latest news for Bank of San Francisco New (OTC:BSFO) Stock

Bank of San Francisco New is a United States-based state-chartered commercial bank. It provides a full range of banking services to individuals, businesses, and other clients. The firm offers personal, business and online, and mobile banking services. It offers a variety of deposit products, including checking, savings, money market, and certificates of deposit. It also engages in mortgage banking activities and such as originates and both brokers and retains in portfolio one-to-four unit residential mortgage loans.

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

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Varonis Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNS#NASDAQ">VRNS</a>) reported better-than-expected second-quarter financial results and <a href="https://www.benzinga.com/quote/VRNS/earnings">raised its FY24 guidance on Monday.</a>
Varonis Systems reported quarterly earnings of 5 cents per share which beat the analyst consensus estimate for a loss of 2 cents per share. The company reported quarterly sales of $130.346 million which beat the analyst consensus estimate of $124.842 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Varonis raised its FY24 revenue guidance from $536 million &#8211; $546 million to $544 million &#8211; $552 million. The company boosted adjusted earnings outlook from 13 cents-16 cents per share to 22 cents-24 cents per share.
Varonis Systems shares gained 0.1% to close at $48.49 on Monday.
These analysts made changes to their price targets on Varonis Systems following the announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/634fc93b2048c3000154adda/shrenik-kothari">Baird analyst Shrenik Kothari</a> upgraded Varonis from Neutral to Outperform and raised the price target from $52 to $60.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/590783e6290fa70001409b4a/rob-owens">Piper Sandler analyst Rob Owens</a> maintained the stock with a Neutral and raised the price target from $45 to $48.</li>
<li><a href="https://www.benzinga.com/topic/shyam-patil">Susquehanna analyst Shyam Patil</a> maintained Varonis with a Positive rating, while raising the price target from $55 to $65.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586f8e4a72b34c0001c9b134/saket-kalia">Barclays analyst Saket Kalia</a> maintained Varonis with an Overweight and boosted the price target from $55 to $60.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/57fdefd3ac6af40001334e3e/joel-fishbein">Truist Securities analyst Joel Fishbein</a> reiterated Varonis with a Buy and raised the price target from $55 to $60.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58a3019243eaaa00011f4050/andrew-nowinski">Wells Fargo analyst Andrew Nowinski</a> maintained the stock with an Equal-Weight and increased the price target from $45 to $48.</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/40029782/us-stocks-close-mixed-ahead-of-big-earnings-fed-decision-investor-optimism-improves-further">US Stocks Close Mixed Ahead Of Big Earnings, Fed Decision: Investor Optimism Improves Further</a></li>
</ul>

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VRNS

These Analysts Raise Their Forecasts On Varonis Systems Folloiwng Upbeat Results

BMO Capital analyst Ketan Mamtora maintains West Fraser Timber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFG#NYSE">WFG</a>) with a Outperform and raises the price target from $92 to $105.

BMO Capital Maintains Outperform on West Fraser Timber, Raises Price Target to $105

Tilray Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) shares are trading higher Tuesday after the company reported better-than-expected financial results <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40036301/tilray-should-be-a-long-term-holding-in-any-global-portfolio-of-cannabis-stocks-say">for the fourth quarter</a>.
<ul>
<li>Q4 Revenue: $229.882 million, versus <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $227.07 million</li>
</ul>
<ul>
<li>Q4 EPS: 4 cents, versus estimates for a loss of 2 cents</li>
</ul>
Total revenue was up approximately 25% on a year-over-year basis. Cannabis net revenue jumped&nbsp;12%&nbsp;to&nbsp;$71.9 million in the quarter, while beverage-alcohol net revenue increased&nbsp;137%&nbsp;to&nbsp;$76.7 million. Distribution net revenue fell to&nbsp;$65.6 million&nbsp;in the fourth quarter and Wellness net revenue increased&nbsp;6%&nbsp;to&nbsp;$15.7 million.
Gross profit came in at&nbsp;$82.4 million in the fourth quarter. Gross margin&nbsp;and adjusted gross margin was&nbsp;36%. Adjusted EBITDA increased 37% year-over-year to&nbsp;$29.5 million&nbsp;in the&nbsp;fourth quarter. Tilray noted that it reduced its net convertible debt by about $300 million in fiscal 2024.
"Tilray Brands is leading the convergence of cannabis, beverages, and wellness on a global scale," said&nbsp;Irwin Simon, chairman and CEO of Tilray Brands.
"In Fiscal 2024, the Company achieved remarkable growth across its businesses, with a&nbsp;26%&nbsp;increase in net revenue over the prior year, record-breaking performance in gross profit and adjusted EBITDA, and generated positive adjusted free cash flow for the fiscal year. We have also significantly reduced our net convertible debt by ~$300 million&nbsp;and surpassed our cost-savings synergy target, which has strengthened our balance sheet."
Following the print, Zuanic &amp; Associates senior analyst&nbsp;Pablo Zuanic maintained a <a href="https://www.benzinga.com/analyst-stock-ratings">Neutral rating</a> on Tilray shares, but noted that the stock&nbsp;should be a long-term holding in global cannabis portfolios.
Check This Out: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40036301/tilray-should-be-a-long-term-holding-in-any-global-portfolio-of-cannabis-stocks-say">&#8216;Tilray Should Be A Long-Term Holding In Any Global Portfolio Of Cannabis Stocks,&#8217; Says Analyst</a>
TLRY Price Action: <a href="https://www.benzinga.com/quote/TLRY" target="_blank" rel="noreferrer noopener">Tilray shares</a> were up 7.65% at $1.97 at the time of publication, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: iQoncept via Shutterstock.

Movers

TLRY

Tilray Stock Is Trading Higher Tuesday: Here's Why

BMO Capital analyst Jeremy Mccrea maintains Topaz Energy (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TPZ#TSX">TPZ</a>) with a Outperform and raises the price target from C$29 to C$30.

TSX:TPZ

BMO Capital Maintains Outperform on Topaz Energy, Raises Price Target to C$30

The elite group known as the Magnificent Seven faces a decisive market test as four mega-cap tech giants report their latest <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40006542/apple-amazon-microsoft-meta-lead-the-charge-as-investors-bank-on-tech-cheer-for-ral">quarterly earnings this week. </a>
Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) will kick things off on Tuesday, reporting its fiscal fourth-quarter 2024 earnings after market close.
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) will take the spotlight after the market closes on Wednesday, potentially making for a volatile day as traders assess interest rate moves following the Federal Reserve policy meeting and Fed Chair Jerome Powell&#8216;s press conference.
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will both report their fiscal second-quarter and third-quarter earnings, respectively, on Thursday, after market close.
Collectively, these four giants have a market valuation of nearly $10 trillion, highlighting the significant impact these earnings are expected to have on the markets.
Last week, the Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>) suffered its worst day since the fund&#8217;s inception, tumbling over 6% on Wednesday. On the same day, both the S&amp;P 500 and the Nasdaq 100 indices had their worst session since late 2022. Magnificent Seven also marked their third consecutive week of declines. 
Also Read: <a href="https://www.benzinga.com/news/earnings/24/07/40018739/apple-analyst-turns-focus-to-apple-intelligence-chinese-market-share-ahead-of-q3-earnings">Apple Analyst Turns Focus To &#8216;Apple Intelligence,&#8217; Chinese Market Share Ahead Of Q3 Earnings</a>
<h3 class="wp-block-heading">What Analysts Expect</h3>
&#8220;Much depends on investor sentiment,&#8221; said David Morrison, senior market analyst at Trade Nation.
According to Morrison, the key questions to address are whether the tech sector has pulled back enough for investors to buy again, regardless of earnings. Additionally, if there are further disappointments, will it trigger another wave of selling, and will funds then shift towards smaller-cap stocks?
&#8220;There's a lot to consider, and that's before factoring in monetary policy meetings from the Federal Reserve, Bank of Japan, and Bank of England, along with the U.S. Non-Farm Payrolls on Friday. This may prove to be a decisive week ahead of the summer's main holiday month,&#8221; he added.
<h3 class="wp-block-heading">Goldman Sachs Predicts Positive Amazon Performance Ahead of Earnings</h3>
Goldman Sachs equity analyst Eric Sheridan highlighted three key debates for investors ahead of Amazon&#8217;s earnings this week.
First, he pointed to the health of the consumer, with Amazon&#8217;s eCommerce business remaining strong in Q2 despite some weakness in the UK and Germany.
Second, Sheridan observed Amazon&#8217;s potential to boost operating income margins, with expected outperformance driven by higher retail margins, increased advertising contributions, and robust AWS profitability. 
Third, he addressed the growth trajectory of AWS revenue, anticipating a reacceleration in 2024 as optimization and workload migration challenges turn into tailwinds, alongside rising AI workloads.
Goldman Sachs raised Amazon&#8217;s 12-month price target from $225 to $250, reiterating a Buy rating.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
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<th>Company</th>
<th>Fiscal Quarter</th>
<th>EPS Estimate</th>
<th>Revenue Estimate</th>
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</thead>
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<tr>
<td>Microsoft Corp.</td>
<td>Q4 2024</td>
<td>$2.93</td>
<td>$64.36B</td>
</tr>
<tr>
<td>Meta Platforms Inc.</td>
<td>Q2 2024</td>
<td>$4.72</td>
<td>$38.3B</td>
</tr>
<tr>
<td>Amazon.com Inc.</td>
<td>Q2 2024</td>
<td>$1.03</td>
<td>$148.6B</td>
</tr>
<tr>
<td>Apple Inc.</td>
<td>Q3 2024</td>
<td>$1.34</td>
<td>$84.4B</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39899280/microsoft-stock-has-further-room-to-run-says-analyst-as-software-giant-remains-on-t">Microsoft Stock Has Further Room To Run, Says Analyst, As Software Giant Remains On Track To Hit $200B Cloud Revenue In 2 Years</a></li>
</ul>
Photo: Shutterstock

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Trading Halt: Halted at 9:15:00 a.m. ET - Trading Halt: Halt News Pending

Lockhart, Texas voters may soon have a say in whether to decriminalize the possession of small amounts of <a href="https://www.benzinga.com/topic/texas-cannabis">cannabis within the city limits</a>.
What Happened: Lockhart City Secretary Julie Bowerman sent a memo on July 23 to the City Council verifying that the Lockhart Freedom Act ballot petition — Mano Amiga Responsible Implementation (MARI) — had successfully collected <a href="https://www.benzinga.com/markets/cannabis/24/05/39085462/marijuana-activists-in-lockhart-texas-collect-enough-signatures-to-place-cannabis-decriminalizat">more than 900 signatures</a> from city voters supporting the proposition before submitting them to the city in late May.
"While this campaign is working to end needless arrests for cannabis possession, keep community members free from the harmful collateral consequences of an arrest and save scarce city resources, we are also working to build community power in Lockhart," <a href="https://drupal-cloudfront.benzinga.com/topic/elle-cross">Elle Cross</a>, MARI's campaign director, said in a release <a href="https://www.kxan.com/news/local/caldwell-county/lockhart-residents-could-vote-on-decriminalizing-marijuana-this-november/">reported</a> on Monday by KXAN, a local NBC outlet. "This policy process is as democratic as it gets, and we're hopeful that this campaign will demonstrate to our community the power we hold as a collective and the future we can build alongside one another."&nbsp;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/40024424/ex-police-officer-turned-cannabis-ceo-calls-for-federal-marijuana-de-scheduling-in-letter-to-har">Ex-Police Officer Turned Cannabis CEO Calls For Federal Marijuana De-Scheduling In Letter To Harris, Trump, Biden</a>
Lockhart City Council's next meeting is scheduled for Aug. 6. Officials with <a href="https://drupal-cloudfront.benzinga.com/topic/cannabis-texas" target="_blank" rel="noreferrer noopener">Ground Game Texas</a>, the advocacy group that has led or supported at least 10 city-based marijuana campaigns <a href="https://www.benzinga.com/topic/texas-cannabis">across the state</a>, confirmed that the city "is on track to put the proposition on the November ballot," noted the outlet.
With the proposition on the <a href="https://www.benzinga.com/topic/2024-election">November 2024</a> ballot, voters will be able to weigh in on whether or not Lockhart will decriminalize the possession of four ounces or less of marijuana within city limits. Lockhart is one of Texas's smallest town with a population of some 15,000.
Meanwhile, advocates are celebrating.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Another victory, this time in Lockhart! We are proud to have supported this campaign, and look forward to its historic passage when the people vote yes in November.<a href="https://t.co/ywuP3jWx6l">https://t.co/ywuP3jWx6l</a>
&mdash; Texas Cannabis Collective (@txcannaco) <a href="https://twitter.com/txcannaco/status/1818044927542198555?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Second City This Month And One More Joins Statewide Effort</h2>
This marks the second Texas city in July wherein signatures were successfully verified for a cannabis decriminalization ballot to be voted on in November. Dallas was <a href="https://www.benzinga.com/markets/cannabis/24/07/39920347/dallas-cannabis-reform-ballot-is-a-go-decriminalization-in-november-elections-would-allow-up-to-">cleared for the ballot</a> on July 25.
Desiree Venable, a Democrat running for a seat in the Texas House, <a href="https://www.benzinga.com/markets/cannabis/24/07/39678834/texas-town-joins-statewide-push-to-decriminalize-cannabis-with-successful-petition">turned in 600 signatures</a> in early July in support of decriminalizing marijuana in&nbsp;Bastrop, a town about 30 miles outside of Austin.
Now Read: 
<ul>
<li><a href="EXCLUSIVE: House Of Kush Partners With Pleasantrees To Bring Legacy Cannabis Genetics To Michigan">Dallas Cannabis Reform Ballot Is A Go: Decriminalization In November Elections Would Allow Up To 4 Ounces Of Weed</a></li>
</ul>
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Texas Officials Approve Marijuana Decriminalization Initiative In Lockhart For November Ballot

CrowdStrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) shares are trading lower Tuesday. The stock began moving lower late Monday following reports that Delta Air Lines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) would seek compensation from the cybersecurity company for <a href="https://www.benzinga.com/news/24/07/39870313/microsoft-crowdstrike-issue-caused-largest-it-outage-in-history-showing-how-much-we-depend-on-a-hand">last week&#8217;s outage</a>.
What Happened: According to a CNBC <a href="https://www.cnbc.com/2024/07/29/delta-hires-david-boies-to-seek-damages-from-crowdstrike-microsoft-.html">report</a>, Delta has hired attorney David Boies to seek damages from CrowdStrike and Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) following an outage earlier this month that led to thousands of flight cancellations.
CrowdStrike shares are down about 33% over the past month after the company took responsibility for a major IT outage that impacted businesses across the world.
Confirming that it was not a security incident or cyberattack, CrowdStrike CEO George Kurtz said the outage was caused by "a defect found in a single content update." 
CrowdStrike shares fell as much as 5% in after-hours trading on Monday. Delta has not filed a lawsuit, but reportedly plans to seek compensation for damages. CNBC reported that the outages cost Delta an estimated $350 million to $500 million.
According to the report, insurance startup Parametrix has estimated that the IT outage resulted in total losses of about $5.4 billion for Fortune 500 companies.
Check This Out:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40016868/jim-cramer-joins-multiple-analysts-calling-the-bottom-in-crowdstrike-stock"> Jim Cramer Joins Multiple Analysts Calling The Bottom In CrowdStrike Stock</a>
Needham analyst Alex Henderson maintained CrowdStrike with a <a href="https://www.benzinga.com/analyst-stock-ratings">Buy rating</a> on Tuesday and lowered the price target from $425 to $375.
CrowdStrike is not due to report earnings for the second quarter until sometime near the end of August. The company is expected to report earnings of 98 cents per share and revenue of $959.985 million, according to estimates from <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
CRWD Price Action: <a href="http://benzinga.com/quote/crwd" target="_blank" rel="noreferrer noopener">CrowdStrike shares</a> were down 4.02% at $248.40 at the time of publication, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: Shutterstock.

CRWD

CrowdStrike Stock Continues To Slide: What's Going On?

ON Semiconductor Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) reported better-than-expected second quarter <a href="https://www.benzinga.com/news/earnings/24/07/40013753/on-semiconductor-corp-beats-q2-earnings-and-revenue-estimates">financial results on Monday</a>.
ON Semiconductor reported a fiscal second-quarter 2024 revenue decline of 17.2% year-on-year to $1.74 billion, beating the analyst consensus estimate of $1.73 billion. The adjusted EPS of 96 cents beat the analyst consensus estimate of 92 cents per share, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
CEO Hassane El-Khoury said, "As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China."
ON Semiconductor said it expects third-quarter adjusted revenue of $1.70 billion – $1.80 billion, versus the consensus of $1.73 billion. The company sees adjusted EPS of 91 cents to $1.03 versus the consensus of 92 cents.
ON Semiconductor shares gained 11.5% to close at $78.27 on Monday.
These analysts made changes to their price targets on ON Semiconductor following the announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59f1c1bdefacff0001706787/harlan-sur">JP Morgan analyst Harlan Sur</a> maintained ON Semiconductor with a Neutral rating, while raising the price target from $85 to $88.</li>
<li><a href="https://widgets.benzinga.com/analyst-stock-ratings/analyst/60216a57879cba00010f246b/david-williams">Benchmark analyst David Williams</a> maintained the stock with a Buy rating, while increasing the price target from $80 to $90.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58c6ab8eb85e9300015f1ae6/william-stein">Truist Securities analyst William Stein</a> maintained ON Semiconductor with a Buy rating and boosted the price target from $85 to $97.</li>
</ul>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/40029782/us-stocks-close-mixed-ahead-of-big-earnings-fed-decision-investor-optimism-improves-further">US Stocks Close Mixed Ahead Of Big Earnings, Fed Decision: Investor Optimism Improves Further</a></li>
</ul>

ON Semiconductor Analysts Increase Their Forecasts Following Upbeat Earnings

Expanded geographic presence and new LATAM leader will bring proven digital signage solutions to a wider range of businesses seeking an elevated customer experience
LOUISVILLE, Ky., July 30, 2024 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CREX#NASDAQ">CREX</a>), a leading provider of digital signage and media solutions, announces its strategic expansion into Mexico and the broader Latin America market, along with the appointment of its new LATAM leader, Julian Arcila. This move marks a significant development in the fast-growing LATAM digital signage market as Creative Realities solidifies a robust presence in the region and further strengthens its footprint across North America.
In recent years, Creative Realities has been engaging with sports and entertainment customers in Latin America. With increasing inquiries from customers about its capabilities in Mexico, the decision to expand was driven by both market demand and the immense growth opportunities within the region.

CREX

Creative Realties New Strategic Expansion In Mexico And The Broader Latin America Market, To Accelerate The Booming Digital Signage Market

Keefe, Bruyette &amp; Woods analyst Ryan Krueger maintains Principal Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>) with a Market Perform and lowers the price target from $88 to $86.

Keefe, Bruyette & Woods Maintains Market Perform on Principal Finl Gr, Lowers Price Target to $86

Two poster presentations at AAIC provide early evidence of the value of ultra-low-field Swoop&#xAE; system MR brain images in ARIA-E detection and morphography evaluation in patients with Alzheimer's disease
Hyperfine, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYPR#NASDAQ">HYPR</a>), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared portable magnetic resonance (MR) brain imaging system—the Swoop&#xAE; system—today announced the presentation of data using the Swoop system to image patients with Alzheimer's disease including initial data from the CARE PMR study. The data was presented at the 2024 Alzheimer's Association International Conference (AAIC) in Philadelphia from July 28 to August 1.
The CARE PMR (Capturing ARIA Risk Equitably with Portable MR) study is a collection of data from multiple sites assessing the clinical utility and workflow benefits of using Swoop&#xAE; system images to detect amyloid-related imaging abnormalities (ARIA) in Alzheimer's patients receiving amyloid-targeting therapy. These investigator-initiated observational studies aim to provide insights into the potential of ultra-low-field, portable MR brain imaging to enhance care for patients with Alzheimer's disease across many sites of care.

Biotech

HYPR

Hyperfine To Present Initial Data From Observational Clinical Studies Evaluating The Use Of Portable MR Brain Imaging For Alzheimer's Patients

Plug Power, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) shares are trading marginally higher on Tuesday <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">in the premarket session.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, PLUG stock has lost over 81% in the past year. Investors can gain exposure to the stock via&nbsp;Global X Hydrogen ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYDR#NASDAQ">HYDR</a>) and&nbsp;ETF Series Solutions Defiance Next Gen H2 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HDRO#NYSE">HDRO</a>).
Today, the company announced that it has&nbsp;hired Dean Fullerton as its new Chief Operating Officer (COO).
Fullerton joins from Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), where he was responsible for engineering services for North America, Europe and emerging countries.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/07/40036443/real-bitcoin-bull-market-is-yet-to-commence-violent-up-only-price-action-will-mirror-previ" rel="noreferrer noopener">&#8216;Real&#8217; Bitcoin Bull Market Is Yet To Commence: &#8216;Violent Up-Only Price Action&#8217; Will Mirror Previous Cycles, Touts Trader</a>
Plug and Amazon have enjoyed a long-term business relationship characterized by strategic investments and successful collaborations.
In April 2017, Amazon signed a major deal to acquire Plug&#8217;s hydrogen fuel cell solutions for its material-handling equipment.
Over the past seven years, their partnership has grown, expanding to additional sites and applications of Plug&#8217;s hydrogen fuel cells.
&#8220;Hiring Dean as COO is a landmark hire for our organization,&#8221; said Plug CEO Andy Marsh.
As COO for Plug, Fullerton will work with the executive team to craft and execute strategic plans, focusing on growth opportunities and operational enhancements. He will oversee global project execution, manufacturing, supply chain, and hydrogen generation.
Plug Power said that Fullerton&#8217;s role will be crucial in guiding the organization toward its strategic goals.
&#8220;As a long-time client of ours, we have a strong working relationship with Dean and look forward to his contributions to the expansion of our logistics operations as we pioneer and scale up a vertically integrated green hydrogen ecosystem,&#8221; Marsh added.
Price Action: PLUG shares are trading higher by 0.42% to $2.410 premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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Management

ETF Series Solutions Defiance Next Gen H2 ETF

HDRO

HYDR

PLUG

What's Going On With Plug Power Stock Today?

Keefe, Bruyette &amp; Woods analyst Christopher O'Connell maintains Northfield Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFBK#NASDAQ">NFBK</a>) with a Market Perform and raises the price target from $9.5 to $11.25.

NFBK

Keefe, Bruyette & Woods Maintains Market Perform on Northfield Bancorp, Raises Price Target to $11.25

Consideration for the Acquisition to be&nbsp;$33.00&nbsp;per share in a mix of cash and Lundin Mining shares; concurrently, Filo announces a&nbsp;C$115 Million&nbsp;Private Placement to BHP and Lundin Mining in
Consideration for the Acquisition to be&nbsp;$33.00&nbsp;per share in a mix of cash and Lundin Mining shares; concurrently, Filo announces a&nbsp;C$115 Million&nbsp;Private Placement to BHP and Lundin Mining in connection with the Acquisition. 
&nbsp;
Highlights of the deal
<ul>
<li>Crystalizes immediate value for Filo shareholders and delivers a clear and credible path to developing Filo del Sol to its full potential, backed by two of the world&#39;s leading copper miners;</li>
<li>Consolidation of two key assets in the Vicu&ntilde;a district by the JV creates a market-leading operational footprint in the district and offers:
<ul>
<li>Strong balance sheet capacity to fund future project development;</li>
<li>Potential to capture synergies and operational efficiencies; and</li>
<li>The ability for&nbsp;Filo del Sol to benefit from recently passed legislation in&nbsp;Argentina&nbsp;benefiting projects entering development;</li>
</ul>
</li>
<li>Filo shareholders that receive Lundin Mining shares will maintain upside exposure to the JV, while also benefiting from:
<ul>
<li>Jurisdictional and project risk diversification in a company with diversified asset portfolio with long-life assets operating globally;</li>
<li>Exposure to strong and increasing cash flow generation and dividends; and</li>
<li>Enhanced market profile with greater share liquidity.</li>
</ul>
</li>
</ul>

FLMMF

LUNMF

CORRECTED: Reported Monday, BHP And Lundin Mining To Acquire Filo Corp For C$4.1B, Offering C$33/ Share In Cash And Lundin Mining Shares Or Mix Of Both

China Jo-Jo Drugstores (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CJJD#NASDAQ">CJJD</a>) reported quarterly losses of $(2.93) per share. This is a 92.93 percent increase over losses of $(41.46) per share from the same period last year. The company reported $154.54 million in sales this quarter. This is a 3.85 percent increase over sales of $148.81 million the same period last year.

CJJD

China Jo-Jo Drugstores FY EPS $(2.93) Up From $(41.46) YoY, Sales $154.54M Up From $148.81M YoY

Keefe, Bruyette &amp; Woods analyst Jade Rahmani maintains Meritage Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>) with a Market Perform and raises the price target from $195 to $210.

Keefe, Bruyette & Woods Maintains Market Perform on Meritage Homes, Raises Price Target to $210

Micron Technology Ships Industry-First Ninth-Generation TLC NAND In SSDs; G9 NAND Achieves 3.6 GB/s Transfer Speed, Enhancing Performance For AI And Data-Intensive Applications; Offers 73% Higher Density Than Competitors

<ul>
<li>New product line is the industry's first to integrate Arm&#xAE; Neoverse&#xAE; processors, inline compression, and four memory channels.</li>
<li>Structera&#x2122; A CXL near-memory accelerator family is optimized to address high-bandwidth memory applications such as deep learning and ML/AI on general-purpose servers.</li>
<li>Structera&#x2122; X CXL memory-expansion controller family is the first to support up to 12 DDR4 memory modules, enabling module recycling to reduce e-waste and maximize server memory capacity for applications such as in-memory databases.</li>
</ul>
SANTA CLARA, Calif., July 30, 2024 /PRNewswire/ -- <a href="https://www.marvell.com/">Marvell Technology, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), a leader in data infrastructure semiconductor solutions, today launched the <a href="https://www.marvell.com/products/cxl.html">Marvell&#xAE; Structera&#x2122; product line of Compute Express Link&#xAE; (CXL&#xAE;)</a>&nbsp;devices that enable cloud data center operators to overcome memory performance and scaling challenges in general-purpose servers.

MRVL

Marvell Introduces Structera CXL Product Line To Address Server Memory Bandwidth And Capacity Challenges In Cloud Data Centers

Guidance

SOFI

CORRECTION: SoFi Sees FY24 Revenue $2.425B-$2.465B Vs $2.783B Estimate, $2.39B-$2.43B Prior

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.

The universe of public companies open to U.S. investors is a lot larger than most people realize.&nbsp;

There are nearly 18,000 securities available in the U.S. Over 11,000 of these trade on OTC Markets, while the rest trade on national exchanges like NYSE and Nasdaq.&nbsp;

For many retail investors, the experience of using their brokerage to trade an exchange-listed security may not be all that different than trading a security on OTC Markets but there are some key differences in how the markets function.&nbsp;

<h3>The Structure Of OTC Markets</h3>

OTC Markets is divided into three main markets&mdash; OTCQX, OTCQB, and Pink&mdash;with each tier having different standards. The goal, according to OTC Markets Group, is to create more efficient markets by organizing securities &ldquo;based on the quality and quantity of information companies disclose.&rdquo;

OTCQX, the highest tier, is home to the largest companies like Meritage Hospitality Group, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/MHGU#OTCQX">MHGU</a>). Many of these companies also have a primary market in another country (such as Roche Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) and Adidas (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ADDYY#OTCQX">ADDYY</a>)). It&rsquo;s also where a lot of community banks trade, like Coastal Carolina Bancshares Inc (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CCNB#OTCQX">CCNB</a>) and Lyons Bancorp, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/LYBC#OTCQX">LYBC</a>).&nbsp;

OTCQB, the middle tier, is where smaller, emerging companies trade, such as Nextech AR Solutions (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/NEXCF#OTCQB">NEXCF</a>).&nbsp;

The Pink Market is an &ldquo;Open Market,&rdquo; where any company, from large-caps like Nestle (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSRGY#OTC">NSRGY</a>). to a reorganizing JC Penney (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JCPNQ#OTC">JCPNQ</a>), can trade.&nbsp;

<h3>Who Participates In The OTC Markets?</h3>

Securities on OTC Markets can be bought and sold by any investor, from large institutions to individual retail investors through a registered broker-dealer. Investors and broker-dealers are amongst a few key groups that are a part of the market.

COMPANIES

There are over 11,000 securities traded on the various tiers of OTC Markets.&nbsp;

Many of these securities are ADRs for major international institutions like BNP Paribas (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTCQX">BNPQF</a>) and AXA (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AXAHY#OTCQX">AXAHY</a>). These companies are primarily traded in their home countries, but have ADRs that trade on OTC Markets to give U.S. investors better access and diversify their shareholder base.&nbsp;

Many companies with securities on OTC Markets fall into a number of common industries. This includes community banks like&nbsp;Bank of San Francisco (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BSFO#OTCQX">BSFO</a>), and metals and mining companies like Standard Lithium (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/STLHF#OTCQX">STLHF</a>) and Impala Platinum (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/IMPUY#OTCQX">IMPUY</a>).&nbsp;

OTC Markets also serves as a home for many innovative industries that fall outside the established guidelines of a national exchange. This includes the cannabis industry which is well-represented. Because U.S. cannabis operators are unable to list on an exchange while cannabis is classified as a Schedule I drug, many have their securities traded on OTC Markets. Other innovative industries like crypto can be found as well. Grayscale&rsquo;s portfolio of products, including the Grayscale Bitcoin Trust (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTCQX">GBTC</a>) and Grayscale Ethereum Trust (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#OTCQX">ETHE</a>) trade on the OTCQX Market.&nbsp;

BROKER-DEALERS

Unlike exchanges, which match buyers and sellers through a number of centralized locations, OTC Markets consists of a network of over 90 broker-dealers who trade directly with one another. These are the same broker-dealers that also trade exchange listed securities.

Investors can place orders through these broker-dealers, who can either fill the order themselves or connect with other broker-dealers through an alternative trading system such as OTC Link. This system allows broker-dealers to communicate, negotiate trades on behalf of clients, and post quotes to the public. Orders can also be placed through OTC Link ECN, which combines the Broker-Dealer network model with the anonymity of traditional markets.&nbsp;

The aggregate bids and asks posted by different broker-dealers for a given security are then consolidated to define the market for that security.&nbsp;

REGULATORS

In addition to the qualifying standards placed by OTC Markets for the OTCQX and OTCQB markets, there is also federal regulation of OTC Market participants.&nbsp;

All broker-dealers are regulated by FINRA. These regulations include rules that, among other things, require a broker-dealer to get the best possible price for a customer when executing an order and prohibit them from front-running customer orders.&nbsp;

Some securities that trade on OTC Markets are also &ldquo;SEC reporting&rdquo; meaning they are registered with and regulated by the SEC. Both organizations also regulate the OTC Link trading system.&nbsp;

When trading a security on OTC Markets, it&rsquo;s important to understand how the market&rsquo;s different players interact with each other. Each participant contributes to the liquidity and efficiency of the market and can affect how, when, or if your buy or sell order gets executed.&nbsp;

Photo by <a href="https://unsplash.com/@m_b_m?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">M. B. M.</a> on <a href="https://unsplash.com/s/photos/stocks?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.

2020 was a year of divergence in markets. Some industries, like health care and e-commerce, benefited greatly from the effects of the pandemic. Others, like energy and travel, did not.&nbsp;

Looking at the indexes that track securities on OTC Markets, there were clear pockets of strength and weakness. Here&rsquo;s a rundown of how the major OTC Markets indexes performed in 2020.

<h3>OTCQX Composite</h3>

The <a href="https://www.otcmarkets.com/index/.OTCQX">OTCQX Composite Index</a>, a benchmark for the overall OTCQX Best Market, rose 11% in 2020. Much of those gains came in the fourth quarter, as the index gained 21% during the final three months of the year.

In January, OTC Markets Group announced that 58 new companies had been added to the index, including Acreage Holdings Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ACRHF#OTCQX">ACRHF</a>) and Grayscale Bitcoin Cash Trust (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BCHG#OTCQX">BCHG</a>), and 40 were removed, including InMed Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INM#NASDAQ">INM</a>) and Smith-Midland Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMID#NASDAQ">SMID</a>), which graduated to the Nasdaq on November 12 and November 17 respectively.&nbsp;

<h3>OTCQX Billion+</h3>

The <a href="https://www.otcmarkets.com/index/.OTCQXBIL">OTCQX Billion+ Index</a>, posted similar numbers. The index, which tracks the performance of the 67 companies with market caps greater than $1 billion, rose 10% for the year but was up 21.5% in Q4.&nbsp;

This index includes only the largest companies that trade on OTC Markets, many of which are multinationals with operations on multiple continents and large cash cushions such as Roche Holding Ltd (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTCQX">RHHBY</a>), BASF SE (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BASFY#OTCQX">BASFY</a>), and Experian plc (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/EXPGY#OTCQX">EXPGY</a>).&nbsp;

<h3>OTCQX Banks</h3>

The<a href="https://www.otcmarkets.com/index/.OTCQXBK"> OTCQX Banks Index</a>, comprised of OTCQX community and regional banks, ended 2020 down 8% for the year as low interest rates weighed on the sector.&nbsp;

According to OTC Markets Group, 14 banks were added to the index in the fourth quarter. Those banks were: Blackhawk Bancorp, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BHWB#OTCQX">BHWB</a>); Bank of San Francisco (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BSFO#OTCQX">BSFO</a>); CoastalSouth Bancshares, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/COSO#OTCQX">COSO</a>); Dacotah Banks, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/DBIN#OTCQX">DBIN</a>); First Home Bancorp, Inc (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/FHBI#OTCQX">FHBI</a>); FineMark Holdings, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/FNBT#OTCQX">FNBT</a>); High Country Bancorp, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/HCBC#OTCQX">HCBC</a>); InsCorp, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/IBTN#OTCQX">IBTN</a>); &nbsp;Kish Bancorp, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/KISB#OTCQX">KISB</a>); Mars Bancorp, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/MNBP#OTCQX">MNBP</a>); SVB&amp;T Corporation (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/SVBT#OTCQX">SVBT</a>); Virginia National Bankshares Corporation (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VABK#OTCQX">VABK</a>); Valley Republic Bancorp (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VLLX#OTCQX">VLLX</a>) and White River Bancshares Company (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/WRIV#OTCQX">WRIV</a>).

<h3>OTCQX U.S.</h3>

The <a href="https://www.otcmarkets.com/index/.OTCQXUS">OTCQX U.S. Index</a>, which tracks U.S. OTCQX companies, rose 40% in 2020.&nbsp;

The outperformance of the index compared to other OTC Markets indexes should hardly be a surprise, as broad-based U.S. equity indexes as a group outperformed their global counterparts last year.&nbsp;

However in the case of the&nbsp; OTCQX U.S. Index, much of the increase was due to the index&rsquo;s exposure to cryptocurrency assets like the Grayscale Bitcoin Trust (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTCQX">GBTC</a>) and Grayscale Ethereum Trust (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ETHC#OTCQX">ETHC</a>), both of which rose to new all-time highs in the fourth quarter.&nbsp;

OTC Markets Group said 17 companies were added to the index and 21 removed at the end of the quarter.&nbsp;

<h3>OTCQX Cannabis</h3>

Cannabis companies on the OTCQX market dramatically outperformed their exchange-listed peers last year.&nbsp;

The <a href="https://www.otcmarkets.com/index/.OTCQXMJ">OTCQX Cannabis Index</a>, which tracks such securities, rose 33% in 2020 and 68% in the fourth quarter alone. That return was better than four cannabis exchange traded funds, including the largest cannabis ETF, the ETFMG Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>), which fell 23% last year.&nbsp;

Six new companies joined the index in Q4: 4Front Ventures Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTCQX">FFNTF</a>); PHARMACIELO LTD. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/PCLOF#OTCQX">PCLOF</a>); Subversive Capital Acquisition Corp (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/SBVCF#OTCQX">SBVCF</a>); Skylight Health Group Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/SHGFF#OTCQX">SHGFF</a>); Terra Tech Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TRTC#OTCQX">TRTC</a>) and The Valens Company Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VLNCF#OTCQX">VLNCF</a>).&nbsp;

The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

This year was always expected to be a big year for IPOs.&nbsp;

Even before the year started, there were expectations for a number of tech unicorns to headline the 2019 IPO class, including Uber, Lyft (NASDAQ:<a class="ticker" href="/stock/LYFT#NASDAQ">LYFT</a>) Palantir, Airbnb, Pinterest Inc (NYSE:<a class="ticker" href="/stock/PINS#NYSE">PINS</a>), Slack, and Postmates.&nbsp;

So far, investors awaiting new IPOs have not been disappointed. In addition to the two unicorns that have already gone public, three more&mdash;Uber, Slack, and Postmates&mdash;have filed their S-1&rsquo;s with the SEC and are expected to IPO in the coming months.

In all, 34 IPOs have priced in 2019 and 60 companies have filed their intent to go public with the SEC. While the number of pricings is down on a year-over-year basis (a possible consequence of January&rsquo;s <a href="https://www.cnbc.com/2019/01/24/the-government-shutdown-is-now-altering-the-ipo-business.html">government shutdown</a>), 2019&rsquo;s 60 filings mark a 3 percent increase over this point in 2018, according to Renaissance Capital.&nbsp;

While the early performance of these IPOs has been mixed&mdash;companies like Zoom Video Communications Inc (NASDAQ:<a class="ticker" href="/stock/ZM#NASDAQ">ZM</a>) and Jumia Technologies (NYSE:<a class="ticker" href="/stock/JMIA#NYSE">JMIA</a>) have soared, while Lyft is down 30 percent from the high set in its highly anticipated listing. &ldquo;The fact that so many companies that have talked about going public for the past few years are finally taking steps to do so is a positive development,&rdquo; according to Jason Paltrowitz, EVP of Corporate Services at OTC Markets Group.

&ldquo;The Lyfts and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="/stock/LEVI#NYSE">LEVI</a>) of the world are good for the capital markets generally, and the transparency, openness and disclosure that comes with that is good for the general public.&rdquo;

Paltrowitz noted that OTC Markets had a record year in 2018 in terms of the number of new companies that joined their markets, including a 9 percent increase in new securities on the OTCQX Best Market, the premium trading tier of their market.&nbsp;

Paltrowitz recently attended a panel on the state of IPO&rsquo;s at the Security Traders Association of New York&rsquo;s Annual Conference, and the sentiment, he said, was that &ldquo;a rising tide lifts all boats.&rdquo;

&ldquo;There is a lot of excitement in that 2019 is seeing this huge pickup in IPOs. The markets had a good first quarter, and companies like to go to the public markets when the markets are on a good run,&rdquo; he said.&nbsp;

<h3>&lsquo;More Public Companies Are A Good Thing&rsquo;</h3>

Paltrowitz believes that going public benefits everyone involved in the public equity markets no matter the route they take, whether it&rsquo;s companies going public via the traditional IPO method, a direct listing, or a <a href="https://www.benzinga.com/markets/cryptocurrency/18/10/12571539/one-year-after-the-crypto-craze-wall-street-is-still-scratchin">Slow-PO</a> on OTC Markets.

Messaging app Slack has reportedly filed for a direct listing, following Spotify Technology&rsquo;s (NYSE:<a class="ticker" href="/stock/SPOT#NYSE">SPOT</a>) successful direct listing last year.&nbsp;

&ldquo;More public companies are a good thing; you want companies to go public,&rdquo; he said. &ldquo;Some companies may not need the money and therefore choose to go the route of a direct listing, without a capital raise. Spotify didn&rsquo;t need the money but is now freely tradeable, open and transparent, the entire world can see every quarter what Spotify is doing. That&rsquo;s good for its investors and the general public at large that would like to participate in its growth.&nbsp;

&ldquo;Slack and Spotify don&rsquo;t need the money why should they be forced to raise money they can&rsquo;t efficiently deploy? That would be a waste of resources. If exchanges fighting it out to get direct listings means that more companies go public, that&rsquo;s great for all of us.&rdquo;

The Slow-PO is similar to a direct listing, in that a company goes public on OTC Markets without raising additional capital. Most notably done by the Grayscale Bitcoin Trust (BTC) (OTCQX:<a class="ticker" href="/stock/GBTC#OTCQX">GBTC</a>) in 2015, along with community banks Merchants &amp; Marine Bancorp Inc. (OTCQX:<a class="ticker" href="/stock/MNMB#OTCQX">MNMB</a>), Bank of San Francisco (OTCQX:<a class="ticker" href="/stock/BSFO#OTCQX">BSFO</a>), SVB&amp;T Corporation (OTCQX:<a class="ticker" href="/stock/SVBT#OTCQX">SVBT</a>) and FineMark Holdings, Inc. (OTCQX:<a class="ticker" href="/stock/FNBT#OTCQX">FNBT</a>) in 2018, Slow-POs allow companies to make previously restricted shares available for public trade while avoiding the costs of underwriting,&nbsp;SEC registration, and exchange listing fees

&ldquo;In contrast to traditional IPOs, a &lsquo;Slow PO&rsquo; through OTC Markets provides companies with a pathway to enter the public markets by making previously restricted shares available for public trading by brokers on the OTCQX, OTCQB, and Pink markets,&rdquo; said Jason Paltrowitz, OTC Markets Group&rsquo;s Executive VP of Corporate Services.&rdquo;

<h3>&lsquo;Retail Was Saved&rsquo; With Lyft</h3>

A common criticism of IPOs is that retail investors don&rsquo;t really get to participate. But if the weakness of the Lyft IPO, the largest IPO in the first quarter of 2019, left a bad taste in some investors&rsquo; mouths, Paltrowitz believes it&rsquo;s to the retail investor&rsquo;s benefit.

&ldquo;It was hard for retail investors to participate in Lyft. This was a big IPO, which like all the other big IPOs, gets allocated mostly to large buy-side firms. For example, if I was able to participate in that IPO, and I received my shares at $79, I&rsquo;d be pretty upset right now. If I&rsquo;m the retail investor that could only participate by way of the secondary market, I now can get in at $60.&rdquo;

<h3>The IPO Market Will Be Strong As Long As Companies Are Getting Top Dollar</h3>

Though the private markets are still vibrant, and valuations are high, Paltrowitz said he expects the IPO market to stay healthy for the time being.&nbsp;

&ldquo;If I look at the companies on our market, they are out in the private market aggressively raising money and getting deals done,&rdquo; he said. &ldquo;A lot of that is sectoral, and currently, a lot of capital that&rsquo;s being raised is in the cannabis space.

&ldquo;People come to the market when they think they can get top dollar,&rdquo; he said. &ldquo;And, right now, we&rsquo;re in a place where you can get top dollar and where the multiples are high.&rdquo;

OTC Markets is a content partner of Benzinga 
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