Debt Instrument – HHQH http://hhqh.net/ Fri, 13 May 2022 10:19:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hhqh.net/wp-content/uploads/2021/07/icon-2-150x150.png Debt Instrument – HHQH http://hhqh.net/ 32 32 ALPHA CAPITAL ACQUISITION CO Management report and analysis of the financial situation and operating results. (Form 10-Q) https://hhqh.net/alpha-capital-acquisition-co-management-report-and-analysis-of-the-financial-situation-and-operating-results-form-10-q/ Fri, 13 May 2022 10:19:06 +0000 https://hhqh.net/alpha-capital-acquisition-co-management-report-and-analysis-of-the-financial-situation-and-operating-results-form-10-q/ References to the “Company”, “us”, “our” or “we” refer to Alpha Capital Acquisition Company. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited summary financial statements and accompanying notes contained elsewhere in this report. Certain information contained in the discussion and analysis presented […]]]>

References to the “Company”, “us”, “our” or “we” refer to Alpha Capital Acquisition Company. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited summary financial statements and accompanying notes contained elsewhere in this report. Certain information contained in the discussion and analysis presented below includes forward-looking statements that involve risks and uncertainties.

Caution Regarding Forward-Looking Statements


This Quarterly
Report on Form 10-Q includes 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 (the
"Exchange Act"). We have based these forward-looking statements on our current
expectations and projections about future events. These forward-looking
statements are subject to known and unknown risks, uncertainties and assumptions
about us 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 such
forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as "may," "should," "could," "would," "expect,"
"plan," "anticipate," "believe," "estimate," "continue," or the negative of such
terms or other similar expressions. Factors that might cause or contribute to
such a discrepancy include, but are not limited to, those described in our other
SEC filings.

Insight

We are a blank check company incorporated on December 10, 2020 like a Cayman Islands exempt company incorporated for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we may pursue a primary focus of business combinations in any sector, we intend to focus our research on companies in the technology sector, primarily in Latin America. We intend to complete our initial business combination using cash from the proceeds of our initial public offering and the private placement of warrants from the private placement, proceeds from the sale of our shares under our initial business combination (pursuant to any forward purchase agreements or collateral agreements that we may enter into after completion of this offer or otherwise), shares issued to owners of the target, debt issued to the bank or to other lenders or the owners of the target, or a combination of the above.

Issuance of additional shares in a business combination to target owners or other investors:

     •    may significantly dilute the equity interest of investors in this
          offering, which dilution would increase if the anti-dilution provisions
          in the Class B ordinary shares resulted in the issuance of Class A
          ordinary shares on a greater than
          one-to-one
          basis upon conversion of the Class B ordinary shares;



     •    may subordinate the rights of holders of Class A ordinary shares if
          preferred shares are issued with rights senior to those afforded our
          Class A ordinary shares;



     •    could cause a change in control if a substantial number of our Class A
          ordinary shares are issued, 1,758,498 which may affect, among other
          things, our ability to use our net operating loss carry forwards, if any,
          and could result in the resignation or removal of our present officers
          and directors;



     •    may have the effect of delaying or preventing a change of control of us
          by diluting the share ownership or voting rights of a person seeking to
          obtain control of us; and



     •    may adversely affect prevailing market prices for our Class A ordinary
          shares and/or warrants.



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Similarly, if we issue debt or otherwise incur material debt from a bank or other lenders or owners of a target, it could result in:

     •    default and foreclosure on our assets if our operating revenues after an
          initial business combination are insufficient to repay our debt
          obligations;



     •    acceleration of our obligations to repay the indebtedness even if we make
          all principal and interest payments when due if we breach certain
          covenants that require the maintenance of certain financial ratios or
          reserves without a waiver or renegotiation of that covenant;



     •    our immediate payment of all principal and accrued interest, if any, if
          the debt security is payable on demand;



     •    our inability to obtain necessary additional financing if the debt
          security contains covenants restricting our ability to obtain such
          financing while the debt security is outstanding;



  •   our inability to pay dividends on our Class A ordinary shares;



     •    using a substantial portion of our cash flow to pay principal and
          interest on our debt, which will reduce the funds available for dividends
          on our Class A ordinary shares if declared, expenses, capital
          expenditures, acquisitions and other general corporate purposes;



     •    limitations on our flexibility in planning for and reacting to changes in
          our business and in the industry in which we operate;



     •    increased vulnerability to adverse changes in general economic, industry
          and competitive conditions and adverse changes in government regulation;
          and



     •    limitations on our ability to borrow additional amounts for expenses,
          capital expenditures, acquisitions, debt service requirements, execution
          of our strategy and other purposes and other disadvantages compared to
          our competitors who have less debt.

We expect to incur significant costs in pursuing our initial business combination. We cannot guarantee that our plans to raise capital or complete our first business combination will be successful.

In November 2021Alpha has entered into a definitive agreement for a business combination with Semantix Tecnologia em Sistema da Informação SA (“Semantix”), a data analytics company located in Brazil. Founded in 2010, with operations across Latin America and in United States, Semantix offers proprietary data-as-a-service (“SaaS”) solutions and third-party software licenses as well as complementary artificial intelligence (“AI”) and data analytics services to enable businesses to effectively manage data using by Semantix tools to extract business insights and apply AI automation. Semantix serves more than 300 companies in a wide range of sectors, including finance, retail, telecommunications, healthcare, industrial and agribusiness, among others, serving a diverse portfolio of clients from all sizes, from small businesses to large enterprises. The transaction is subject to Alpha shareholder approval and other customary closing conditions.

Operating results

All our activity since its creation until March 31, 2022 relates to our incorporation, the IPO and, since the closing of the IPO, the search for a candidate for the business combination. We will not generate any operating income until the earliest closing and completion of our first business combination.

For the three months ended March 31, 2022we had a net income of $3,242,343which consisted of $25,010 interest earned on marketable securities held in the trust account and $4,568,220 the change in fair value of warrants, offset by
$1,350,887 in training and operating costs.

For the three months ended March 31, 2021we had a net loss of $1,734,395which consisted of $296,128 in training and operating costs, $876,171 the change in the fair value of the warrants, and $568,614 issuance costs allocated to warrants, offset by $6,518 interest earned on marketable securities held in the trust account.

Liquidity and going concern

From March 31, 2021we have had $69,403 in our operating bank account, and a working capital deficit of $1,758,498.

Our cash requirements up to February 23, 2021 have been satisfied thanks to the payment by the sponsor of $25,000 to cover our offering costs in exchange for the issuance of the Founder Units, the loan under an unsecured promissory note from the sponsor of $170,000and payment of our certain costs of $18,694 by our officer. We have fully repaid the promissory note and the amount due to the officer in February 2021. Following the completion of the initial public offering and the private placement, our liquidity needs have been met with the proceeds from the completion of the private placement which are not held in the trust account.


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Additionally, in order to fund transaction costs associated with a business combination, our sponsor or an affiliate of the sponsor, or certain of our officers and directors may, but are not obligated to, provide us with loans of funds rolling. To date, there were no amounts outstanding under the working capital loans.


On March 4, 2022, we issued an unsecured promissory note in the amount of up to
$500,000 to the Sponsor. The promissory note
was non-interest bearing
and payable on the earlier of (i) June 30, 2022 or (ii) the date on which the
Company consummates a Business Combination. As of March 31, 2022, there was
$150,000 outstanding under the note.

Based on the foregoing, management believes that we will have sufficient working capital and borrowing capacity with the sponsor or an affiliate of the sponsor, or certain of our offices and directors to meet our needs until the completion of a business combination or one year from this filing. However, as part of our assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern” , management has determined that the condition of liquidity and the date of mandatory liquidation and dissolution raise substantial doubts as to our ability to continue our business until February 23, 2023, the expected liquidation date if we do not complete a Business Combination before that date. These unaudited condensed financial statements do not include any adjustments related to the recovery of recognized assets or the classification of liabilities that may be necessary if we are unable to continue our business. Management plans to dispel the above doubt by completing a business combination before February 23, 2023.

Significant Accounting Policies and Estimates

The preparation of unaudited condensed financial statements in accordance with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed financial statements. unaudited and reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. We have identified the following as our significant accounting policies:

Derivative financial instruments


We evaluate our financial instruments to determine if such instruments are
derivatives or contain features that qualify as embedded derivatives in
accordance with ASC Topic 815, "Derivatives and Hedging". Derivative instruments
are recorded at fair value on the grant date and
re-valued
at each reporting date, with changes in the fair value reported in the
statements of operations. Derivative assets and liabilities are classified on
the balance sheets as current or
non-current
based on whether or not
net-cash
settlement or conversion of the instrument could be required within 12 months of
the balance sheet date. We have determined the warrants are a derivative
instrument.

Ordinary Shares Subject to Possible Redemption


We account for our Class A ordinary shares subject to possible redemption in
accordance with the guidance in Accounting Standards Codification ("ASC") Topic
480-10-S99
"Classification and Measurement of Redeemable Securities." Conditionally
redeemable ordinary shares (including ordinary shares that features redemption
rights that is either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within our control) is
classified as temporary equity. At all other times, ordinary shares are
classified as shareholders' deficit. Our Class A ordinary shares feature certain
redemption rights that are considered to be outside of our control and subject
to occurrence of uncertain future events. Accordingly, at March 31, 2022 and
December 31, 2021, 23,000,000 Class A ordinary shares subject to possible
redemption is presented at redemption value as temporary equity, outside of the
shareholders' deficit section of our
condensed
balance sheets.

Net earnings (loss) per common share

We have two classes of shares, called Class A common shares and Class B common shares. Gains and losses are shared pro rata between the two classes of shares. The 18,500,000 potential common shares for outstanding warrants to purchase our shares have been excluded from diluted earnings per share for the three months ended March 31, 2022 and March 31, 2021 because the Warrants are exercisable and the contingencies have not yet been satisfied. Accordingly, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the periods.


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Off-balance sheet arrangements


As of March 31, 2022, we did
not have any off-balance sheet arrangements.

Employment Act


The JOBS Act contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We will qualify as an
"emerging growth company" and under the JOBS Act will be allowed to comply with
new or revised accounting pronouncements based on the effective date for private
(not publicly traded) companies. We are electing to delay the adoption of new or
revised accounting standards, and as a result, we may not comply with new or
revised accounting standards on the relevant dates on which adoption of such
standards is required for
non-emerging
growth companies. As a result, our unaudited condensed financial statements may
not be comparable to companies that comply with new or revised accounting
pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the
other reduced reporting requirements provided by the JOBS Act. Subject to
certain conditions set forth in the JOBS Act, if, as an "emerging growth
company," we choose to rely on such exemptions we may not be required to, among
other things, (i) provide an independent registered public accounting firm's
attestation report on our system of internal controls over financial reporting
pursuant to Section 404, (ii) provide all of the compensation disclosure that
may be required of
non-emerging
growth public companies under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, (iii) comply with any requirement that may be adopted by the
PCAOB regarding mandatory audit firm rotation or a supplement to the report of
the independent registered public accounting firm providing additional
information about the audit and the financial statements (auditor discussion and
analysis), and (iv) disclose certain executive compensation related items such
as the correlation between executive compensation and performance and
comparisons of the CEO's compensation to median employee compensation. These
exemptions will apply for a period of five years following the completion of
this offering or until we are no longer an "emerging growth company," whichever
is earlier.

© Edgar Online, source Previews

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Home theft https://hhqh.net/home-theft/ Tue, 10 May 2022 05:05:29 +0000 https://hhqh.net/home-theft/ By John Stossel Did you know that in some states, if you miss a tax payment, local politicians will take your house, sell it, and keep all the profits? Really. Tawanda Hall was behind on his taxes. She was on a payment plan but had missed $900. She didn’t expect Southfield, Michigan to take her […]]]>

By John Stossel

Did you know that in some states, if you miss a tax payment, local politicians will take your house, sell it, and keep all the profits?

Really.

Tawanda Hall was behind on his taxes. She was on a payment plan but had missed $900. She didn’t expect Southfield, Michigan to take her entire house because of it. It was worth $286,000 more than she owed.

“I’m still in shock,” Tawanda Hall says in my new video. “They took my whole house, my whole family’s livelihood.”

John Bursch, a county attorney, says that while this practice may seem unfair (yes, it sure is), “it’s also unfair to force those who pay their taxes to subsidize those who don’t.”

“I pay taxes!” Hall responds. She works as a caregiver. “I lift people. I wash people. I work hard.”

When Hall found out she was going to lose her house, she tried to pay off the debt.

“I went to the mayor’s office, I went down to the city county building,” she said. “They didn’t want our money. They said no.”

They wanted his house.

Taking it should be illegal.

“I think it’s unconstitutional,” says Christina Martin, senior attorney at the Pacific Legal Foundation. “The government cannot take more than it is owed.”

The Foundation is suing local governments in six states for this type of home theft.

Martin won a case in the Michigan Supreme Court. Oakland County had taken an entire house on an $8 debt.

Matthew Hodges, the county attorney, said: ‘There could be nothing fairer than letting owners know what’s going to happen, giving them time to act and then letting them make a informed choice.”

Martin’s response: “Do you think if he knew he owed $8 he would have paid it? Of course! He didn’t know and there was no proper incentive to let him know. .”

In fact, the city had better not let him know. Officials rarely tell people, “Pay! Or we’ll take you home! Cities that do so write notices in legalese: “a tax lien acquired under a certain levying instrument from the city’s tax collector…said levying instrument covers a certain parcel of land… “

Hall does not recall being given “anything other than ‘Get Out'”.

Despite the Michigan Supreme Court’s decision, a judge dismissed Hall’s case because the government itself did not make a profit. In his case, the city gave his house to a private company. This company, the Southfield Neighborhood Revitalization Initiative, sold the house and kept the money.

The company says it uses city donations to maintain attractive and safe neighborhoods, protect and increase property values.

“The government shouldn’t be able to steal from its own people and then give them to its friends,” Martin said.

I’m surprised how common this type of government house theft is. If you’re behind on taxes, even just $10 behind, 11 states allow local governments to sell your home and keep all of its value.

In Massachusetts, a 66-year-old grandmother is “sleeping in her car right now,” Martin says. “The city took her property, turned around and sold it within days of evicting her.”

Although his debt was only $30,000, they sold his house for $242,000 and kept the difference.

The Pacific Legal Foundation got three states to stop engaging in this property equity theft. Good.

Eleven more to go.

John Stossel is the creator of Stossel TV and the author of “Give Me a Break: How I Exposed Hucksters, Cheats, and Scam Artists and Became the Scourge of the Liberal Media”.

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Explained: Why it might be a good idea to use your FD to prepay part of your home loan https://hhqh.net/explained-why-it-might-be-a-good-idea-to-use-your-fd-to-prepay-part-of-your-home-loan/ Thu, 05 May 2022 00:44:55 +0000 https://hhqh.net/explained-why-it-might-be-a-good-idea-to-use-your-fd-to-prepay-part-of-your-home-loan/ In a surprise move, RBI announced on Wednesday May 4 an increase of 40 basis points in the pension rate. While the repo rate is the rate at which RBI lends to commercial banks, the move is expected to make borrowing costly. The news came out of the blue, and as the shock hit investor […]]]>

In a surprise move, RBI announced on Wednesday May 4 an increase of 40 basis points in the pension rate. While the repo rate is the rate at which RBI lends to commercial banks, the move is expected to make borrowing costly. The news came out of the blue, and as the shock hit investor sentiment, the Sensex lost more than 900 points between 2 p.m. and the market close. The benchmark closed the day at 55,669, down a steep 1,306 points or 2.29%.

What was the main concern motivating the RBI?

Inflation has been a big concern, and continued high food and fuel prices forced the RBI to convene a mid-term meeting of its Monetary Policy Committee (MPC), where it was decided to unanimously to raise the repo rate by 40 basis points to 4.4 percent. hundred.

It was also decided to increase the cash reserve ratio (CRR) by 50 basis points to 4.50% to suck up liquidity and bring down high inflation.

But what impact can this decision have?

As India emerged from the Covid-19 pandemic, the economy – which is largely consumer-driven – began to witness a return of demand – for housing, white goods, travel, etc. While the decision to raise rates is primarily to curb inflation, a spike in rates and the withdrawal of liquidity can also slow the pace of the economy’s recovery and stall the recovery process.

If consumption is affected, this could in turn hurt the capacity utilization of companies across all sectors, and could even delay India Inc’s investment plans.

Should individuals be worried about rising interest rates?

The 40 basis point hike is not as concerning as the possibility of many more rate hikes this year, and the pace at which the RBI is going about it. It remains to be seen whether RBI raises rates by a total of 50 to 100 basis points this year, or whether the hike is much larger – in the range of, say, 150 to 200 basis points.

In the second scenario – rate hikes of up to 150-200 basis points – existing mortgage customers, and even potential buyers, could be significantly affected. Purchase of durable consumer items by households based on EMI may also be impacted, harming consumption in the economy.

How specifically can your NDEs be impacted?

A 40 basis point hike along with the increase in the cash reserve ratio means that banks and housing finance companies can raise rates by more than 40 basis points immediately. So if they were to raise rates by, say, 50 basis points from 7% to 7.5%, the EMI on the principal outstanding of Rs 50 lakh for 15 years would rise from Rs 44,941 to Rs 46,350 – a jump of Rs 1,409 in monthly EMIs if the tenure is held constant.

However, if rates were to rise by, say, 200 basis points by the end of the year, the client would see her loan rate drop from around 7% now to 9% by then. In this scenario, his EMI for the same loan would rise to Rs 50,713, an increase of Rs 5,772 per month. This would be a big blow to people who have witnessed a drop in income during Covid.

In the event that the borrower cannot or does not want to increase the EMI, he would see the duration of his loan increase from 180 months (15 years) to 191 months in the event of an increase of 50 basis points, and to 240 months (20 years) in case rates increase by 200 basis points during the year.

Sales of cars and two-wheelers have already suffered from rising vehicle prices and falling household incomes in rural and semi-urban areas. Rising interest rates will further impact the affordability of a vehicle, especially because fuel is so expensive today.

What should existing mortgage customers do?

Since after-tax fixed deposit income for someone in the highest tax bracket is currently between 3.1 and 4.1 percent, existing home loan customers would do well to use some of their fixed deposits to prepay part of their home loan.

Although rates will continue to remain relatively low and may rise over the next year or two, existing home loan customers should seek to increase their EMIs so that the impact of subsequent rate increases over the next 12 to the next 18 months has a reduced impact on the EMI and the duration of the loan.

What about investments? How does debt compare to equity?

Due to low interest rates, most term deposit instruments earn an interest rate of between 4.5% and 6% for investors depending on tenure; however, due to high inflation, real interest income was negative.

For those in the highest tax bracket, it makes even less sense to invest in term deposits, as the after-tax return would be between 3.1% and 4.1%, which is well below the inflation rate of 7%.

If the fixed deposit or a small savings instrument earns 6% and inflation is 7%, then on a net basis the real interest income is negative (nominal interest rate – inflation). Most small savings schemes now generate negative real interest rates; only PPF (7.1%) and Sukanya Samriddhi Yojana (7.6%) currently generate interest income above the rate of inflation.

Although investing in equities can only beat inflation, investors who still want to stick with pure debt products should not commit to long durations, but rather opt for short duration products. .

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Some investors may also view deposits from companies offering relatively high interest rates, but should seek professional advice before opting for a specific offer, and weigh their rating and risk.

However, investors should lean more toward stocks, as any financial instrument should aim to grow your money over a period of time. With inflation currently around 7%, any income less than 7% after tax is losing you money.

Financial advisers say conservative investors will need to bring stocks into their portfolio in one form or another, and will need to be prepared to take on some risk and live with some volatility. Investors need to improve their asset allocation basket and will need to consider mutual fund offerings such as conservative debt hybrids, balanced advantage funds and equity savings plans (which invest in stocks, debt securities and arbitration securities). Investors should understand that higher returns can only come from stocks and this also leads to better tax management.

In fact, a decline in the markets due to rising interest rates should be seen as an opportunity to invest for the long term.

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Zacks: Analysts expect Minerva Surgical, Inc. (NASDAQ: UTRS) to report earnings of -$0.31 per share https://hhqh.net/zacks-analysts-expect-minerva-surgical-inc-nasdaq-utrs-to-report-earnings-of-0-31-per-share/ Sun, 01 May 2022 09:36:23 +0000 https://hhqh.net/zacks-analysts-expect-minerva-surgical-inc-nasdaq-utrs-to-report-earnings-of-0-31-per-share/ Wall Street brokers expect Minerva Surgical, Inc. (NASDAQ: UTRS – Get Rating) to report ($0.31) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts provided earnings estimates for Minerva Surgical, with the highest EPS estimate of $0.30 and the lowest estimate of $0.32. The company is expected to release […]]]>

Wall Street brokers expect Minerva Surgical, Inc. (NASDAQ: UTRS – Get Rating) to report ($0.31) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts provided earnings estimates for Minerva Surgical, with the highest EPS estimate of $0.30 and the lowest estimate of $0.32. The company is expected to release its next quarterly results after the market closes on Monday, January 1.

According to Zacks, analysts expect Minerva Surgical to report annual earnings of $1.03 per share for the current fiscal year, with EPS estimates ranging from $1.09 to $0.96. For the next fiscal year, analysts expect the company to post earnings of ($0.88) per share, with EPS estimates ranging from ($0.90) to ($0.86). Zacks Investment Research’s EPS calculations are an average average based on a survey of research companies that track Minerva Surgical.

The UTRS has been the subject of several reports by research analysts. Piper Sandler lowered its price target on Minerva Surgical from $17.00 to $12.00 and set an “overweight” rating on the stock in a Wednesday, March 9 report. Zacks Investment Research upgraded Minerva Surgical from a “buy” rating to a “hold” rating in a Saturday, March 12 report. One equity research analyst gave the stock a hold rating and four gave the company’s stock a buy rating. Based on MarketBeat data, Minerva Surgical currently has a consensus rating of “Buy” and an average target price of $11.70.

UTRS stock opened at $2.42 on Thursday. The company has a debt ratio of 0.89, a quick ratio of 2.60 and a current ratio of 3.29. Minerva Surgical has a 12 month minimum of $2.24 and a 12 month maximum of $10.37. The company has a 50-day moving average price of $4.56.

Several institutional investors have recently changed their holdings to UTRS. Virtu Financial LLC acquired a new stock position in Minerva Surgical during Q4 for a value of approximately $54,000. Renaissance Technologies LLC acquired a new stock position in Minerva Surgical during Q4 worth approximately $78,000. BlackRock Inc. acquired a new position in shares of Minerva Surgical during Q4 worth approximately $88,000. Millennium Management LLC acquired a new stock position in Minerva Surgical during Q4 worth approximately $134,000. Finally, Ghisallo Capital Management LLC acquired a new position in shares of Minerva Surgical during Q4 worth approximately $386,000. Institutional investors and hedge funds hold 42.40% of the company’s shares.

About Minerva Surgical (Get an assessment)

Minerva Surgical, Inc., a commercial-stage medical technology company, develops, manufactures and markets minimally invasive solutions to meet the uterine health needs of women in the United States. The Company offers Minerva ES Endometrial Ablation System and Genesys HTA Endometrial Ablation System, which are endometrial ablation devices; Symphion Tissue Removal System, a minimally invasive uterine tissue removal system that combines bladeless tissue resection and coagulation, continuous visualization and intrauterine pressure monitoring; and Resectr Tissue Resection Device, a portable surgical instrument for hysteroscopic ablation and diagnosis of endometrial polyps.

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FreightWaves Classics/Pioneers: Dr. Grafton’s Electric Locomotive Rolls https://hhqh.net/freightwaves-classics-pioneers-dr-graftons-electric-locomotive-rolls/ Fri, 29 Apr 2022 18:02:55 +0000 https://hhqh.net/freightwaves-classics-pioneers-dr-graftons-electric-locomotive-rolls/ The first successful demonstration of a full-size electric locomotive took place on April 29, 1851 (171 years ago today). The locomotive was designed and built by Dr. Charles Grafton Page. Background Dr. Charles G. Page. (Photo: Smithsonian Institute) Born in Salem, Massachusetts in 1812, Page developed an early interest in electricity. He earned a science […]]]>

The first successful demonstration of a full-size electric locomotive took place on April 29, 1851 (171 years ago today). The locomotive was designed and built by Dr. Charles Grafton Page.

Background

Dr. Charles G. Page.  (Photo: Smithsonian Institute)
Dr. Charles G. Page. (Photo: Smithsonian Institute)

Born in Salem, Massachusetts in 1812, Page developed an early interest in electricity. He earned a science degree from Harvard University in 1832, then went to medical school in Boston. After graduating from medical school in 1836, he began a medical practice in Salem. However, he remained “relentlessly curious about electricity” and continued to conduct electrical experiments.

Page and his parents left Salem and resettled in northern Virginia in 1838. He established a new medical practice, but also worked as an examiner for the United States Patent Office. He was also a professor of chemistry at Columbian College (now George Washington University).

His interest and enthusiasm for electrical experiments never wavered. Through his experiments and special electrical inventions, he developed a scientific understanding of the principles of electromagnetism. He applied this science to the US Patent Office, to the benefit of other inventors, and to his own dream of developing electromagnetic locomotion. Page’s work had a lasting impact on telegraphy and on the practice and policy of patenting scientific innovation.

Scientific experiences

Page sought to increase the electrical voltage above the normal low voltage of a battery for medical purposes. He improved the inductive coil to obtain a higher voltage, building an efficient instrument and naming it the “dynamic multiplier”. In his device, the electrical flow was started, stopped and interrupted, which had the effect of causing the inductive coil to produce a very high voltage. A side effect of Page’s device was that when “the flow of electricity stopped in the electromagnet due to the interrupting instrument, a tone could be heard”. Page named this uniquely tone galvanic music. Alexander Graham Bell and others developed telephone technology based on this particular electro-acoustic sound.

Among Page’s many contributions were an automatic circuit breaker and one of the first electric motors, which he invented in 1838.

The locomotive

During the 1840s, Page developed his axial motor. It used an “electromagnetic solenoid coil to pull an iron rod into its hollow interior. Moving the rod opened a switch which prevented current from flowing through the coil; then not being attracted, the rod came out of the coil, and this cycle repeated itself again. The reciprocating back and forth motion of the rod (in and out of the coil) was “converted into rotary motion by the mechanism.” Page demonstrated how this engine was capable of running saws and pumps, he later successfully petitioned the United States Senate for funds to produce an electromagnetic locomotive based on his axial engine design.

Page made a presentation to the American Association for the Advancement of Science in 1850 regarding his progress which impressed a number of leading scientists.

Page axial motor.  (Image: public domain)
Page axial motor. (Image: public domain)

With government funds as well as personal money (which led him into debt), Page built and tested the first full-size electromagnetic locomotive. Page built and tested a series of engines which were revisions of the axial engine which had different dimensions and mechanical characteristics, which he tested extensively.

The power to propel the first all-electric locomotive was provided by 100 large electrochemical cells (acid batteries with expensive zinc and platinum electrodes, with fragile clay diaphragms between the cells). They were placed under the “floor of the car in an oblong trough between the driving wheels”. Each cell was 100 square inches with a pair of electrode separators. The electromagnetic “motor” of the locomotive was capable of developing 20 horsepower.

Disadvantages

While Page had focused on locomotive propulsion, the vehicle itself was not very well built. It was built like an ordinary passenger car; it had a body 15 feet long with a vaulted roof and was 6 feet wide. The locomotive superstructure supported the front end with four ordinary 30-inch steel wheels; the rear was supported by two 5-foot-tall drive wheels. The locomotive’s woodwork was built by a house carpenter who had never seen a car being built. Moreover, the driving wheels of the locomotive were assembled by mechanics who were not accustomed to making such complicated mechanisms; the wheels were misaligned.

The test

Page and engineer Ari Davis left Washington on the 21,000-pound locomotive/railroad car. There were several passengers on board. Page had planned to ride a branch line of the Baltimore and Ohio Railroad between Washington and Baltimore (about 40 miles) and then back to Washington. However, the trip to Baltimore ended in Bladensburg, Maryland (about nine miles from Washington) due to several issues that arose.

(Image: American Polytechnic Journal - 1854/Wikipedia)
(Image: American Polytechnic Journal – 1854/Wikipedia)

The main setback involved short circuits resulting from high voltage sparks emanating from the electric coils despite their isolation. Shortly after the trip, Page wrote: “Another serious difficulty encountered was the rupture of the porous cells of the battery, causing a mixture of [the] acids, and the interception of much of the power. Although Page and Davis attempted to fix these flaws, they were unable to do so; instead, they shunted the locomotive to Washington from Bladensburg.

Many of the battery cells’ fragile clay separators cracked and broke from the jolts and jolts caused by the locomotive engine. Additionally, zinc consumption was enormous, so both of these maintenance issues meant that running a battery-powered locomotive was too expensive for commercial application.

Success (sort of) then hard sledding

Despite its problems, the locomotive was able to travel as fast as 19 miles per hour and reached Bladensburg in just 39 minutes. “Rapid Progression of Electro Magnetic Power”, was the title of an article in the Weekly National Intelligencer on the experimental trip. Page’s “demonstration of his locomotive marked an important step in replacing steam power with electricity as a means of propelling vehicles forward”.

However, the failure of Page’s electromagnetic locomotive test meant that other inventors eventually found other methods of producing electrically driven locomotion. Page never stopped believing in the potential of his design for an on-board electrical source to power locomotives.

The Bladensburg, Maryland historical marker.  (Photo: F, Robby/hmdb.org)
The Bladensburg, Maryland historical marker. (Photo: F, Robby/hmdb.org)

To prepare the locomotive for its 1851 trial, Page had gone into debt of $6,000 (equivalent to more than $220,000 today). He was in a “desperate situation, financially and emotionally”.

During his lifetime, Page published over 100 papers in three distinct periods: the late 1830s, mid-1840s, and early 1850s. The first period (1837-1840) is particularly important in developing his analysis capabilities. More than 40 of his articles have appeared in the American Journal of Science; some were reprinted at the time in William Sturgeon’s Annals of Electricity, Magnetism, which was printed in Great Britain. The Catalog of the Royal Society of Scientific Papers (volume 1800-1863) also records many of Page’s papers (however, this list is incomplete).

The Civil War had a devastating impact on Page’s scientific work as well as his legacy. In 1863, Union soldiers stationed near Page’s home randomly broke into his laboratory. Most of his equipment, inventions and laboratory notebooks were destroyed. Additionally, some of Page’s other inventions he had donated to the Smithsonian Institution were destroyed by fire in 1865. As a result of these events, very few of Page’s handmade devices still exist.

A commuter rail electric locomotive used by the Southeast Pennsylvania Transit Authority.  (Picture: Siemens)
A commuter rail electric locomotive used by the Southeast Pennsylvania Transit Authority. (Picture: Siemens)

Legacy

Page’s many contributions to science have been lost to history, and most of his experimental work and notes have disappeared. In his later years, Page suffered from debt and a terminal illness, as well as “isolation from the mainstream scientific community.” He made a last ditch effort to get credit and status for his accomplishments. Page applied to Congress for a retroactive patent on his late 1830s inventions (the spiral conductor, circuit breakers, and the double helical coil).

Special legislation passed by both houses of Congress and signed by President Andrew Johnson authorized what was later called “The Page Patent”. Page died a few weeks after the law was signed (in May 1868). So, rather than die with it, the patent played a key role in the telegraph industry. Page’s attorney and heirs successfully argued that the patent covered the mechanisms involved in “all known forms of telegraphy”.

An interest in the patent was sold to the Western Union Co. The company and Page’s heirs fared well with the retroactive patent.

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SUMMARY 1-Europe denounces ‘gas blackmail’ as sanctions hit Russian economy https://hhqh.net/summary-1-europe-denounces-gas-blackmail-as-sanctions-hit-russian-economy/ Thu, 28 Apr 2022 02:33:17 +0000 https://hhqh.net/summary-1-europe-denounces-gas-blackmail-as-sanctions-hit-russian-economy/ * Ukraine says Europe should stop depending on Russia * France to host EU energy ministers on May 2 * Russia denies energy blackmail * Canada declares Russian attacks war crimes By Marek Strzelecki, Tsvetelia Tsolova and Pavel Polityuk WARSAW/SOFIA/kyiv, April 28 (Reuters) – European leaders have denounced Russia’s attempt to “blackmail” Ukraine’s allies over […]]]>

* Ukraine says Europe should stop depending on Russia

* France to host EU energy ministers on May 2

* Russia denies energy blackmail

* Canada declares Russian attacks war crimes

By Marek Strzelecki, Tsvetelia Tsolova and Pavel Polityuk

WARSAW/SOFIA/kyiv, April 28 (Reuters) – European leaders have denounced Russia’s attempt to “blackmail” Ukraine’s allies over gas supplies as Western sanctions hit the Russian economy already grappling with its worst crisis since the fall of the Soviet Union in 1991.

Ukraine has said Europe should stop depending on Russia for trade after cutting off gas supplies to Bulgaria and Poland for not paying in rubles as the shutdown on Wednesday exposed weaknesses and the divisions of the continent.

Germany, the biggest buyer of Russian energy, hopes to stop importing Russian oil within days, but has warned that a Russian embargo or blockade on energy would tip the biggest economy of Europe in recession.

A document from Russia’s economy ministry said Russia’s economy could shrink by up to 12.4% this year, further proof that foreign sanctions were taking a heavy toll.

Foreign sanctions froze about $300 billion of the roughly $640 billion Russia had in its gold and currency reserves when it invaded Ukraine. Russia is also grappling with runaway inflation and capital flight, while grappling with a possible default on payments due to sanctions.

Gazprom, Russia’s gas export monopoly, suspended gas supplies to Bulgaria and Poland on Wednesday for not paying in rubles, as stipulated in a decree by Russian President Vladimir Putin aimed at mitigating the impact of the penalties.

“The sooner everyone in Europe recognizes that they cannot depend on Russia for trade, the sooner it will be possible to guarantee the stability of European markets,” Ukrainian President Volodymyr Zelenskiy said on Wednesday.

While the President of the European Commission said that the suspension of Gazprom was “another attempt by Russia to use gas as an instrument of blackmail”, the ambassadors of EU member states asked for clearer indications on whether sending euros violated the sanctions.

France will host a meeting of European energy ministers on May 2.

Kremlin spokesman Dmitry Peskov said Russia remained a reliable energy supplier and denied it was blackmailing.

He declined to say how many countries had agreed to pay for gas in roubles, but other European customers said gas supplies were proceeding normally.

‘WAR CRIMES’

Canadian lawmakers voted unanimously on Wednesday to label Russian attacks in Ukraine as ‘genocide’, with MPs saying there was ‘ample evidence of systemic and massive war crimes against humanity’ committed by Russia .

The Canadian Parliament has declared in a motion that war crimes committed by Russia include mass atrocities, deliberate murder of civilians, desecration of corpses, forcible transfer of children, torture, physical and mental harm and the rape.

The invasion of Ukraine that began on February 24 has reduced cities to rubble and forced more than 5 million people to flee abroad in a conflict that raises fears of a wider conflict in the West, unthinkable for decades. .

Russia calls it a “special operation” to disarm Ukraine and denies targeting civilians. Ukraine and its allies call the war an act of unprovoked aggression.

Human rights lawyer Amal Clooney has urged UN members to focus on international justice for war crimes in Ukraine so evidence doesn’t sit in the dumps – as has been the case for victims of the Islamic State in Iraq and Syria.

Since the Russian invasion force was pushed back to the outskirts of kyiv last month, Moscow has refocused its operations on eastern Ukraine, launching a new offensive to entirely capture two provinces known as Donbass.

Ukraine said Russian forces used tear gas and stun grenades to disperse a pro-Ukrainian rally in Kherson, the first major city it seized. A series of powerful explosions caused by rockets hit the center of Kherson on Wednesday evening, Ria News reported.

Explosions were heard earlier Wednesday in three Russian provinces bordering Ukraine, authorities said, and an ammunition depot in Belgorod province caught fire.

Kyiv did not confirm responsibility for these and other incidents, but described them as revenge. “Karma is a cruel thing,” presidential adviser Mikhaylo Podolyak wrote on social media.

An aide to the mayor of the ruined port city of Mariupol said Russian forces have renewed their attacks on the Azovstal steel plant, where fighters and civilians remain locked up.

Concern has grown over the prospect of the conflict spreading to neighboring Moldova, where pro-Russian separatists have accused Ukraine of reporting attacks this week in their region, which has been occupied since the 1990s by Russian troops.

(Additional reporting by Reuters reporters; Writing by Michael Perry; Editing by Robert Birsel)

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Sri Lankan finance minister says austerity will get worse before it gets better https://hhqh.net/sri-lankan-finance-minister-says-austerity-will-get-worse-before-it-gets-better/ Tue, 26 Apr 2022 03:35:12 +0000 https://hhqh.net/sri-lankan-finance-minister-says-austerity-will-get-worse-before-it-gets-better/ Speaking to Colombo media from Washington last Friday, Sri Lankan Finance Minister Ali Sabry signaled that tough austerity measures were being dictated in talks with the International Monetary Fund (IMF). Sabry leads the negotiating team seeking emergency loans and debt restructuring to help deal with the immense economic crisis facing the country. Ali Sabry (Photo: […]]]>

Speaking to Colombo media from Washington last Friday, Sri Lankan Finance Minister Ali Sabry signaled that tough austerity measures were being dictated in talks with the International Monetary Fund (IMF). Sabry leads the negotiating team seeking emergency loans and debt restructuring to help deal with the immense economic crisis facing the country.

Ali Sabry (Photo: Facebook)

Sabry said, “Although it’s going to be painful for a few years, I think the IMF opportunity is a great moment for us, regardless of the differences.” The government and the political establishment as a whole will accept the terms of the IMF, but the “pain” will inevitably be imposed on the vast majority of the population – workers and rural workers.

The Minister of Finance tried to put the best face possible on the situation by declaring: “I am convinced that Sri Lanka can overcome this economic crisis”. He then added: “Of course it’s going to get worse before it gets better.” Given the global economic turmoil, working people cannot trust that the social catastrophe they face will improve in two years.

Sabry said, “For emergency funding, the government is considering options from various countries such as India, China and Japan, in addition to the World Bank and the Asian Development Bank (ADB).” The World Bank is supposed to immediately provide “bridge financing” of $300-600 million, while the AfDB has said it will provide $21 million to import drugs.

Sri Lanka is unable to raise commercial funds as rating agencies including Moody’s, Fitch and S&P have downgraded the country’s credit rating to junk status. The Sri Lankan rupee has depreciated by nearly 70%, to 340 rupees to the US dollar, in less than two months. The country has already declared a temporary default on its foreign loans.

The worsening economic crisis in Sri Lanka is an acute expression of the global economic downturn that has been exacerbated by the two years of the COVID-19 pandemic and now the US-NATO proxy war against the Russia in Ukraine, as well as the associated crippling economic embargo against Moscow.

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FM Sitharaman calls on IMF and World Bank to give Sri Lanka a low-income label https://hhqh.net/fm-sitharaman-calls-on-imf-and-world-bank-to-give-sri-lanka-a-low-income-label/ Sun, 24 Apr 2022 18:13:00 +0000 https://hhqh.net/fm-sitharaman-calls-on-imf-and-world-bank-to-give-sri-lanka-a-low-income-label/ Sri Lanka could be temporarily classified as a low-income country – from the current status of a middle-income country – to help it restructure its debt. And, it should also benefit from emergency funding similar to that granted to Ukraine. Those were the recommendations made last week by Finance Minister Nirmala Sitharaman […]]]>

Sri Lanka could be temporarily classified as a low-income country – from the current status of a middle-income country – to help it restructure its debt. And, it should also benefit from emergency funding similar to that granted to Ukraine.

Those were the recommendations made last week by Finance Minister Nirmala Sitharaman to the International Monetary Fund (IMF) and the World Bank, sources said. It comes as India’s southern neighbor faces the worst economic crisis in its history.



Sitharaman had actively engaged with various representatives of multilateral institutions, including World Bank President David Malpass and IMF Managing Director Kristalina Georgieva in support of Sri Lanka. This was done in order to ease the country’s current financial situation and help it better navigate the maze of international funding rules and criteria, sources familiar with the talks said. “The Minister’s interventions have covered several fronts, including the classification of Sri Lanka as a low-income country and the treatment of Sri Lanka on an equal footing with other countries facing serious emergencies, such as Ukraine. She has also used her position on the IMF board of governors to push Sri Lanka’s case,” an official said.

According to the sources, one of Sitharaman’s main interventions was to argue that, although Sri Lanka was classified as a middle-income country at the start of the pandemic, the nature of its economy, its dependence on income from the sector tourism, and the resulting drop in national incomes due to the pandemic, has meant that the country could eventually be categorized as a low-income country and should be treated accordingly.

“Classification as a low-income country would facilitate Sri Lanka’s debt restructuring process,” one of the sources said.

The official clarified that the process of reclassification by the IMF and the World Bank takes time and therefore it could be done on a temporary basis to help Lanka out of its current crisis.

Graduation to a low-income country will help Sri Lanka restructure its debt under the “Common Framework for Debt Treatment Beyond DSSI”. DSSI is the debt service suspension initiative that was put in place by the IMF and the World Bank after the pandemic and expired in December 2021.

In November 2021, the IMF and the World Bank had put in place the common framework. The countries eligible for these initiatives are low-income countries whose debt is unsustainable.

Sitharaman reportedly argued that due to Sri Lanka’s reliance on the tourism sector, the shock to the country’s economy was largely exogenous in nature and caused by the pandemic.

On March 9, 2022, the IMF’s Executive Board gave the go-ahead for $1.4 billion in additional financing for Ukraine under an emergency assistance program known as the Rapid Financing Instrument (RFI).

Sitharaman reportedly argued that Sri Lanka would also be eligible for assistance under this provision.

The RFI provides rapid access to financial assistance to countries in urgent need of eliminating balance of payments asymmetries, particularly those due to war, and is designed for cases where it is impossible to launch a comprehensive program of economic reforms.

Sources said senior IMF and World Bank officials assured the finance minister that his proposals for Sri Lanka were being considered in detail.

India’s aid so far has come in the form of a $1 billion line of credit to help Lanka procure food, medicine and essential items. There was another line of credit worth $500 million to help him buy petroleum products. In addition, India’s state-owned oil companies have released large amounts of diesel to help Sri Lanka tackle its power shortage.


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MINT ANNOUNCES CLOSING OF DEBT SETTLEMENT https://hhqh.net/mint-announces-closing-of-debt-settlement/ Fri, 22 Apr 2022 22:44:00 +0000 https://hhqh.net/mint-announces-closing-of-debt-settlement/ TORONTO, April 22, 2022 /CNW/ – The Mint Corporation (TSXV: MIT) (“mint“or the”Company“) is pleased to announce that it has completed the debt settlement transaction (“Debt settlement“) of the Company as originally announced on September 8, 2021pursuant to a debt settlement agreement entered into with Mobile Telecommunications Group LLC (“MTG“), Global Business Services for Multimedia […]]]>

TORONTO, April 22, 2022 /CNW/ – The Mint Corporation (TSXV: MIT) (“mint“or the”Company“) is pleased to announce that it has completed the debt settlement transaction (“Debt settlement“) of the Company as originally announced on September 8, 2021pursuant to a debt settlement agreement entered into with Mobile Telecommunications Group LLC (“MTG“), Global Business Services for Multimedia (“GBS” and with MTG, the “Creditors“), Mint Middle East LLC (“MRS“), and Mint Gateway for electronic payment services (“MGEPS“), date August 31, 2021 (there “debt settlement agreement“)

In accordance with the terms and conditions of the debt settlement agreement, the Company has settled the aggregate debt owed to creditors for an amount of approximately CA$30,000,000 upon payment of a total of $10,000,000 to creditors as follows:

  1. The debt due to MTG was settled by: (i) a one-time cash payment of $4,790,000; and (ii) the assignment of a three-year non-interest bearing unsecured promissory note issued by MME to the Company, in the principal amount of $2,210,000.
  2. The debt owed to GBS was settled by: (i) the assignment of an unsecured promissory note with a term of three years, non-interest bearing, issued by MME to the Company, for a principal amount of $2,010,000; and (ii) transfer of certain real estate assets located in Dubai, United Arab Emirates estimated at $990,000 pursuant to a valuation report prepared by CBRE Dubai LLC, dated December 23, 2021 (there “Real estate assets“).

In addition, in accordance with the terms of the debt settlement agreement, MME and MGEPS settled approximately CA$48,500,000 in total indebtedness due to the Company through the issuance of two unsecured promissory notes with a three-year non-interest bearing term in an aggregate principal amount $4,220,000; cash payment of $5,710,000 to the society ; residual intragroup receivable of $80,000and the sale of Real Estate Assets valued at $990,000 to the society.

The debt settlement has been approved by the TSX Venture Exchange (“TSXV“). In addition, in accordance with the requirements of the multilateral instrument 61-101 – PrProtection of minority shareholders in special operations (“MI 61-101“), the Company received the approval of the majority of the Company’s minority shareholders in respect of the debt settlement at its annual and special general meeting of shareholders held on October 7, 2021. For more details on the Debt Settlement, please refer to the Company’s press releases dated September 8, 2021, September 24, 2021 and December 8, 2021and the Company’s management information circular dated August 31, 2021.

A copy of the debt settlement agreement form was attached to the Company’s management information circular dated August 31, 2021 with respect to the Meeting and is available on the Company’s SEDAR profile at www.sedar.com.

ABOUT MINT

The Mint Corporation, through its majority-owned subsidiaries (the “mint group“), is a globally certified payment company headquartered in Toronto, Canada with its main activity in Dubai, United Arab Emirates. Mint Group provides employers, employees and merchants with best-in-class financial services supported through payroll cards and the linked, feature-rich Mint mobile app. Through its mobile payment platform certified globally by MasterCard and UnionPay, Mint offers modern financial conveniences, at a reasonable cost, to employers, merchants and consumers.

Forward-looking statements

Certain statements contained in this press release constitute “forward-looking” statements. These statements relate to future events or future performance and, in some cases, can be identified by the use of words such as “estimated”, “intends”, “plans”, “expects”. to”, “anticipates” or variations of these words and phrases as statements that certain actions, events or results “could”, “could”, “could”, “should”, “would” occur, or the negative forms of any of these words and other similar expressions.

All such statements involve substantial known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be specific indications as to whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this press release are based on what Mint management believes to be reasonable assumptions as of the date of this press release, Mint cannot assure investors that actual results will be consistent with such forward-looking statements. . These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time to time in Mint’s current filings with securities regulatory authorities, which documents may be viewed at www.sedar .com. These forward-looking statements are made as of the date of this press release, and Mint disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. applicable securities require it.

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

www.themintcorp.com

SOURCE The Mint Society

For further information: The Mint Corporation, Vishy Karamadam, President and CEO, 647-352-0666

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Dallas-based financial services firm GWG Holdings files for bankruptcy https://hhqh.net/dallas-based-financial-services-firm-gwg-holdings-files-for-bankruptcy/ Wed, 20 Apr 2022 18:44:53 +0000 https://hhqh.net/dallas-based-financial-services-firm-gwg-holdings-files-for-bankruptcy/ Dallas financial services company GWG Holdings Inc. and two of its subsidiaries filed for bankruptcy on Wednesday and sought court approval for a $65 million loan to fund operations while it restructures. The company’s Chapter 11 filing follows a Securities and Exchange Commission investigation into its accounting practices, according to a regulatory filing. The agency […]]]>

Dallas financial services company GWG Holdings Inc. and two of its subsidiaries filed for bankruptcy on Wednesday and sought court approval for a $65 million loan to fund operations while it restructures.

The company’s Chapter 11 filing follows a Securities and Exchange Commission investigation into its accounting practices, according to a regulatory filing. The agency searched for records in February after GWG missed interest payments to bondholders the previous month.

GWG listed more than $2 billion in debt as of Sept. 30, according to its bankruptcy filing. It has 27,700 creditors, many of whom are investors in the company’s L bonds, a high-yield debt instrument that funded the purchase of life insurance policies in the secondary market.

“These actions, including the receipt of additional financing, should strengthen the company’s financial position in the future and help preserve the value of the company’s assets for the benefit of its investors,” the director said. General of GWG Holdings, Murray Holland, in a press release.

GWG Holdings said it reached an agreement with National Founders LP for the bankruptcy loan.

The company began with a focus on secondary life insurance, according to documents filed with a Houston court, but has since expanded to invest in two entities, Ben LP and FOXO Technologies Inc. Ben LP has since became an independent entity, together with GWG Holdings. holding a substantial investment there.

Last year, Ben LP obtained a license under a new Kansas law that allowed chartering and the creation of trust banks. These banks can fund alternative assets held in Kansas trusts and do so quickly through fintech.

Dallas-based Beneficient Company Group LLC is GWG’s largest creditor and owes more than $2.9 million, according to the company’s filing. Beneficient is a financial services company that helps the ultra-rich turn illiquid assets into cash.

In addition to the SEC investigation, GWG Holdings told investors in January that it would suspend sales, interest, maturity, dividend and redemption payments. the the wall street journal reported that GWG was forced to stop selling additional L bonds due to accounting issues and the resignation of its auditor.

Through GWG Holdings subsidiary GWG Life, the company owned and managed life insurance policies with a face value of $1.8 billion at the end of last year.

“At the end of this process, we expect to be on a stronger financial footing for the future, further improving our ability to provide financial solutions to our clients,” Holland said.

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