Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") announces today that it has entered into settlement agreements that will see $149,215 of debt settled by the issuance of 1,755,470 shares at a deemed price of $0.085, and the Company's balance sheet much improved
No finders fees will be paid. The securities issued will be subject to a four-month and one-day hold period from closing.
Certain insiders participated in respect to accrued and unpaid fees and expenses. The Company is relying on exemptions contained in NI 61-101 from minority approval and valuation requirements for related party transactions.
About Cypher Metaverse Inc.
Cypher Metaverse Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8. The common shares of CODE ("CODE Common Shares") are currently listed on the CSE and CODE is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
Cautionary Statement Regarding Forward-Looking Information
Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such forward-looking information can be generally identified by terms such as "may", "expect", "estimate", "anticipate", "intend", "believe", and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, and readers are cautioned that such forward-looking statements may not be appropriate for other purposes. By its nature, this forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited to those identified and reported under the Company's disclosure documents available on its SEDAR+ profile at www.sedarplus.com.
Contact Information
For further information please contact:
Brian Keane, Director
Cypher Metaverse Inc.
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: info@cypher-meta.com
www.cypher-meta.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Cypher Metaverse Inc.
News Provided by ACCESSWIRE via QuoteMedia
Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") is pleased to announce that it is continuing in assisting the financing for the acquisition of Agapi Luxury Brands Inc. ("Agapi"). The secured bridge loan entered between CODE and Agapi on May 10, 2023, has been increased from $600,000 to $950,000 of which $886,692 has been advanced to date to advance Agapi's business plan and growth initiatives
Agapi continues to expand its sales of its luxury cigars. After receiving Cypher shareholder approval for the acquisition of Agapi, Cypher and Agapi are completing their current financials statements and listing statement, after which it is anticipated that the exchange will provide their final consent to closing.
About Cypher Metaverse Inc.
CODE seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8, and its Common Shares are currently listed on the CSE. CODE is a reporting issuer in the Provinces of British Columbia, Alberta, and Ontario.
Contact Information
For further information, please contact:
Cypher Metaverse Inc.
Brian Keane - Director
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the exploration and development of Agapi's products, the proposal to complete the Transaction and associated transactions, including statements regarding the terms and conditions of the Transaction the Exchange Ratio, the name change of the Company, the Private Placement, the use of proceeds of the Private Placement, the Bridge Loan and the proposed directors and officers of the Resulting Issuer. The information about Agapi contained in the press release has not been independently verified by CODE. Although CODE believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because CODE can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Transaction, the name change of the Company, the Private Placement, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions, that the ultimate terms of the Transaction, the Private Placement, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions will differ from those that currently are contemplated, and that the Transaction, the name change of the Company, the Private Placement, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Transaction may change based on CODE's due diligence and the receipt of tax, corporate and securities law advice for both CODE and Agapi. The statements in this press release are made as of the date of this press release. CODE undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of CODE, Agapi, their securities, or their respective financial or operating results (as applicable) except as required by securities laws.
SOURCE:Cypher Metaverse Inc.
News Provided by ACCESSWIRE via QuoteMedia
Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") is please to announce that it has closed its previously announced non-brokered private placement of 2,325,000 units ("Units") at a price of $0.12 per Unit for aggregate gross proceeds of $279,000 (the "Financing
Under the Financing, each Unit consists of one common share in the capital of the Company ("Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to subscribe for one additional Common Share at a price of $0.15 for a period of two years from the date of closing, subject to the Company's option to accelerate the expiry date if the stock trades at $0.20 for ten trading days.
In connection with the Financing, the Company paid finder's fees to qualified finders in the amount of $18,755 and issued 156,300 broker warrants (the "Broker Warrants"). The Broker Warrants are subject to the same terms as the Warrants.
In accordance with the policies of the Canadian Securities Exchange (the "CSE") and applicable securities legislation, the Common Shares and Warrants comprising the Units will be subject to a four-month and one-day hold period.
The Company intends to use the net proceeds of the Financing for the acquisition of Agapi Luxury Brands Inc. ("Agapi"). Pursuant to the Company's agreement to loan Agapi funds as it works through the CSE's RTO process, the Company has now loaned Agapi a total of $886,692 to advance its business plan.
About Cypher Metaverse Inc.
CODE seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8, and its Common Shares are currently listed on the CSE. CODE is a reporting issuer in the Provinces of British Columbia, Alberta, and Ontario.
Contact Information
For further information, please contact:
Cypher Metaverse Inc.
Brian Keane - Director
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Cypher Metaverse Inc.
News Provided by ACCESSWIRE via QuoteMedia
Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") is pleased to announce that it is undertaking a non-brokered private placement of up to $400,000. The Company will issue up to 3,333,333 units at a price of $0.12 per unit. Each unit consists of one common share and one half of a common share warrant. Each whole warrant entitles the holder to subscribe for one additional common share for $0.15 for a period of 2 years from the date of closing, subject to the Corporation's option to accelerate the expiry date if the stock trades at $0.20 for 10 trading days
The Company intends to use the net proceeds of the Offering for general working capital and acquisition of Agapi Luxury Brands Inc.
The Company may pay qualified finders fees of up to 8% in cash and 8% in brokers warrants.
About Cypher Metaverse Inc.
Cypher Metaverse Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8. The common shares of CODE ("CODE Common Shares") are currently listed on the CSE and CODE is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
For further information please contact:
Cypher Metaverse Inc.
Brian Keane - Director
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
Neither the CSE nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Cypher Metaverse Inc.
News Provided by ACCESSWIRE via QuoteMedia
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
Cypher Metaverse Inc. (CSE: CODE) ("CODE" or the "Company") is pleased to announce that it has entered into a binding definitive agreement ("Definitive Agreement") dated August 29, 2023, in respect to a business combination (the "Transaction") with Agapi Luxury Brands Inc. ("Agapi"). It is expected that upon completion of the Transaction, the combined entity (the "Resulting Issuer") will meet the listing requirements for an industrial issuer under the policies of the CSE Venture Exchange (the "CSE"). The CSE has conditionally accepted the Transaction, and the Company will hold a shareholder meeting on December 1, 2023 to give its shareholders the opportunity to consider the Transaction and approve the same
Terms of the Transaction
The Transaction is expected to be completed by way of a share exchange, which will result in Agapi becoming a wholly-owned subsidiary of CODE.
Upon the satisfaction or waiver of the conditions set out in the Definitive Agreement, the following, among other things, will be completed in connection with the Transaction:
The Transaction is a non-arm's length transaction or a related party transaction pursuant to the policies of the CSE and NI 61-103 as the CEO of CODE is a significant shareholder of Agapi. As a result, CODE is being represented in these negotiations by a special committee made of up of independent directors. In addition the Company has commissioned an independent valuation of Agapi and will seek the approval of disinterested shareholders.
Private Placement Financing
In connection with and as a condition to the Transaction, Agapi intends to complete an equity financing of Agapi Common Shares for minimum gross proceeds of $750,000 (the "Private Placement"). It is expected that the issue price per Agapi Common Share will be $0.12. The Agapi Common Shares are expected to be sold to "accredited investors" and other parties pursuant to exemptions from prospectus requirements under Canadian securities laws.
The Private Placement is intended to be completed prior to or concurrently with closing of the Transaction. The net proceeds of the Private Placement will be used for working capital and general corporate purposes.
Conditions of the Transaction
Completion of the Transaction is subject to the satisfaction of customary closing conditions, including: (i) receipt of all required approvals and consents relating to the Transaction, including without limitation any approvals of the shareholders of CODE and Agapi as required by the CSE and under applicable corporate or securities laws; (ii) completion of the Private Placement; and (iii) the CSE's final approval for listing the shares of the Resulting Issuer.
Trading Halt
Trading in CODE Common Shares on the CSE will remain halted in compliance with the policies of the CSE. It is not expected that trading in the CODE Common Shares will resume prior to the Closing.
Filing Statement
In connection with the Transaction and in compliance with the policies of the CSE, CODE will file on SEDAR by September 29, 2023 the information circular which will contain details regarding the Transaction, CODE, Agapi and the Resulting Issuer, including proposed management of the Resulting Issuer. .
About Cypher Metaverse Inc.
Cypher Metaverse Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8. The common shares of CODE ("CODE Common Shares") are currently listed on the CSE and CODE is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
CODE currently has 15,571,906 CODE Common Shares issued and outstanding and securities exercisable or exchangeable into 3,288,070 CODE Common Shares.
About Agapi Luxury Brands Inc.
Agapi's premium luxury branded cigars sold under the brand "Freud Cigar Co.", are exclusively handcrafted using the finest tobacco leaves that are carefully selected and aged to perfection, and artistically blended to produce an unforgettable smoking experience for the luxury consumer. The company has partnered with renowned industry veterans Eladio Diaz and Wiber Ventura with the aim to disrupt the luxury cigar segment. The company has successfully commercialized products in the US and international markets selling over 40,000 and 10,000 cigars in each respective market.
Agapi is a private company and was incorporated under the Business Corporations Act (British Columbia) on June 11, 2021. Agapi's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8.
Agapi currently has approximately 65,571,906 common shares ("Agapi Common Shares") issued and outstanding and securities exercisable or exchangeable into approximately 84,542,058 Agapi Common Shares .
For further information please contact:
Cypher Metaverse Inc. Corporate Communications
Brian Keane - Director
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
Agapi Luxury Brands Inc.
David Stadnyk, CEO
All information in this press release relating to Agapi has been provided by Agapi and is the sole responsibility of Agapi.
Cautionary Note
Completion of the Transaction is subject to a number of conditions, including but not limited to, CSE acceptance and if applicable pursuant to CSE requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
The CSE has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
Neither the CSE nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the exploration and development of Agapi's products, the proposal to complete the Transaction and associated transactions, including statements regarding the terms and conditions of the Transaction the Exchange Ratio, the name change of the Company, the Private Placement, the use of proceeds of the Private Placement and the proposed directors and officers of the Resulting Issuer. The information about Agapi contained in the press release has not been independently verified by CODE. Although CODE believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because CODE can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Transaction, the name change of the Company, the Private Placement, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions, that the ultimate terms of the Transaction, the Private Placement, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions will differ from those that currently are contemplated, and that the Transaction, the name change of the Company, the Private Placement, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Transaction may change based on receipt of tax, corporate and securities law advice for both CODE and Agapi. The statements in this press release are made as of the date of this press release. CODE undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of CODE, Agapi, their securities, or their respective financial or operating results (as applicable) except as required by securities laws.
SOURCE: Cypher Metaverse Inc.
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Dividends
No dividends have been declared or are payable for the year ended 30 June 2024.
Net Tangible Asset Information
*Derived by dividing the net assets less intangible assets attributable to equity holders of the Company by the total ordinary shares at 30 June 2024 (553,139,337) and 30 June 2023 (446,346,595) respectively.
Please note that throughout the financial year the company has increased its intangible assets by $2.1m and increased its intangible liabilities (deferred revenue) by $2.6m, both of which are subtracted in calculating the Net tangible assets.
Commentary and results for the year
Delivering on Strategy and Outperforming Expectations
XRG's achievements in FY24, particularly in validating and expanding the Operator XR software products, underscore a pivotal year of strategic execution and market penetration. The company not only met but also surpassed its strategic milestones, demonstrating effective growth management and the appeal of its innovative solutions in global markets. This success has set a strong precedent for continued growth and innovation throughout FY2025 and beyond.
Enterprise Sector
Throughout FY2024, xReality Group Limited made substantial strides in expanding its customer base for the Operator XR platform. The year saw a marked increase in new customers, particularly in the U.S. and Australian markets.
The company is using 3 key indicators to track its success in the new sector; Total Contract Value (TCV), Annual Recurring Revenue (ARR) and total customers world-wide.
For FY2024 our TCV was $4.1m, an increase of 193% on FY23 (FY23 $1.4m). The ARR grew by 505% from $365k to $2.21m, and by the end of the financial year we had 29 customers around the world including Law Enforcement agencies, Military Units, Education and Training agencies and other government agencies.
Key Markets Penetration
The two key markets of focus have been Australia and the United States. Sales efforts have been concentrated on these markets.
In the first half of the year, the company focused on expanding its U.S. operations. Initial market engagement involved trade shows and selective customer interactions, leading to the establishment of a permanent Sales team and Operations unit and securing its first law enforcement client in Colorado. This early foundation paved the way for an extremely successful second half of the year where the company added a further 24 customers in the US across law enforcement and training organisations.
The success in North America has also carried through to the Australian market, with a major contract awarded by a state government agency in late June with a TCV of $810k (signed 3rd July). This State Government sale and a further Australian military sale valued at $317k ended the financial year contributing significant ARR into FY25 and beyond.
Other Global Opportunities
In parallel with the direct sales strategy in Australia and the US, Operator XR has now established a distributor network in S/E Asia and Europe through partnership agreements to market, deliver, and support Operator XR products and software into those regions. These arrangements are expected to commence to deliver sales in FY25.
Click here for the full ASX Release
This article includes content from xReality Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
(TheNewswire)
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Vancouver, B.C. August 27, 2024 TheNewswire Aether Global Innovations Corp. (CSE: AETH) (OTC: AETHF) (Frankfurt: 4XA WKN# A2N8RH) ("Aether Global", "AGI", or the "Company"), a drone management and automation company, today announced the Company has signed a letter of intent (LOI) to acquire 1401068 BC Ltd. ("PrivCo") in an all-share deal (the "Transaction"). PrivCo is in the business of investing in early-stage technology ventures in both Canada and the United States, and is currently completing an earn-in arrangement with an early stage drone development company which AGI feels will be an accretive addition to its current business development efforts. As part of the Transaction, PrivCo intends to advance $50,000 to AGI as a secured working capital loan at market interest rates, forgivable on completion of the Transaction. The LOI is non-binding until finalized, and both the Transaction and Bridge Loan are subject to a number of customary closing conditions, including execution of definitive documentation.
Aether Global believes that this acquisition will bring great value in furthering the Company's overall three (3) part business strategy for supporting critical infrastructures and large-scale facilities, which includes: (i) drone design and development, (ii) automation and integration and (iii) drone base station infrastructure and technology.
"We are excited to sign this non-binding LOI and move toward a definitive with PrivCo around a complete acquisition and joining our two companies. We expect this strategic acquisition to allow us to move forward with a strong development program and commercialization of a new innovative long range and heavy lift unmanned aerial system, shared Phil Lancaster, CEO and President of Aether Global Innovations.
PrivCo and Aether Global have begun working on the details of a definitive agreement. Both companies will update the marketplace, clients, partners and shareholders as market impacting achievements are delivered.
About Aether Global Innovations Corp.
Aether Global Innovations (AETH) is an innovative UAV drone management and operations services company that focuses in three areas for critical infrastructure and large public and private facilities. These three areas include (i) drone management and surveillance monitoring, (ii) automation and integration for flight planning, new, innovative sensor payloads, stand-alone power source and (iii) drone base station infrastructure and technology for autonomous self-landing, power charging, and take off. www.aethergic.com
ON BEHALF OF AETHER GLOBAL BOARD OF DIRECTORS
Philip Lancaster, President and CEO
Aether Global Innovations Corp.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding completion of the Transaction and Bridge Loan, statements about the prospects of PrivCo and its intended acquisitions, future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward – looking statements are made as of the date hereof, and are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, closing risks, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Apple® today announced that Chief Financial Officer Luca Maestri will transition from his role on January 1, 2025. Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook. As part of a planned succession, Kevan Parekh, Apple's Vice President of Financial Planning and Analysis, will become Chief Financial Officer and join the executive team.
"Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We're fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company," said Tim Cook, Apple's CEO.
"For more than a decade, Kevan has been an indispensable member of Apple's finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple's next CFO."
During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.
"It is the greatest privilege of my professional life to serve the world's most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook," said Maestri. "I'm looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role."
Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple's Product Marketing, Internet Sales and Services, and Engineering teams.
Before joining Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he also had extensive global experience. Parekh is an electrical engineer with a Bachelor's of Science from the University of Michigan and an MBA from the University of Chicago.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple's six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple's more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or email Apple's Media Helpline at media.help@apple.com .
© 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240826777589/en/
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
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The stock market experienced one of its most turbulent weeks since the pandemic after a sudden shift in Japan’s monetary policy triggered an unwinding of yen carry trades on Monday (August 5). That set off a chain reaction that led to a selloff in Asian stock markets as investors tried to reduce their risk exposure.
In the US, investors were already on edge following troubling economic data from the previous week. The poor performance of Asian indexes stoked fears of a looming recession and sparked a massive selloff of high-risk assets, including inflated tech stocks. The S&P 500 (INDEXSP:.INX) opened at 5,151 on Monday, 0.67 percent below Friday’s close, and lost another 0.62 percent during early trading, bottoming out at 5,119.
Meanwhile, the Nasdaq-100 (INDEXNASDAQ:NDX) was down 2.52 percent from Friday at the opening bell on Monday, and shed another 0.05 percent early on, dropping to a low of 17,435.
The Volatility Index (INDEXCBOE:VIX), which is better known as the VIX and is considered Wall Street’s “fear gauge,” opened Monday at 65.73, jumping 42 points above its close on Friday, its largest-ever intraday jump.
By the end of the day, market sentiment had improved. The S&P 500 and Nasdaq-100 both saw rebounds, closing 2.36 and 3.68 percent higher, respectively, from their lowest points on Monday.
S&P 500's performance, week of August 5, 2024.
Chart via Google Finance.
However, volatility plagued the market leading up to Thursday’s (August 8) weekly US jobs report.
The report shows initial jobless claims of 233,000, fewer than the 240,000 estimate, suggesting elevated data from last week may have been disproportionately influenced by disruptions caused by Hurricane Debby.
Indexes gained some ground as investors trickled back into tech stocks. The S&P 500 recovered more than 4 percent and the Nasdaq-100 gained over 5 percent on Thursday, as compared to their lowest points on Monday, indicating a substantial rebound from the previous week's losses.
As for individual stocks, Intel (NASDAQ:INTC) took the lead, regaining nearly 8 percent by the time trading closed on Thursday, with artificial intelligence darling NVIDIA (NASDAQ:NVDA) in a close second with over 6 percent.
For the week, the S&P 500 was down 0.05 percent, the Dow Jones Industrial Average (INDEXDJX:.DJI) was down 0.6 percent and the Nasdaq was down 0.2 percent.
Panic selling also added to uncertainty in cryptocurrency markets this week.
According to the Block’s crypto price page, the entire industry sank 18.2 percent in 24 hours as of Monday.
Bitcoin suffered the most significant losses heading into the week, eventually shedding 16 percent to fall below US$50,000 for the first time since February at Monday’s market open. Ethereum also experienced major price movements, dropping to a low of US$2,197 on Monday morning. The Bitcoin Volmex Implied Volatility Index reached its highest level in 20 months.
Along with macroeconomic events, Jump Crypto’s asset movements and the increasing odds of Kamala Harris winning the upcoming presidential election against pro-crypto Donald Trump were also cited as factors for the price drop.
Institutional investors buying digital assets at low rates drove a recovery on Tuesday (August 6) and Wednesday (August 7). Solana also saw major gains, hitting an all-time high against Ether. Wednesday also marked the conclusion of Ripple’s long legal battle with the SEC, with Judge Analisa Torres ruling sales of Ripple’s XRP token violated securities law and ordering the company to pay a US$125 million fine, sparking a 20 percent rally and a surge in trading volume.
On Thursday the rally continued, with Bitcoin crossing into US$60,000 territory for the first time this week and Ethereum breaking past US$2,600.
While prices have somewhat rebounded alongside stock markets, the recovery has been uneven. As of Friday (August 9)afternoon, Bitcoin is selling for 2.2 percent less than last week and down 1.7 percent in 24 hours, but up 5.5 percent over 30 days. Conversely, Ethereum has struggled to regain lost ground, currently down 2.8 percent in 24 hours, and still down 13.6 percent and 16.2 percent over seven and 30 days, respectively.
Berkshire Hathaway’s (NYSE:BRK.A,NYSE:BRK.B) decision to sell nearly half of its Apple (NASDAQ:AAPL) stock may have acted as a catalyst to the recent tech selloff that pummeled the major indexes on Monday.
Berkshire Hathaway’s Q2 2024 report was released on Saturday (August 3), showing the firm had cut its stake in Apple by 49 percent, leaving it with a position worth US$84.2 billion in Q2 compared to US$174.3 billion in Q1.
The sale contributed to Berkshire’s cash pile reaching US$276.9 billion.
Although Buffet previously stated that Berkshire would likely maintain its holdings in companies like Apple, American Express (NYSE:AXP) and Coca-Cola (NYSE:KO) — “unless something really extraordinary happens” — analysts watching Buffet’s moves have noticed that he’s been quietly unloading stock.
Gary Mishuris, managing partner and chief investment officer of Silver Ring Value Partners hinted at a potential change in Berkshire’s approach back in May after the company’s annual meeting.
Days before the release of the report, on August 1, Edward Jones upgraded Berkshire Hathaway’s status to “hold.” “Buffett doesn't seem to think there are attractive opportunities in publicly traded stocks, including his own. It makes me worry what he thinks about markets and the economy,” Edward Jones analyst Jim Shanahan told Reuters.
Investors spooked that those worries may have come to fruition engaged in a massive stock selloff during after-hours trading, with major tech stocks like Apple, NVIDIA and Alphabet (NASDAQ:GOOG) dropping 9.45, 14.18 and 6.69 percent over the weekend by Monday’s opening bell. For months, concerns about overvaluation and over-concentration in tech stocks have been simmering in the background, with some asserting that this correction was due.
While the sector and broader stock market have shown signs of recovery since Monday’s selloff, former US Federal Reserve economist Claudia Sahm, while speaking on Bloomberg’s Surveillance program on Monday, cautioned that we might not be out of the woods yet.
A landmark decision with far-reaching implications for the tech industry was reached on Monday.
In the US vs. Google antitrust case, which has been closely watched since the US Department of Justice sued the company for monopolizing the digital advertising space in January 2023, Judge Amit Mehta ruled that Google had in fact acted illegally to maintain its dominant position over online search advertising.
“Google’s distribution agreements foreclose a substantial portion of the general search services market and impair rivals’ opportunities to compete,” the ruling reads, referring to the US$26 billion Google paid to Apple, Samsung (KRX:005930) and Mozilla to be the default search engine on web browsers and mobile devices.
Mehta continued, “The trial evidence firmly established that Google’s monopoly power, maintained by the exclusive distribution agreements, has enabled Google to increase text ads prices without any meaningful competitive constraint.”
Alphabet’s Q2 results, which were released on July 23, show that advertising revenues from Google Search, as well as other sources, totaled US$48.5 billion during the period.
On the ruling, Kent Walker, Google’s president of global affairs, had this to say:
“We appreciate the Court’s finding that Google is ‘the industry’s highest quality search engine, which has earned Google the trust of hundreds of millions of daily users,’ that Google ‘has long been the best search engine, particularly on mobile devices,’ ‘has continued to innovate in search’ and that ‘Apple and Mozilla occasionally assess Google’s search quality relative to its rivals and find Google’s to be superior.’ Given this, and that people are increasingly looking for information in more and more ways, we plan to appeal.”
Super Micro Computer (NASDAQ:SMCI) had one of its worst trading days in six months on Wednesday after its Q4 and fiscal year 2024 results showed a rapid decline in the company’s gross margin.
The company reported a gross margin of 11.2 percent for Q4 after Tuesday’s bell, below analyst estimates of 14.1 and far below 17 percent from its fiscal Q4 2023.
Despite a promising sales forecast between US$6 billion and US$7 billion – above analysts’ forecasted US$5.46 billion – its stock price plummeted 13.79 percent to open at US$531.88 on Wednesday and continued falling throughout the day.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
(TheNewswire)
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Vancouver, B.C. August 9, 2024 Aether Global Innovations Corp. ( CSE: AETH ) ( OTCQB: AETHF ) ( Frankfurt: 4XA WKN# A2N8RH) (" Aether Global" " AETH ", or the " Company "), a drone management and automation company announced today the resignation of its Chief Financial Officer, Miss Karen Mae Parrin.
Aether Global is sad to say farewell to Karen Mae Parrin, who had stepped in as CFO to help with the Company as it went through its streamlining and rebranding earlier last year. Karen was a great addition to the team, and she will be sorely missed.
"We look forward to identifying a new CFO and would like to thank Karen for her efforts as a valuable member of the Company's Management team over the past 12 months. We wish Karen continued success in her future endeavours" stated Douglas Smith, Chairman of the Board.
The company has started an active search to fill the CFO vacancy.
About Aether Global Innovations Corp.
Aether Global Innovations Corp. is an innovative UAV and drone management and operations services company that focuses in three areas for critical infrastructure and large public and private facilities. These three areas include (i) drone management and surveillance monitoring, (ii) automation and integration for flight planning, new, innovative sensor payloads, stand-alone power source and (iii) drone base station infrastructure and technology for autonomous self-landing, power charging, and take off. www.aethergic.com
ON BEHALF OF THE BOARD OF DIRECTORS
Douglas Smith, Chairman of the Board
Aether Global Innovations Corp.
info@aethergic.com
Forward Looking Statements
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