Annexon Highlights Pivotal Data on First Potential Targeted Therapy for Guillain-Barré Syndrome (GBS) and Showcases New GBS Education Campaign at American Academy of Neurology (AAN) 2025 Annual Meeting
Disease Education Campaign for Healthcare Providers called Move GBS Forward™ (MoveGBSForward.com) Highlights Life-altering Impact of GBS
BRISBANE, Calif., April 08, 2025 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company advancing a late-stage clinical platform of novel therapies for people living with devastating classical complement-mediated neuroinflammatory diseases of the body, brain, and eye, today presented data for its late-stage targeted therapy for GBS and showcased new disease education activities at the AAN Annual Meeting taking place April 5–9, 2025, in San Diego, California. An oral presentation today during the 'Clinical Trials Plenary' session featured results of the tanruprubart (formerly ANX005) Phase 3 placebo-controlled trial reinforcing its rapid and durable clinical benefits for patients with GBS. A replay of the session is available to AAN registrants.
GBS is a neuromuscular emergency that affects at least 150,000 people worldwide each year, with no FDA-approved therapies. The rare autoimmune disease is characterized by rapidly progressing and severe weakness that can lead to complete paralysis, often requiring intensive care and mechanical ventilation.
Tanruprubart is a first-in-kind monoclonal antibody designed to block C1q, the initiating molecule of the classical complement cascade. With a single infusion, tanruprubart halts ongoing neuroinflammation and nerve damage in the acute phase of GBS to improve and expedite overall recovery.
"After decades without any advancement in treatment or care, there is an urgent need for therapies that work quickly and effectively to treat GBS. Tanruprubart is an exciting and novel therapy that has shown a rapid and durable biological effect that shuts down neuroinflammation and nerve damage, potentially stopping the disease in its tracks,' said Jeff Allen, M.D., Professor of Neurology, University of Minnesota. 'The results of this Phase 3 placebo-controlled study, combined with a real-world study of GBS patients treated with standard therapies underscores the benefits of rapidly blocking neuroinflammation. Tanruprubart has the potential to help patients get better faster and ultimately reach a better state of health than with existing therapies or without treatment, while significantly reducing the burden of care."
First Placebo-Controlled Phase 3 Trial for GBS Presented in AAN Oral Presentation
In the Phase 3 pivotal trial of 241 patients, tanruprubart met the primary endpoint with consistent outcomes and rapid, more complete functional recovery versus placebo across multiple time points and clinical efficacy measures. The primary endpoint, GBS-Disability Scale (DS), showed that after a single infusion of tanruprubart at 30 mg/kg dose, patients had a statistically significant 2.4-fold higher likelihood of being in a better state of health than placebo at Week 8 (p=0.0058).
Highlights from the oral presentation at AAN include:
New efficacy findings consistently demonstrated rapid recovery and durable benefits of tanruprubart across muscle strength, mobility and disability measures:
At Week 1, treated patients rapidly gained motor function and were 14-fold more likely to perform the Timed Up and Go (TUG) test, a standardized measure of mobility, balance and lower limb capacity
At Week 1, treated patients rapidly gained motor ability and showed more than a 2-point improvement on the Overall Neuropathy Limitation Scale (ONLS), a tool used to assess limitations in everyday activities of the upper and lower limbs
New efficacy findings at Week 26 also demonstrated that the benefit of tanruprubart was durable, with twice the number of treated patients having no limitations on the ONLS compared to placebo
The new findings build upon previously reported Phase 3 trial results that showed an improvement in the primary endpoint of GBS-DS at Week 8, as well as that twice the number of patients treated with tanruprubart fully recovered to normal (GBS-DS = 0) at Week 26, compared to placebo
Treatment with tanruprubart enabled patients to walk independently and be off ventilation (for those requiring it) approximately a month earlier
Patients treated with tanruprubart also spent approximately a week less time in intensive care
Tanruprubart was well tolerated, with no new safety signals or off-target effects
Results of the Phase 3 trial are reinforced by a Real World Evidence (RWE) study that matched tanruprubart-treated patients from the pivotal Phase 3 study with a Western world patient population treated with current standards of care, intravenous immunoglobulin (IVIg) or plasma exchange (PE). In the RWE study, tanruprubart showed a rapid increase in muscle strength with more complete recovery over IVIg or PE, consistent with benefits shown in the Phase 3 trial. The RWE study is planned for presentation at upcoming conferences.
Disease Education Campaign Aims to Move Understanding of GBS Forward
Annexon also announced a new education campaign for healthcare professionals called Move GBS Forward™, which is designed to advance awareness and understanding of the sudden and long-term impact of GBS to encourage prompt diagnosis and care. Featuring the striking image of a patient frozen in ice with the header 'Guillain-Barré Syndrome can trap your patients for a lifetime,' the campaign draws attention to the life-altering physical and mental consequences of GBS. The campaign website address is MoveGBSForward.com.
'As a rare disease, GBS is often misunderstood and misdiagnosed contributing to the trauma that patients suffer as they experience the severe weakness and acute paralysis caused by nerve damage,' said Lisa Butler, President and CEO at the GBS/CIDP Foundation International. 'This new education campaign reflects the patient experience and feelings of being trapped. It will help get GBS on the map for many more healthcare providers, so that the GBS community can take a step forward towards a future where patients may have a quicker recovery and better outcomes.'
Additionally, Annexon supported a symposium at AAN titled 'Advancing GBS Care: Latest Insights into the role of classical complement pathway in GBS' where experts discussed the current state of patient care and need for new targeted treatments.
About Guillain-Barré Syndrome
GBS is a rare neuromuscular emergency resulting from an acute autoantibody and classical complement-mediated attack on peripheral nerves that generally occurs post-infection in otherwise healthy persons. It is an acute, rapidly progressive disease with a narrow timeframe for therapeutic intervention. GBS results in the hospitalization of more than 22,000 people annually in the U.S. and Europe. The peripheral nerve damage progresses rapidly, causing acute neuromuscular paralysis that can lead to significant morbidity, disability and mortality. Currently, there are no approved treatments for GBS in the United States. The long-term disease burden associated with GBS has led to a multi-billion-dollar annual economic cost to the U.S. healthcare system alone. More information about the impact of GBS is available at MoveGBSForward.com.
About Annexon
Annexon Biosciences (Nasdaq: ANNX) is developing therapeutics that stop classical complement-driven neurodegeneration as first-in-kind treatments for millions of people living with serious neuroinflammatory diseases of the body, brain and eye. Our novel scientific approach focuses on C1q, the initiating molecule of classical complement's potent inflammatory pathway that when misdirected can lead to tissue damage and loss. By targeting C1q, our immunotherapies are designed to stop this neuroinflammatory cascade in disease before it starts. Our pipeline spans three diverse therapeutic areas – autoimmune, neurodegenerative and ophthalmic diseases – and includes targeted investigational drug candidates designed to address the unmet needs of over 8 million people worldwide. Annexon's mission is to deliver game-changing therapies to patients so that they can live their best lives. To learn more visit annexonbio.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as 'aim,' 'anticipate,' 'assume,' 'contemplate,' 'continue,' 'could,' 'design,' 'due,' 'estimate,' 'expect,' 'goal,' 'intend,' 'may,' 'objective,' 'plan,' 'positioned,' 'potential,' 'predict,' 'seek,' 'should,' 'target,' 'will,' 'would' and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the ability of ANX005 to block C1q activity within a single infusion; the potential therapeutic benefit of ANX005, if approved, compared to IVIg/plasma exchange or existing therapies; the planned presentation of RWE at upcoming conferences; the ability to translate the results of the RWE study to a broad population of GBS patients; the impacts of the new education campaign (Move GBS Forward™); the potential benefits from treatment with anti-C1q therapy; and continuing advancement of the company's portfolio. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to: the company's history of net operating losses; the company's ability to obtain necessary capital to fund its clinical programs; the early stages of clinical development of the company's product candidates; the effects of public health crises on the company's clinical programs and business operations; the company's ability to obtain regulatory approval of and successfully commercialize its product candidates; any undesirable side effects or other properties of the company's product candidates; the company's reliance on third-party suppliers and manufacturers; the outcomes of any future collaboration agreements; and the company's ability to adequately maintain intellectual property rights for its product candidates. These and other risks are described in greater detail under the section titled 'Risk Factors' contained in the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the company's other filings with the SEC. Any forward-looking statements that the company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Joyce AllaireLifeSci Advisorsjallaire@lifesciadvisors.com
Media Contact:
Sheryl SeapyReal Chemistry949-903-4750sseapy@realchemistry.comSign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
7 minutes ago
- Business Wire
DigitalOcean Announces Pricing of Upsized Offering of $550 Million of Convertible Senior Notes
BROOMFIELD, Colo.--(BUSINESS WIRE)--DigitalOcean Holdings, Inc. ('DigitalOcean') (NYSE: DOCN), today announced the pricing of $550 million aggregate principal amount of 0.00% convertible senior notes due 2030 (the 'notes') in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'). The aggregate principal amount of the Offering was increased from the previously announced offering size of $500 million. The sale of the notes to the initial purchasers is expected to close on August 14, 2025, subject to customary closing conditions. DigitalOcean also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $75 million aggregate principal amount of the notes. The notes will be senior, unsecured obligations of DigitalOcean and not bear regular interest and the principal amount of the Notes will not accrete. The notes will mature on August 15, 2030, unless earlier converted, redeemed or repurchased by DigitalOcean. DigitalOcean estimates that the net proceeds from the offering will be approximately $532.4 million (or approximately $605.6 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by DigitalOcean. DigitalOcean expects to use the net proceeds from the offering to pay the $73.81 million cost of the capped call transactions described below and the remainder of the net proceeds from the offering, together with cash on hand and $440 million of term loans under DigitalOcean's credit facility (the 'credit facility') if the initial purchasers do not exercise their option to purchase additional notes in full prior to August 14, 2025 (or $380 million of term loans under the credit facility if the initial purchasers exercise their option to purchase additional notes in full), to repurchase for approximately $1,131.3 million in cash approximately $1,187.7 million aggregate principal amount of its 0.00% convertible senior notes due 2026 (the '2026 notes') in the note repurchase transactions described below. If the initial purchasers exercise their option to purchase additional notes, DigitalOcean expects to use any additional net proceeds from the offering to enter into additional capped call transactions and the remainder for general corporate purposes, working capital, operating expenses and capital expenditures, which may include additional repurchases of the 2026 notes. Prior to May 15, 2030, the notes will be convertible at the option of the noteholders only if one or more specific conditions are met. On or after May 15, 2030 until the close of business on the scheduled trading day immediately before the maturity date, the notes will be convertible at the option of the noteholders at any time regardless of these conditions. Upon conversion, DigitalOcean will settle conversions by paying or delivering, as applicable, cash, shares of DigitalOcean's common stock, par value $0.000025 per share (the 'common stock') or a combination of cash and shares of common stock, at DigitalOcean's election. The initial conversion rate is 25.5317 shares of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $39.17 per share of the common stock, which represents a conversion premium of approximately 32.5% to the last reported sale price of the common stock on The New York Stock Exchange on August 11, 2025), and will be subject to customary anti-dilution adjustments. The notes will not be redeemable at DigitalOcean's election before August 15, 2028. The notes will be redeemable, in whole or in part (subject to certain limitations), at DigitalOcean's option at any time, and from time to time, on a redemption date on or after August 15, 2028 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid additional interest and special interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the common stock exceeds 130% of the conversion price for a specified period of time. If DigitalOcean undergoes a 'fundamental change' (as defined in the indenture that will govern the notes), then, subject to certain conditions and a limited exception, noteholders may require DigitalOcean to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid additional interest and special interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date of the notes or if DigitalOcean delivers a redemption notice, DigitalOcean will, in certain circumstances, increase the conversion rate of the notes for a noteholder who elects to convert its notes in connection with such a corporate event or redemption notice, as the case may be. In connection with the pricing of the notes, DigitalOcean entered into privately negotiated capped call transactions with an affiliate of one of the initial purchasers and other financial institutions (the 'option counterparties'). The capped call transactions cover, subject to customary adjustments substantially similar to those applicable to the notes, the number of shares of common stock initially underlying the notes. The capped call transactions are generally expected to reduce the potential dilution to the common stock upon any conversion of the notes and/or offset any potential cash payments DigitalOcean is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, then DigitalOcean expects to use a portion of net proceeds from the sale of the additional notes to enter into additional capped call transactions with respect to such additional notes with the option counterparties. The cap price of the capped call transactions relating to the notes is initially $66.51 per share of the common stock, which represents a premium of 125% over the last reported sale price of the common stock on The New York Stock Exchange on August 11, 2025, and is subject to certain adjustments under the terms of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, DigitalOcean expects the option counterparties or their respective affiliates will enter into various derivative transactions with respect to the common stock and/or purchase shares of common stock concurrently with or shortly after the pricing of the notes, including with, or from, certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of common stock or other securities of DigitalOcean in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and (x) are likely to do so during any observation period related to a conversion of the notes or following any repurchase of the notes in connection with any fundamental change or following any redemption of notes and (y) are likely to do so following any other repurchase of the notes, if DigitalOcean elects to unwind a corresponding portion of the capped call transactions, in connection with such repurchase). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect a noteholder's ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares, if any, and value of the consideration that a noteholder will receive upon conversion of its notes. Concurrently with the pricing of the offering, DigitalOcean entered into privately negotiated transactions effected through one of the initial purchasers or its affiliate, as agent, with certain noteholders of the 2026 notes to repurchase for approximately $1,131.3 million cash approximately $1,187.7 million aggregate principal amount of the 2026 notes, on terms negotiated with each noteholder of the 2026 notes repurchased (each, a 'note repurchase transaction'). This press release is not an offer to repurchase the 2026 notes, and the offering of the notes is not contingent upon the repurchase of the 2026 notes. In connection with any note repurchase transaction, DigitalOcean expects that holders of the 2026 notes who agree to have their 2026 notes repurchased and who have hedged their equity price risk with respect to such 2026 notes (the 'hedged holders') will unwind all or part of their hedge positions by buying the common stock and/or entering into or unwinding various derivative transactions with respect to the common stock. The amount of the common stock to be purchased by the hedged holders or in connection with such derivative transactions may have been substantial in relation to the historic average daily trading volume of the common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of the common stock, including concurrently with the pricing of the notes, and may have resulted in a higher effective conversion price of the notes. DigitalOcean cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or the common stock. Concurrent with and subject to the pricing of the offering, DigitalOcean plans to adopt a new stock repurchase program authorizing the repurchase of up to $100 million of its common stock, from time to time after the completion of the offering (the 'Repurchase Program'). DigitalOcean intends to repurchase shares of its common stock under the Repurchase Program when it is opportune to do so at prevailing market prices or in negotiated transactions off the market. The purchases under the Repurchase Program will occur using a variety of methods, which may include but are not limited to open market purchases, the implementation of a 10b5-1 plan, and/or any other available methods in accordance with Securities and Exchange Commission ('SEC') and other applicable legal requirements. There can be no assurances as to the timing, amount or manner of any repurchases under the Repurchase Program. Any repurchases under the Repurchase Program will be subject to market conditions and other factors and may be discontinued at any time. The Repurchase Program will expire on July 31, 2027. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act, any state securities laws, and unless so registered, may not be offered or sold in the United States, absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction. About DigitalOcean DigitalOcean is the simplest scalable cloud platform that democratizes cloud and AI for digital native enterprises around the world. Our mission is to simplify cloud computing and AI to allow builders to spend more time creating software that changes the world. More than 600,000 customers trust DigitalOcean to deliver the cloud, AI, and ML infrastructure they need to build and scale their organizations. Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding, among other things, the completion of the offering, the capped call transactions, the note repurchase transactions, borrowings under the credit facility, the expected amount and intended use of the proceeds from the offering, the Repurchase Program and the potential impact of the foregoing or related transactions on the market price of the common stock or the trading price of the notes. Forward-looking statements represent DigitalOcean's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to DigitalOcean's business, including those described under the caption 'Risk Factors' and elsewhere in DigitalOcean's filings with the Securities and Exchange Commission (the 'SEC'), including in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, in its Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025, filed with the SEC on May 6, 2025 and August 5, 2025, respectively, and the future quarterly and current reports that DigitalOcean files with the SEC. DigitalOcean may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and DigitalOcean does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Business Wire
2 hours ago
- Business Wire
Upstart Announces Upsize and Pricing of Offering of $600,000,000 of 0% Convertible Senior Notes Due 2032
SAN MATEO, Calif.--(BUSINESS WIRE)--Upstart Holdings, Inc. (NASDAQ: UPST) today announced the pricing of $600,000,000 aggregate principal amount of 0% Convertible Senior Notes due 2032 (the 'notes') in a private offering (the 'offering') to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the 'Securities Act'). The aggregate principal amount of the offering was increased from the previously announced offering size of $500,000,000. Upstart also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date the notes are first issued, up to an additional $90,000,000 aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to settle on August 14, 2025, subject to customary closing conditions. The notes will be senior, unsecured obligations of Upstart. The notes will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on February 15, 2032, unless earlier redeemed, repurchased, or converted. Upstart may not redeem the notes prior to August 20, 2028. Upstart may redeem for cash all or any portion of the notes, at its option, on or after August 20, 2028, if the last reported sale price of Upstart's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Upstart provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the notes, which means that Upstart is not required to redeem or retire the notes periodically. Holders of the notes will have the right to require Upstart to repurchase for cash all or a portion of their notes upon the occurrence of a fundamental change (as defined in the indenture governing the notes) at a purchase price of 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid special interest to, but excluding, the fundamental change repurchase date. The notes will be convertible at an initial conversion rate of 12.1215 shares of Upstart's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $82.50 per share, which represents a conversion premium of approximately 30% to the last reported sale price of $63.46 per share of Upstart's common stock on The Nasdaq Global Select Market on August 11, 2025). Prior to the close of business on the business day immediately preceding November 15, 2031, the notes will be convertible at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods. On or after November 15, 2031 until the close of business on the second scheduled trading day preceding the maturity date, the notes will be convertible at the option of the noteholders at any time regardless of these conditions. Conversions of the notes will be settled in cash, shares of Upstart's common stock, or a combination thereof, at Upstart's election. Upstart estimates that the net proceeds from the offering will be approximately $587.3 million (or approximately $675.5 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers' discounts and estimated offering expenses payable by Upstart. Upstart intends to use $48.0 million of the net proceeds to pay the cost of the capped call transactions described below. Upstart also intends to use approximately $224.4 million of the net proceeds from the offering to repurchase for cash approximately $232.6 million aggregate principal amount of its outstanding 0.25% Convertible Senior Notes due 2026 (the '2026 Notes') in privately negotiated transactions with certain holders of the 2026 Notes entered into concurrently with the pricing of the notes. Upstart intends to use the remainder of the net proceeds from the offering for general corporate purposes, which may include the repayment or the retirement of existing debt, including the repurchase or retirement of the 2026 Notes in the future. In connection with the pricing of the notes, Upstart entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions (the 'option counterparties'). The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are expected generally to reduce the potential dilution to Upstart's common stock upon any conversion of notes and/or offset any cash payments Upstart is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $126.92 per share, which represents a premium of 100% over the last reported sale price of Upstart's common stock of $63.46 per share on August 11, 2025 and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Upstart expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. Upstart has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of Upstart's common stock and/or enter into various derivative transactions with respect to Upstart's common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Upstart's common stock or the notes at that time. In addition, Upstart has been advised that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Upstart's common stock and/or purchasing or selling shares of Upstart's common stock or other securities of Upstart in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the observation period related to a conversion of the notes, in connection with any fundamental change repurchase or redemption of the notes and, to the extent Upstart unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or prevent an increase or a decrease in the market price of Upstart's common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following a conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes. Upstart also expects that holders that have agreed to sell their 2026 Notes to Upstart may enter into or unwind various derivatives with respect to Upstart's common stock (including entering into or unwinding derivatives with one or more of the initial purchasers in this offering or their respective affiliates) and/or purchase shares of Upstart's common stock concurrently with or shortly after the pricing of the notes. In particular, Upstart expects that many holders of the 2026 Notes employ a convertible arbitrage strategy with respect to the 2026 Notes and have a short position with respect to Upstart's common stock that they would close out through purchases of Upstart's common stock and/or the unwinding of various derivatives with respect to Upstart's common stock, as the case may be, in connection with Upstart's repurchase of the 2026 Notes. This activity could increase (or reduce the size of any decrease in) the market price of Upstart's common stock, which may also affect the trading price of the notes at that time, and could result in a higher effective conversion price for the notes. In connection with the issuance of its 2026 Notes, Upstart entered into capped call transactions (the '2026 capped call transactions') with certain financial institutions including certain of the initial purchasers or their affiliates (the '2026 capped call counterparties'). In connection with Upstart's repurchase of a portion of the 2026 Notes as described above, Upstart entered into privately negotiated agreements with the 2026 capped call counterparties concurrently with the pricing of the notes to terminate a portion of the 2026 capped call transactions corresponding to the aggregate principal amount of the 2026 Notes repurchased. In connection with the partial termination of the 2026 capped call transactions, Upstart expects the 2026 capped call counterparties or their respective affiliates to sell shares of Upstart's common stock and/or unwind various derivatives with respect to Upstart's common stock to unwind their hedge in connection with the terminated portion of the 2026 capped call transactions. Such activity could decrease, or reduce the size of any increase in, the market price of Upstart's common stock at that time and could decrease, or reduce the size of any increase in, the market value of the notes at that time. The notes were only offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the notes nor the shares of Upstart's common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from such registration requirements. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
Business Upturn
4 hours ago
- Business Upturn
Marine Sensors Market to Reach $1.9 Billion by 2028, Growing at 6.5% CAGR: Exploring the Depths of Growth
By GlobeNewswire Published on August 12, 2025, 05:00 IST Delray Beach, FL, Aug. 11, 2025 (GLOBE NEWSWIRE) — The Marine Sensors Market size was estimated at USD 1.3 billion in 2022 and is predicted to increase from USD 1.4 Billion in 2023 to approximately USD 1.9 Billion by 2028, expanding at a CAGR of 6.5% from 2023 to 2028. The Marine Sensors Industry is driven by factors such as increasing demand for UUV's and AUV', along with the increasing demand of the maritime transportation, navies are focusing on technologically advanced marine vessels. Download PDF Brochure: Major Key Players in the Marine Sensors Industry: Honeywell International Inc. (US), Eaton Corporation (Ireland), TE Connectivity (Switzerland), Garmin Ltd. (US), and Curtiss Wright (US) Marine Sensors Market Key Dynamics: Driver: Growing Demand for ROV and AUV Propels the Demand for Marine Sensors ROVs and AUVs are used in offshore oil and gas operations for a variety of tasks, such as inspecting pipelines and platforms, performing maintenance and repair tasks, and conducting seabed surveys. ROVs and AUVs are used in oceanographic research to collect data on a variety of oceanographic conditions, such as temperature, salinity, currents, and waves. This data can be used to study the ocean and its inhabitants, and to develop new oceanographic models. These ROV's and AUV's are equipped with various types of sensors such as sonar and other sensors to help operators navigate and perform tasks underwater. Opportunity: Integration of Artificial Intelligence (AI), Internet of Things (IoT) With Advanced Marine Sensors Technology The integration of AI and IoT is a significant opportunity for the marine sensors market. AI can be used to analyze the data collected by marine sensors to identify patterns and trends that would be difficult or impossible to detect manually. This information can then be used to improve marine safety, efficiency, and environmental protection. AI can be used to analyze data from marine sensors to predict when maintenance is needed. This can help to reduce downtime and costs. AI can be used to monitor data from marine sensors in real time to identify potential problems. Challenges: Maintenance Process and Calibration of Sensors The maintenance process and calibration of marine sensors is a challenge for the marine sensors market for a number of reasons such as situations where marine sensors are exposed to a harsh and corrosive marine environment, which can damage sensors and make them inaccurate many marine sensors are located in remote and inaccessible locations, which make it difficult and expensive to perform maintenance and calibration, downtime caused by sensor failures can be very costly for marine operations. Marine sensors are becoming increasingly complex, which makes it difficult and time-consuming to perform maintenance and calibration. Ask for Sample Report: Marine Sensors Market Growth in the APAC Region: Asia Pacific is Expected to Account for the Highest CAGR in the Forecasted Period Asia Pacific is estimated to account for the highest CAGR in the forecasted period. The market growth in this region is expected to be fueled by an advancement in technology and investments in sensors during the forecast period. The major countries considered under this region are the China, India, South Korea, Japan, Australia and Rest of Asia Pacific. The Asia Pacific region is leading the way in the adoption of autonomous ships and UUVs. These vessels rely heavily on marine sensors to operate safely and effectively. The Asia Pacific region is experiencing rapid economic development. This is leading to increased investment in maritime infrastructure and operations, which is driving demand for marine sensors. Governments in the Asia Pacific region is supportive of the marine sensors industry. Recent Developments In July 2023 , Curtiss-Wright secured contracts exceeding USD 250 million. These contracts pertain to the supply of propulsion valves, pumps, and advanced instrumentation and control systems for the esteemed U.S. Navy programs, specifically the Virginia-class nuclear-powered attack submarines, Columbia-class submarines, and Ford-class aircraft carriers. , Curtiss-Wright secured contracts exceeding USD 250 million. These contracts pertain to the supply of propulsion valves, pumps, and advanced instrumentation and control systems for the esteemed U.S. Navy programs, specifically the Virginia-class nuclear-powered attack submarines, Columbia-class submarines, and Ford-class aircraft carriers. In March 2022 , The U.S. Navy awarded Raytheon, USD 651 million contract to equip all newly commissioned surface ships, ranging from small patrol vessels to massive aircraft carriers, with advanced radar systems capable of detecting and monitoring both hostile missiles and aircraft simultaneously. , The U.S. Navy awarded Raytheon, USD 651 million contract to equip all newly commissioned surface ships, ranging from small patrol vessels to massive aircraft carriers, with advanced radar systems capable of detecting and monitoring both hostile missiles and aircraft simultaneously. In November 2021 , Eaton entered into aa agreement with the U.S. Department of Defense (DoD) to produce inductive proximity sensors specifically designed for essential operations in challenging naval conditions. , Eaton entered into aa agreement with the U.S. Department of Defense (DoD) to produce inductive proximity sensors specifically designed for essential operations in challenging naval conditions. In October 2022, Teledyne FLIR Defense secured a USD 48.7 Million contract to supply Maritime Forward Looking Infrared (MARFLIR) II sensors and various versions of its SeaFLIR® 280-HD surveillance systems to the United States Coast Guard (USCG) under a firm-fixed-price, indefinite-delivery/indefinite-quantity agreement. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
