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2025-01-06   

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SEOUL, South Korea — South Korean President Yoon Suk Yeol said he will lift his martial law decree, giving in to the parliament’s opposition, just hours after his dramatic move imposing it Tuesday. Yoon said in a televised address early Wednesday that he will “accept the National Assembly’s demand and lift the martial law through a cabinet meeting,” which he said he had called but its members hadn’t yet arrived. He will immediately lift the martial law when they convene, he said. Yoon, 63, stunned the nation, lawmakers and investors earlier by declaring martial law in a high-stakes move he claimed would prevent the opposition from trying to paralyze his administration amid a political rift that is set to deepen markedly. The South Korean leader’s political future will be put to test after his daring move, which caught even his fellow party members and foreign allies like the U.S. by surprise. “I request the National Assembly to immediately stop the reckless acts of paralyzing the functions of the state through repeated impeachments, legislative manipulation, and budget manipulation,” Yoon said in his earlier televised address. After Yoon announced he would lift the decree, South Korea’s Joint Chiefs of Staff said its troops that had been mobilized for the martial law declaration have returned to their original posts as of 4:22 a.m., Yonhap reported. No unusual activities have been spotted from North Korea, it added. The move was viewed by analysts as a risky political play that was likely to backfire rather than an attempt to return to military-led regimes of the past. With his own government and party kept in the dark alongside the U.S. and other friendly nations, Yoon created a chaotic moment that left him isolated and even further from controlling the political agenda going forward. Early Wednesday morning, 190 lawmakers in the 300-seat parliament unanimously voted to demand the lifting of martial law. The president had said his move was intended to protect freedom and constitutional order, that it wouldn’t have an impact on South Korea’s foreign policy, and that it would help eradicate the influence of North Korean supporters. A proclamation released after the address banned all political activities and strikes and said media would be subject to control of the Martial Law Command. Korean assets were battered during New York trading. The won suffered its sharpest drop since the global financial crisis to hit 1444.65 its lowest in over two years, before paring losses. Samsung Electronics’ London-listed shares fell as much as 7.2% then regained some ground. The finance minister and central bank chief met and promised to provide unlimited liquidity to markets if needed. The Bank of Korea will meet early Wednesday, just a week after a surprise rate cut partly triggered by heightened uncertainty generated by U.S. President-elect Donald Trump’s election victory. Adding to the sense of chaos, the nation’s largest union federation called a general strike in defiance of Yoon’s order. The shock announcement to impose martial law for the first time since the democratization of South Korea in 1987 caught even Yoon’s own party off guard. Han Dong-hoon, leader of Yoon’s People Power Party, condemned the move and vowed to stop it, in a sign of the president’s increasing isolation and his lack of consultation. The move also surprised the White House, prompting Deputy Secretary of State Kurt Campbell to say that the Biden administration was watching the developments with “grave concern.” Yoon’s abrupt decision came after months of wrangling and deadlock in parliament between the president’s minority government and the main opposition Democratic Party, but with little expectation that the president would take such a drastic step. The opposition has been trying to force its budget proposal through parliament and has submitted an impeachment motion against the chief prosecutor after months of also trying to get Yoon’s wife prosecuted. Adding to the fractious political rift, the DP’s leader has faced multiple court cases and was convicted last month of election-law violations, barring him from running for president if it is finalized. Amid the political standoff, Yoon had vetoed a string of bills passed by parliament and at times angering his own party. His latest act ramped up tensions considerably domestically, while also creating high uncertainty abroad for the outlook of one of the world’s key suppliers of semiconductors and a stalwart U.S. ally in an increasingly complex security environment in Asia. Even though the martial law order lasted less than a day, the political instability it will generate is set to last two or three years, according to Lee Won-Jae, a sociology professor at at Kaist Graduate School of Culture Technology in Daejeon. “Martial law has lost its effect, so from this moment on, all state institutions exercising physical force, including the military and police of the Republic of Korea, are obligated not to follow unlawful or unfair instructions,” Han, the leader of Yoon’s party, said in a Facebook post. Yoon’s moves came at a time of high uncertainty for the nation as its trade-dependent economy faces potential tariffs from Trump’s incoming U.S. administration. Bloomberg Economics estimates that full imposition of tariffs on China, South Korea and other U.S. trading partners could reduce Seoul’s exports to the U.S. by as much as 55%. Meanwhile, North Korea continues to present a security concern as it deepens its ties with Russia, having sent thousands of troops there to help in Moscow’s war against Ukraine. Russia’s defense minister visited Pyongyang last week in the latest sign of talks between the two countries. Russia may help provide North Korea key technology for its weapons programs including its intercontinental ballistic missiles. “We shouldn’t be fooled — this has nothing at all to do with North Korea and all to do with domestic politics,” said Defense Priorities Fellow Daniel DePetris. China suggested its citizens residing in South Korea keep calm and try to avoid going outdoors for anything non-essential, the country’s embassy said in a post on social media Tuesday night. The embassy also asked Chinese citizens to comply with official orders from the Korean government and “use caution” over sharing political opinions. “The domestic uncertainty adds to the external pressures in recent weeks as the market is starting to price in the rise of higher U.S. tariffs under the new Trump administration,” said Aroop Chatterjee, a strategist at Wells Fargo. “Korea is an open economy sensitive to shifts in global export demand and spillovers from a weaker China.” While it remains to be seen if the short-lived declaration of martial law will have a lasting impact on markets and the economy, Yoon’s high-stakes move is certain to knock confidence in his leadership and his reliability as a bullwark of democracy in a nation with many authoritarian neighbors. “U.S. officials look to South Korea now as a beacon of democracy so for a president to pull a fast one like this is certainly shocking and unprecedented,” said DePetris. Bank of Korea’s monetary board, which unexpectedly cut the key rate last week, will also hold an extraordinary meeting Wednesday morning to discuss steps to shield the economy and markets. “From a near-term policy standpoint, apart from the market disruptions, uncertainty could also arise in the event of cabinet changes,” Goldman Sachs Group Inc. analysts Goohoon Kwon and Kamakshya Trivedi wrote in a note Tuesday. (With assistance from Maria Elena Vizcaino.) ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.

VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Revolve Renewable Power Corp. (TSXV: REVV) (OTCQB: REVVF) (“Revolve” or the “Company”), a North American owner, operator and developer of renewable energy projects, is pleased to announce that CEO Myke Clark will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com , on December 5th, 2024. DATE: December 5th TIME: 11:30am ET LINK: https://bit.ly/3Yknp3z Mr. Clark is also available for 1x1 meetings. Mr. Clark will provide an update on Revolve’s renewable energy project pipeline and corporate catalysts, including: A review of Q1, F2025 results including a 300% increase in the Company’s long-term recurring revenue stream. The recent completion of a major interconnection milestone at the Company’s 49.6MW Primus Wind project in the U.S. The recent acquisition of a 30 MW solar development project in Alberta, Canada and the current permitting process. This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates. Learn more about the event at www.virtualinvestorconferences.com . About Revolve Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the US, Canada and Mexico. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW “behind the meter” distributed generation (or “DG”) assets. Revolve’s portfolio includes the following: Operating Assets: 11MW (net) of operating assets under long term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation; Under Construction: a 3MW CHP project and a 450kWp rooftop solar project that are both under construction and expected to be operational later this year; and Development: a diverse portfolio of utility scale development projects across the US, Canada and Mexico with a combined capacity of over 3,000MWs as well as a 140MW+ distributed generation portfolio that is under development. Revolve has an accomplished management team with a demonstrated track record of taking projects from “greenfield” through to “ready to build” status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 1,550MW of projects. Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets. Non-IFRS Measures This press release refers to certain non-IFRS measures including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”). Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The term EBITDA consists of net loss or gain and excludes interest, taxes, depreciation and amortization. The most directly comparable measure to EBITDA calculated in accordance with IFRS is net gain or net loss . The term EBITDA margin consists of the percentage of net loss or gain and excludes interest, taxes, depreciation and amortization. These measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings on SEDAR+ at sedarplus.ca and posted on our website. Financial Projections The Company’s financial projections are inherently speculative and may prove to be inaccurate. Any financial projections provided in this press release have been prepared in good faith based upon the estimates and assumptions considered reasonable by management. However, projections are no more than estimates of possible events and should not be relied upon to predict the results that the Company may attain. Future oriented financial information in this press release includes statements with respect to forecasted revenues and EBITDA that are expected to be generated by the Project. There is a risk that the assumptions related to these revenue and EBITDA forecasts may not be met and that the Project will not meet the conditions to start construction. The projections are based upon several estimates and assumptions and have not been examined, reviewed or compiled by independent accountants or other third-party experts, including assumptions with respect to the anticipated expenses and future revenues from the Project. These assumptions may vary from the actual results. Accordingly, there is no assurance that future events will correspond to management’s assumptions for the Project. Any variations of actual results from projections related to the Project may be material and adverse. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the reasonable assumptions of the Company and management as at the date hereof. Our actual financial position and results of operations and the Project may differ materially from management’s current expectations and, as a result, our revenue, profitability, EBITDA may differ materially from any revenue, and profitability profiles provided in this press release. Such information is presented for illustrative purposes only and may not be an indication of our actual financial position or results of operations. Revolve does not provide reconciliations for forward-looking non-GAAP financial measures as Revolve is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or number of various events that have not yet occurred, are out of Revolve’s control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, Revolve is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures. Forward Looking Information The forward-looking statements contained in this news release constitute ‘‘forward-looking information’’ within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ‘‘forward-looking statements’’ within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ‘‘forward-looking statements”). The words “will”, “expects”, “estimates”, “projections”, “forecast”, “intends”, “anticipates”, “believes”, “targets” (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to the proposed acquisition of the Project. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions considering our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management’s expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company’s acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth. Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company’s supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company’s projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company’s continuous disclosure filings on SEDAR+ at sedarplus.ca . There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required by law. Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any time except as required in accordance with applicable laws. “Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”Lesson from a year at war: In contrast to the Russians, Ukrainians master a mix of high- and low-end technology on the battlefield

— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. NOTV (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q4 FY 2024") and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Three Months Ended September 30, % change Twelve Months Ended September 30, % change 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) DSA (Discovery & Safety Assessment) $44.6 $50.2 (11.2 )% $180.1 $185.1 (2.7 )% RMS (Research Models & Services) $85.8 $90.5 (5.2 )% $310.6 $387.3 (19.8 )% Total $130.4 $140.7 (7.3 )% $490.7 $572.4 (14.3 )% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We've grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we're streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 ("Q4 FY 2023"), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services ("RMS") revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the "Resolution Agreement") the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney's Office for the Western District of Virginia ("USAO-WDV") and the Plea Agreement (the "Plea Agreement") Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company's shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to "Note on Non-GAAP Financial Measures" in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company's common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company's 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company's $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission. Company Contact Investor Relations Inotiv, Inc. LifeSci Advisors Beth A. Taylor, Chief Financial Officer Steve Halper (765) 497-8381 (646) 876-6455 btaylor@inotivco.com shalper@lifesciadvisors.com INOTIV, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 Service revenue $ 54,475 $ 58,718 $ 219,663 $ 223,813 Product revenue 75,942 82,022 271,076 348,612 Total revenue $ 130,417 $ 140,740 $ 490,739 $ 572,425 Costs and expenses: Cost of services provided (excluding depreciation and amortization of intangible assets) 40,464 39,460 157,826 147,819 Cost of products sold (excluding depreciation and amortization of intangible assets) 60,014 52,955 221,742 242,664 Selling 5,102 5,030 20,883 19,075 General and administrative 20,529 22,410 77,034 104,706 Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Other operating expense 2,881 3,825 42,542 18,537 Goodwill impairment loss — — — 66,367 Operating (loss) income $ (13,167 ) $ 2,460 $ (86,406 ) $ (81,460 ) Other (expense) income: Interest expense (12,316 ) (11,268 ) (46,884 ) (43,019 ) Other income 1,438 1,582 2,530 237 Loss before income taxes $ (24,045 ) $ (7,226 ) $ (130,760 ) $ (124,242 ) Income tax benefit (provision) 5,154 (1,480 ) 21,875 19,340 Consolidated net loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Less: Net (loss) income attributable to noncontrolling interests — 957 (440 ) 238 Net loss attributable to common shareholders $ (18,891 ) $ (9,663 ) $ (108,445 ) $ (105,140 ) Loss per common share Net loss attributable to common shareholders: Basic $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Diluted $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Weighted-average number of common shares outstanding: Basic 26,001 25,738 25,897 25,641 Diluted 26,001 25,738 25,897 25,641 INOTIV, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) As of September 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 21,432 $ 35,492 Trade receivables and contract assets, net of allowances for credit losses of $6,931 and $7,446, respectively 73,560 87,383 Inventories, net 18,173 56,102 Prepaid expenses and other current assets 50,248 33,408 Assets held for sale — 1,418 Total current assets 163,413 213,803 Property and equipment, net 188,328 191,068 Operating lease right-of-use assets, net 49,165 38,866 Goodwill 94,286 94,286 Other intangible assets, net 274,396 308,428 Other assets 11,773 10,079 Total assets $ 781,361 $ 856,530 Liabilities, shareholders' equity and noncontrolling interest Current liabilities: Accounts payable $ 33,526 $ 32,564 Accrued expenses and other liabilities 28,218 25,776 Fees invoiced in advance 41,986 55,622 Current portion of long-term operating lease 11,774 10,282 Current portion of long-term debt 3,538 7,950 Total current liabilities 119,042 132,194 Long-term operating leases, net 40,010 29,614 Long-term debt, less current portion, net of debt issuance costs 389,801 369,795 Other long-term liabilities 34,963 6,373 Deferred tax liabilities, net 27,041 50,064 Total liabilities 610,857 588,040 Shareholders' equity and noncontrolling interest: Common shares, no par value: Authorized 74,000,000 shares at September 30, 2024 and September 30, 2023; 26,015,129 issued and outstanding at September 30, 2024 and 25,777,169 at September 30, 2023 6,466 6,406 Additional paid-in capital 724,789 715,696 Accumulated deficit (562,163 ) (453,278 ) Accumulated other comprehensive income 1,412 330 Total equity attributable to common shareholders 170,504 269,154 Noncontrolling interest — (664 ) Total shareholders' equity and noncontrolling interest 170,504 268,490 Total liabilities and shareholders' equity and noncontrolling interest $ 781,361 $ 856,530 INOTIV, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Fiscal Years Ended September 30 2024 2023 Operating activities: Consolidated net loss $ (108,885 ) $ (104,902 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisitions: Depreciation and amortization 57,118 54,717 Employee stock compensation expense 6,740 7,844 Changes in deferred taxes (23,251 ) (25,810 ) Provision for expected credit losses 58 1,273 Amortization of debt issuance costs and original issue discount 3,745 3,182 Noncash interest and accretion expense 7,378 6,284 Other non-cash operating activities (452 ) 1,972 Gain on debt extinguishment (1,860 ) — Goodwill impairment loss — 66,367 Changes in operating assets and liabilities: Trade receivables and contract assets 14,168 9,550 Inventories 38,210 14,011 Prepaid expenses and other current assets (16,357 ) 11,249 Operating lease right-of-use assets and liabilities, net 1,589 884 Accounts payable 613 5,963 Accrued expenses and other liabilities 2,158 (8,339 ) Fees invoiced in advance (14,339 ) (12,907 ) Other asset and liabilities, net 26,562 (3,455 ) Net cash (used in) provided by operating activities (6,805 ) 27,883 Investing activities: Capital expenditures (22,310 ) (27,503 ) Proceeds from sale of property and equipment 5,478 1,115 Cash paid for other investing activities — (2,367 ) Net cash used in investing activities (16,832 ) (28,755 ) Financing activities: Payments on revolving credit facility (12,000 ) (21,000 ) Payments on senior term notes and delayed draw term loans (3,454 ) (2,070 ) Borrowings on revolving loan facility 12,000 6,000 Issuance of second lien notes 17,000 — Borrowings on delayed draw term loans — 35,000 Other financing activities, net (3,871 ) (2,058 ) Net cash provided by financing activities 9,675 15,872 Effect of exchange rate changes on cash and cash equivalents (98 ) 1,512 Net (decrease) increase in cash and cash equivalents (14,060 ) 16,512 Cash, cash equivalents, and restricted cash at beginning of period 35,492 18,980 Cash, cash equivalents, and restricted cash at end of period $ 21,432 $ 35,492 Noncash financing activity: Non-cash debt issuance costs $ 3,512 $ 1,363 Supplemental disclosure of cash flow information: Cash paid for interest $ 36,138 $ 35,459 Income taxes paid, net $ 1,843 $ 7,146 INOTIV, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECT BUSINESS SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 DSA Revenue 44,568 50,216 180,116 185,090 Operating income 1,928 6,768 8,699 15,246 Operating income as a % of total revenue 1.5 % 4.8 % 1.8 % 2.7 % Add back: Depreciation and amortization of intangible assets 4,605 4,545 17,865 16,371 Restructuring costs 124 — 465 97 Startup costs 709 1,291 3,278 6,858 Total non-GAAP adjustments to operating income 5,438 5,836 21,608 23,326 Non-GAAP operating income 7,366 12,604 30,307 38,572 Non-GAAP operating income as a % of DSA revenue 16.5 % 25.1 % 16.8 % 20.8 % Non-GAAP operating income as a % of total revenue 5.6 % 9.0 % 6.2 % 6.7 % RMS Revenue 85,849 90,524 310,623 387,335 Operating income (loss) 1,044 11,757 (31,929 ) (24,904 ) Operating income (loss) as a % of total revenue 0.8 % 8.4 % (6.5 %) (4.4 %) Add back: Depreciation and amortization of intangible assets 9,833 9,997 38,614 38,288 Restructuring costs 391 1,317 2,909 4,529 Amortization of inventory step up 142 116 351 679 Other unusual, third party costs 1,258 806 5,886 3,958 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating income (loss) 11,624 12,236 76,260 113,821 Non-GAAP operating income 12,668 23,993 44,331 88,917 Non-GAAP operating income as a % of RMS revenue 14.8 % 26.5 % 14.3 % 23.0 % Non-GAAP operating income as a % of total revenue 9.7 % 17.0 % 9.0 % 15.5 % Unallocated Corporate Operating Loss (16,139 ) (16,065 ) (63,176 ) (71,802 ) Unallocated corporate operating expenses as a % of total revenue (12.4 )% (11.4 )% (12.9 )% (12.5 )% Add back: Depreciation and amortization of intangible assets 156 58 639 58 Stock option expense 1,622 1,988 6,740 7,844 Acquisition and integration costs — 35 70 1,228 Other unusual, third party costs — — — 572 Total non-GAAP adjustments to operating loss 1,778 2,081 7,449 9,702 Non-GAAP operating loss (14,361 ) (13,984 ) (55,727 ) (62,100 ) Non-GAAP operating loss as a % of total revenue (11.0 )% (9.9 )% (11.4 )% (10.8 )% Total Revenue 130,417 140,740 490,739 572,425 Operating (loss) income (13,167 ) 2,460 (86,406 ) (81,460 ) Operating (loss) income as a % of total revenue (10.1 )% 1.7 % (17.6 )% (14.2 %) Add back: Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Restructuring costs 515 1,317 3,374 4,626 Acquisition and integration costs — 35 70 1,228 Amortization of inventory step up 142 116 351 679 Startup costs 709 1,291 3,278 6,858 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating (loss) income 18,840 20,153 105,317 146,849 Non-GAAP operating income 5,673 22,613 18,911 65,389 Non-GAAP operating income as a % of total revenue 4.3 % 16.1 % 3.9 % 11.4 % INOTIV, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 GAAP Consolidated Net Loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Adjustments (a) Interest expense 12,316 11,268 46,884 43,019 Income tax (benefit) provision (5,154 ) 1,480 (21,875 ) (19,340 ) Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Acquisition and integration costs (1) — (145 ) 70 1,449 Startup costs 709 1,291 3,278 6,858 Restructuring costs (2) 515 1,317 3,374 4,626 Unrealized foreign exchange (gain) loss (744 ) 956 (1,320 ) 950 Amortization of inventory step up 142 116 351 679 (Gain) loss on disposition of assets 862 84 (76 ) 403 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement (3) — — 28,500 — Gain on sale of subsidiary — (1,377 ) — (1,377 ) Gain on debt extinguishment (1,860 ) — (1,860 ) — Goodwill impairment loss (4) — — — 66,367 Adjusted EBITDA (b) $ 5,369 $ 23,678 $ 18,185 $ 65,823 GAAP consolidated net loss as a percent of total revenue (14.5 )% (6.2 )% (22.2 )% (18.3 )% Adjustments as a percent of total revenue 18.6 % 23.0 % 25.9 % 29.8 % Adjusted EBITDA as a percent of total revenue 4.1 % 16.8 % 3.7 % 11.5 % (a) Adjustments to certain GAAP reported measures for the three and twelve months ended September 30, 2024 and 2023 include, but are not limited to, the following: (1) For the three and twelve months ended September 30, 2024 and 2023, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of those acquisitions. (2) For the three and twelve months ended September 30, 2024, primarily represents costs incurred in connection with the exit of multiple sites and the enablement of the in-house integration of Inotiv's North American transportation operations as previously disclosed. For the three and twelve months ended September 30, 2023, primarily represents costs incurred in connection with the exit of multiple sites as previously disclosed. (3) For the twelve months ended September 30, 2024, represents a charge related to the Resolution Agreement and the Plea Agreement as it relates to the matter in which the U.S. Department of Justice, together with federal and state law enforcement agents, executed a search and seizure warrant on the Cumberland facility on May 18, 2022. (4) For the twelve months ended September 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment. (b) Adjusted EBITDA - Consolidated net loss before interest expense, income tax benefit/provision, depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution Agreement and the Plea Agreement, gain on sale of subsidiary, gain on debt extinguishment and goodwill impairment loss. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Luxembourg, December 11, 2024 - Millicom International Cellular S.A. ("Millicom” or the "Company”), today announced further details regarding the payment of the Interim Dividend and the intended delisting of SDRs from Nasdaq Stockholm, including removal as from January 13, 2025 of certain fees for conversions of SDRs to Millicom U.S. Shares traded at Nasdaq U.S.. Update on dates relating to the Interim Dividend As announced on November 29, 2024, Millicom's Board of Directors (the "Board”) approved the distribution of an interim dividend payment of $1.00 per share (the "Interim Dividend”) to be paid on January 10, 2025 ("Payment Date”). Other important dates relating to the Interim Dividend are as follows: For information on certain tax aspects in relation to the Interim Dividend, see the press release announced on November 29, 2024 and additional information available on the "Nasdaq Stockholm Delisting & Interim Dividend” section of the Millicom website: https://www.millicom.com/investors/Nasdaq_Stockholm_Delisting_and_Interim_Dividend . Further details regarding the delisting from Nasdaq Stockholm and related conversion process As announced on November 29, 2024, Millicom plans to maintain the current listing of its common shares on Nasdaq U.S. under the ticker symbol "TIGO” and to apply to delist the Company's SDR from Nasdaq Stockholm. The application for delisting will be submitted to Nasdaq Stockholm no earlier than March 3, 2025. Upon approval, Nasdaq Stockholm will set the last day of trading (the "Delisting Effective Date”) for the SDRs, which is currently expected to be March 17, 2025 at the earliest. The delisting will result in the SDR program being terminated. As a result, to remain as shareholders of Millicom, SDR holders must convert 1 their SDRs into Millicom U.S. Shares prior to the Delisting Effective Date. Millicom will, in due course, provide further information regarding such conversions of SDRs into Millicom U.S. Shares, as well as make such information available on the "Nasdaq Stockholm Delisting & Interim Dividend” section of the Millicom's webpage: https://www.millicom.com/investors/Nasdaq_Stockholm_Delisting_and_Interim_Dividend Such information is as far as currently possible summarized below. Directly registered SDR-holders will, if they do not already have an eligible account with their bank/broker, be required to open a custody account, an investment savings account ( Sw. investeringssparkonto ), or an endowment insurance ( Sw. kapitalförsäkring ), and transfer their SDRs to such account, in order to be able to complete the conversion into Millicom U.S. Shares. There are several Swedish banks, stockbrokers or online brokers that offer custody accounts, investment savings accounts or endowment insurance at no cost. If an SDR-holder has not already converted its SDRs into Millicom U.S. Shares upon the Delisting Effective Date, then SEB shall transfer the underlying Millicom U.S. Shares to the SDR-holder. SEB is only obligated and able to make such transfer if the SDR holder's bank/broker has given SEB a transfer instruction that makes it possible for SEB to do so. Otherwise, SEB is entitled, and intends, to sell the underlying Millicom U.S. Shares and distribute the sale proceeds to the SDR-holder (with the deduction of reasonable costs, fees and taxes) pursuant to Section 17 of the SDR terms and conditions available in the Stock Information section of the website: https://ww2-cdn.tigocloud.net/Millicom_General_Terms_and_Conditions_SDR_Consolidated_2022_02a125e16d.pdf Such sale shall take place as soon as practicable after the termination of the SDR-program and the delisting of the SDRs from Nasdaq Stockholm. The payment of the proceeds from the sale will be paid pro rata to the previous holders of such SDRs in SEK after exchanging from USD. Regulatory Statement This information was submitted for publication, through the agency of the contact person set out above, at 22:40 CET on December 11, 2024. For further information, please contact: Sofía Corral, Director Corporate Communications [email protected] Michel Morin, VP Investor Relations [email protected] About Millicom Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people, and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg. Forward-Looking Statements Statements included herein that are not historical facts, including without limitation statements concerning the payment of the Interim Dividend and the timing of such payment, the submission of an application to Nasdaq Stockholm to delist the SDRs, the timing of the Delisting Effective Date, the ability to withdraw the Common Shares underlying the SDRs and the timing of the Conversion Tranches, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom's results and its ability to pay the Interim Dividend or consummate the delisting of the SDRs could be materially adversely affected. A list and description of such risks, uncertainties and other matters can be found under the heading "Risk Factors” in Millicom's Annual Report on Form 20-F for the year ended December 31, 2023, which is available on the website of the U.S. Securities and Exchange Commission at www.sec.gov . All forward-looking statements attributable to Millicom or any person acting on its behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, Millicom does not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. 1 i.e., withdraw the common shares underlying their SDRs, which we refer for convenience as the "conversion” of SDRs into Millicom U.S. Shares, pursuant to the SDR terms and conditions available in the Stock Information section of the website: https://ww2-cdn.tigocloud.net/Millicom_General_Terms_and_Conditions_SDR_Consolidated_2022_02a125e16d.pdf

Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2025 Financial Results

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