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NEWPORT BEACH, Calif., Nov. 22, 2024 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB) (Elevai" or the "Company") announced today it will implement a 1-for-200 reverse stock split (“Reverse Stock Split”) of its common stock, which will be effective at midnight on November 27, 2024. This initiative aligns with the Company’s efforts to meet Nasdaq's minimum bid price requirement of $1.00 per share under Listing Rule 5550(a)(2). Key Details of the Reverse Stock Split: - Conversion Ratio: Every 200 shares of issued and outstanding common stock will be automatically consolidated into one share, with no action required from shareholders. - Fractional Shares: Shareholders entitled to fractional shares will receive one full share for each fractional portion. - Updated Stock Identifier: While the trading symbol remains "ELAB", the common stock now carries a new CUSIP number (28622K 203). - Equity Adjustments: Outstanding stock awards, options, and the equity incentive plan have been adjusted proportionally to reflect the new share structure. Purpose of the Reverse Stock Split: The Reverse Stock Split is a critical step in ensuring compliance with Nasdaq’s listing requirements, allowing Elevai to maintain its presence on the Nasdaq Capital Market. A continued listing enhances the Company’s visibility, strengthens investor confidence, and positions Elevai for future growth. Impact on Shareholders: - No Immediate Action Required: Shareholders holding shares through a broker or in "street name" will see their holdings updated automatically. - Certificate Holders: Shareholders with physical certificates can exchange them, if desired, through VStock Transfer, LLC, which will provide detailed instructions. - Share Value: The Reverse Stock Split does not impact the overall value of shareholder equity; it only reduces the number of shares outstanding while proportionally adjusting the share price. Impact on our Common Stock: - Post Reverse Stock Split there will be approximately 3.07 million shares of common stock issued and outstanding Looking Ahead: “The reverse stock split is a required measure to preserve Elevai’s Nasdaq listing and set the stage for our continued progress in innovation and shareholder value creation,” said Graydon Bensler, Chief Executive Officer of Elevai. “We are optimistic about the future and committed to executing our growth strategy.” For additional information, please refer to Elevai’s full Form 8-K filing available regarding the Reverse Stock Split, filed on November 22, 2024, on the SEC’s website, or contact Elevai directly at IR@elevailabs.com . About Elevai Labs, Inc. Elevai Labs Inc. (NASDAQ: ELAB) specializes in medical aesthetics and biopharmaceutical drug development, focusing on innovations for skin aesthetics and treatments tied to obesity and metabolic health. The Company operates a diverse portfolio of three wholly owned subsidiaries across the medical aesthetics and biopharmaceutical sectors, Elevai Skincare Inc., Elevai Biosciences Inc., and Elevai Research Inc. For more information please visit www.elevailabs.com . Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in Elevai’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov . All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. IR Contact: IR@ElevaiLabs.comCHICAGO — Efforts to transfer a parcel of land in Chinatown from the state to the city were hitting a wall in the spring of 2018, and much of it had to do with a political cold war going on between then-state Sen. Martin Sandoval and Chicago Ald. Daniel Solis, who had backed the opponent of Sandoval’s daughter for county commissioner. Lobbyist Nancy Kimme, a Republican with connections in the administration of then-Gov. Bruce Rauner, called a longtime confidant of Democratic House Speaker Michael Michael Madigan to talk it through. Kimme told Michael McClain that Sandoval was putting the brick on the plan to transfer the land, which was owned by the Illinois Department of Transportation, by amending an existing real estate bill, and it may be because of the blood with Solis. “I believe that Sandoval is just mad at Solis,” Kimme said on the April 2018 call played in Madigan’s corruption trial Thursday. “Kinda makes sense what’s happening,” McClain responded. “Sandoval’s a small man.” The call was one of nearly a dozen played for jurors during Kimme’s testimony so far that have painted a detailed picture of the political mechanizations, power plays, and bruised egos that unfolded in 2018 over the tiny 2 1/2-acre parking lot along Wentworth Avenue that a group of deep-pocketed Chinatown developers wanted to turn into a hotel. Prosecutors allege Madigan agreed to help Solis, whose 25th Ward included the land, with the transfer in return for an introduction to the developers so he could pitch his private real estate firm to do their property tax appeals. But Madigan knew Rauner, his arch political enemy, would never let the land transfer go through if he knew the speaker’s fingerprints were on it. So Madigan enlisted the help of his friend, retired lobbyist McClain, who in turn went to Kimme to try and seal the deal. That’s when the problems with Sandoval, a Democrat who headed the powerful Senate Transportation Committee, reared their head. In call after call, Kimme and McClain commiserated over Sandoval’s boorishness, and also lamented the behavior of his colleague, state Sen. Tony Munoz, who at the time was vying to be the next Senate president. In one call played for the jury, Kimme told McClain, "I don’t know why (Sandoval) goes out of his way to piss off the speaker... That’s short-sighted. Madigan could take him out pretty easily.” McClain responded that all Madigan has to do is put up a Latino in Cicero to beat him. A few days later, Kimme and McClain talked about ways to get Sandoval and Munoz to “settle down.” Munoz, Kimme said seemed to be consumed with becoming the Senate president and was “not gonna want to piss off Marty,” “I’m sure that’s why he got involved (in blocking the Chinatown deal) in the first place ... Sandoval’s so crazy,” Kimme said. “I don’t believe there is any way for Solis to make peace now,” McClain responded. He said Sandoval “had a rally or something several months ago where Sandoval announced that Alex Acevedo is the next alderman.” Kimme said after a long pause, said, “We’re in the middle of some kind of range war.” On the stand, Kimme was asked by Assistant U.S. Attorney Julia Schwartz what she meant by that statement. “That they were all shootin’ at each other for different reasons,” Kimme testified. You mean for political reasons? Schwartz asked. “Yes.” McClain said suppose they got the Chinese Chamber of Commerce involved to show Munoz “there is a political consequence.” Kimme said Munoz probably wouldn’t care. “He knows that Marty is a bad enemy to have because he reacts so much.” At the end of the call, Kimme asked, Who is close to Sandoval? “Victor Reyes,” McClain said, the longtime Democratic political consultant and fundraiser. “Who is Reyes close to?” McClain paused for several seconds. “Well...Victor Reyes is close to Victor Reyes,” he said, “But um I got him you know a lot of business over the years.” A few weeks later, Kimme again asked McClain how they could solve the Sandoval issue, maybe “try and get Victor (Reyes) to go after Sandoval and quiet him down?” “I think I ought to call somebody and let ’em know that Sandoval is blowing it up,” McClain responded. “So why don’t you give me a day or two?” Kimme later told McClain that she’d found out Munoz was angry about a city-owned property on Damen Avenue that he’d wanted Solis to sign off on for development, but the alderman was dragging his feet. So she negotiated a plan with Munoz to put both properties in the same bill. “I think that’s a good deal,” McClain said. “That’s why you’re the master.” In May 2018, with the session deadline looming, Kimme reached out to Democratic state Rep. Theresa Mah to make her a sponsor of the land transfer. But the deal was later tabled due to pressure from the community that caused other political heavyweights to oppose it, including then-Secretary of State Jesse White, according to evidence the jury has heard. Sandoval later pleaded guilty to an arrange of bribery schemes unrelated to the Chinatown parcel and was cooperating with investigators when he died of COVID-19 in December 2020. Kimme’s testimony will continue after a lunch break. Madigan, 82, of Chicago, who served for decades as speaker of the Illinois House and the head of the state Democratic Party, faces racketeering charges alleging he ran his state and political operations like a criminal enterprise. He is charged alongside his longtime confidant McClain, 77, a former ComEd contract lobbyist from downstate Quincy. Both men have pleaded not guilty and denied wrongdoing. Prosecutors could rest their case in chief as early as next week. Before the jury took their seats Thursday, prosecutors said they want to call former state Rep. Eddie Acevedo as a witness next week. But Acevedo’s attorney signaled that she would try to keep him off the stand on grounds that he is not competent to testify, according to Assistant U.S. Attorney Amarjeet Bhachu. In addition, Bhachu said, Acevedo has invoked his Fifth Amendment right not to testify, meaning prosecutors must jump through administrative hoops in order to compel him to the stand. Acevedo, a Chicago Democrat, pleaded guilty in 2021 to a relatively minor tax charge stemming from the federal probe into ComEd’s lobbying practices. He was sentenced to six months in prison. Before his sentencing, his attorneys filed a memo from his doctor on the public docket saying he had “mild cognitive impairment,” gout, hypertension, high cholesterol and depression and anxiety. Acevedo has not testified in any of the Madigan-related trials so far. One of the conspiracy counts against Madigan and McClain alleges that AT&T Illinois boss Paul La Schiazza agreed to pay $22,500 to Acevedo for a do-nothing consulting job in exchange for Madigan’s help passing a bill to end mandated landline service. Acevedo also allegedly was hired by ComEd as a favor to Madigan, one of many people whom prosecutors say were given jobs as part of a bribery scheme. Jurors last month saw a memorable email in which then-ComEd executive Fidel Marquez seemingly lost his cool after Acevedo asked for a job for a friend. “Geez...he has a son and a nephew at ComEd. He’s got a contract at ComEd. Has he no limit?” Marquez emailed McClain. McClain responded using his frequent euphemism for Madigan, saying that Marquez’s rant “sounded like our Friend.” Also Thursday, jurors heard a series of phone calls meant to emphasize Madigan’s influence over state board appointments. “Think about Carrie to go to the Illinois Commerce Commission,” then-state Rep. Michael J. Zalewski told McClain in a November 2018 call, referring to his wife. “Pritzker gets two picks in January and the pay is the same, so it wouldn’t get us a story for bumping her pay, he could say she gets the same amount of money,” Zalewski said. Madigan ended up successfully recommending that Pritzker put Carrie Zalewski on the commission. Madigan and McClain are accused of getting ComEd to hire Michael J. Zalewski’s father, former 23rd Ward Ald. Michael Zalewski, as a no-work subcontractor, in order to sway Madigan’s support for utility-friendly legislation. Jurors also heard Madigan tell McClain about a meeting he had with Pritzker in December 2018. Madigan’s former chief of staff testified Wednesday that at that meeting, Madigan suggested Pritzker could reconstitute boards and commissions and appoint all new members. “You can wipe out the board too ... So I put that idea in his head,” Madigan told McClain on the recording jurors heard Thursday. Madigan’s sway over board seats is crucial to prosecutors’ allegations that he was planning to recommend Solis to a lucrative position on a board. Solis has testified he was not actually interested in a seat, but the FBI directed him to ask about it. Jurors last week saw undercover video from an August 2018 meeting in which Solis asked Madigan about a board seat appointment, and emphasized all the business he could bring in for Madigan’s firm. Moments later, Madigan asked Solis to put in a good word with the nonprofit Resurrection Project on behalf of his son Andrew, who worked at an insurance broker. The CEO and co-founder of the Resurrection Project, Raul Raymundo, testified Thursday that Solis had reached out to him in 2018 and asked him to consider meeting with Andrew Madigan. Raymundo subsequently connected Andrew Madigan with the Resurrection Project’s chief financial officer, who ultimately decided to start working with Andrew Madigan’s firm. Sign up for our Crime & Courts newsletter Get the latest in local public safety news with this weekly email.NEW YORK — U.S. stocks tiptoed to more records during a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year. The S&P 500 edged up 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the past 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans in December 2023 to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders remain confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly 3-in-4 chance of that, according to data from CME Group. Lower rates can give the economy more juice, but they can also give inflation more fuel. Get local news delivered to your inbox!
ANDERSON TOWNSHIP, Ohio (AP) — Bengals quarterback Joe Burrow's home was broken into during Monday Night Football in the latest home invasion of a pro athlete in the U.S., authorities said Tuesday. No one was injured in the break-in, but the home was ransacked, according to a report provided by the Hamilton County Sheriff's Office. Deputies weren't immediately able to determine what items were stolen. A person who is employed by Burrow arrived at the Anderson Township home Monday night to find a shattered bedroom window and the home in disarray. The person called their mother, and then 911 was contacted, according to the report. Deputies reached out to neighbors in an attempt to piece together surveillance footage. “Our investigators are exploring every avenue,” public information officer Kyla Woods said. The homes of Chiefs stars Patrick Mahomes and Travis Kelce were broken into in October. In the NBA , Milwaukee Bucks forward Bobby Portis had his home broken into Nov. 2 and Minnesota Timberwolves guard Mike Conley Jr.'s home was burglarized on Sept. 15 while he was at a Minnesota Vikings game. Portis had offered a $40,000 reward for information. Both the NFL and NBA issued security alerts to players after those break-ins, urging them to take additional precautions to secure their homes. In league memos previously obtained by The Associated Press, the NFL said homes of professional athletes across multiple sports have become “increasingly targeted for burglaries by organized and skilled groups.” And the NBA revealed that the FBI has connected some burglaries to “transnational South American Theft Groups” that are “reportedly well-organized, sophisticated rings that incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices.” Some of the burglary groups have conducted extensive surveillance on targets, including attempted home deliveries and posing as grounds maintenance or joggers in the neighborhood, according to officials. AP NFL: https://apnews.com/hub/nflFord government's supervised consumption site law violates charter, Toronto group claims in lawsuit
South Korea's leader prompts dismay by briefly declaring martial law. Here's what to knowNEW YORK — Eager to preserve President-elect Donald Trump's hush money conviction even as he returns to office, prosecutors suggested various ways forward — including one based on how some courts handle criminal cases when defendants die. In court papers made public Tuesday, the Manhattan district attorney's office proposed an array of options for keeping the historic conviction on the books. The proposals include freezing the case until Trump is out of office, or agreeing that any future sentence wouldn't include jail time. Another idea: closing the case with a notation that acknowledges his conviction but says that he was never sentenced and his appeal wasn't resolved because of presidential immunity. The last is adopted from what some states do when a criminal defendant dies after being convicted but before appeals are exhausted. It is unclear whether that option is viable under New York law, but prosecutors suggested that Judge Juan M. Merchan could innovate in what's already a unique case. "This remedy would prevent defendant from being burdened during his presidency by an ongoing criminal proceeding," prosecutors wrote. But at the same time, it wouldn't "precipitously discard" the "meaningful fact that defendant was indicted and found guilty by a jury of his peers." Expanding on a position they laid out last month, prosecutors acknowledged that "presidential immunity requires accommodation during a president's time in office," but they were adamant that the conviction should stand. They argued that Trump's impending return to the White House should not upend a jury's finding. Trump wants the case to be thrown out in light of his election. His communications director, Steven Cheung, called prosecutors' filing "a pathetic attempt to salvage the remains of an unconstitutional and politically motivated hoax." Trump has fought for months to reverse his conviction on 34 counts of falsifying business records. Prosecutors said he fudged the documents to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. He claims they didn’t and denies wrongdoing. Trump portrays the case as a political attack ginned up by District Attorney Alvin Bragg and other Democrats. Trump's legal team argues that letting the case continue would present unconstitutional "disruptions" to his upcoming presidential term. Trump's attorneys also cited President Joe Biden's recent pardon of his son Hunter Biden, who was convicted of tax and gun charges. Biden complained that his son was unfairly prosecuted for political reasons — and Trump's lawyers say he was, too. Trump's lawyers argued that the possibility of a jail sentence — even if it's after he leaves office — would affect his presidency. Prosecutors suggested Merchan could address that concern by agreeing not to put him behind bars. It's unclear how soon Merchan could decide what to do next with the case. He could grant Trump's request for dismissal, go with one of the suggestions from prosecutors, wait until a federal appeals court rules on Trump's parallel effort to get the case moved out of state court, or choose some other option. Trump, a Republican, takes office Jan. 20. He was scheduled for sentencing late last month. After Trump's Nov. 5 election win, Merchan halted proceedings and indefinitely postponed the former and future president's sentencing so the defense and prosecution could weigh in on the future of the case. Merchan also delayed a decision on Trump's prior bid to dismiss the case on immunity grounds. A dismissal would erase Trump's conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. The hush money case was the only one of Trump's four criminal indictments to go to trial. Since the election, special counsel Jack Smith ended his two federal cases, which pertained to Trump's efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in each case.
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The murder of United Healthcare CEO Brian Thompson in Midtown Manhattan involved the use of facial recognition technology (FRT) to identify his killer, but challenges hindered its success. Partial images of the suspect captured on some of the more than 15,000 various advanced surveillance systems and security cameras (including from inside taxis and drones) throughout New York City (NYPD) failed to capture the suspect’s full facial features, limiting the effectiveness of the technology in isolating the suspect’s identity. After five days and no success in identifying their suspect using FRT, the NYPD released yet more photos it said were the clearest it had of the suspect to solicit information from the public. It was those photos that led to a public tip that the suspect appeared to be the same man who was being observed in a McDonald’s in Altoona, Pennsylvania about 200 miles from New York City. That man, identified as Luigi Mangione, was promptly detained by local police and eventually charged with Thompson’s murder. “That photo has been seen more times than in your average homicide,” former Philadelphia police officer and a criminal justice professor at The Citadel Sean Patrick Griffin Monday. The added that, “In the end, it was the simple act of distributing photos – not sophisticated facial recognition technology – that led the police to the man who has been charged in the fatal shooting ... For experts, the case was a reminder of how – even as facial recognition technology grows more sophisticated – distributing photos and relying on the public to recognize a face can still play a critical role in investigations.” magazine’s : “ .” But even if the NYPD had had a clear facial image of the suspect, it would only have been useful if the suspect’s face was in its criminal database, the New York Department of Motor Vehicles’ biometric database, the Federal Bureau of Investigation’s (FBI) Next Generation Identification (NGI) database, the Department of Homeland Security’s Automated Biometric Identification System (IDENT), or the Department of Defense’s Defense Biometric Identification System (DBIDS). While facial recognition technology has been widely employed by law enforcement to identify suspects, its role in identifying Mangione was ineffective. But perhaps not solely because of the technology’ shortcomings. Legal and privacy issues and federal and interstate database connectivity restrictions also may have played a role. Officially, the NYPD says its primary facial recognition tool is provided by . However, the department acknowledges the use of other tools for specific purposes and has faced criticism for a lack of transparency and comprehensive oversight regarding AI technologies. DataWorks’ FaceCompare Plus provides morphological facial comparison of any two facial images side-by-side, without the need for a full facial recognition system. But, again, Mangione’s photo or photos would have to have already been in the NYPD’s or other state and federal databases to be useful. “Most Americans may believe that law enforcement has images on everybody in the United States. That’s very much not true,” CEO Donnie Scott was . “If he happens to not be a resident of New York who happens to not have been arrested before, odds are he’s not going to be in their criminal database or their mugshot repository.” Scott further emphasized that “the state of New York does not have access to the DMV database for law enforcement purposes by statute. It requires cooperation and information sharing and a reason and willingness by the respective agencies to be allowed to share that by law.” Similarly, NYPD – and many other law enforcement agencies nationwide – do not have immediate access to one another’s databases, least of all their state’s DMV database. Neither does one state have access to another state’s DMV photo repository. The Federal Bureau of Investigation (FBI) does, and it confirmed its involvement in the investigation of Thompson’s murder as it joined efforts with the NYPD after the incident, which took place outside a Manhattan hotel. The FBI assisted in the manhunt for the suspect by leveraging its resources to track leads and identify the perpetrator. It’s not known if the FBI’s efforts resulted in some database photo match. The FBI has access to state law enforcement criminal databases and DMV records, but this access is regulated and governed by federal and state laws, often through cooperative agreements. The FBI operates the Criminal Justice Information Services (CJIS) Network which includes systems like the National Crime Information Center (NCIC). State and local law enforcement agencies input and access data on the NCIC, and the FBI can use this data for its investigations. The CJIS network also connects state and local databases to the FBI, enabling data-sharing across jurisdictions. As for DMV Records, the FBI can access these records for investigations, often through the Driver’s Privacy Protection Act, which permits such access for legitimate law enforcement purposes. Through the National Law Enforcement Telecommunications System, the FBI can request state-level DMV data, which includes driver license information and vehicle registrations. Access though often depends on agreements between state law enforcement agencies and the FBI. States maintain their own databases but grant access to the FBI when investigations require it, under established protocols. Access is also closely monitored to ensure compliance with privacy laws, and misuse of these systems can result in significant penalties. In the end, however, it was partial photos of the suspect that the NYPD provided to the public through the media that resulted in Mangione’s arrest – that, after the NYPD had made a big deal about its investigation. Former NYPD Commissioner Ray Kelly told FOX Business early on that he believed the suspect would be caught “fairly soon” and that “facial recognition is effective, and I would hope that it’s being used in this case.” NYPD Chief of Detectives Joseph Kenny added early on in the investigation, however, that police so far hadn’t been able to ID him using facial recognition, possibly because of the partial images or limitations on how the NYPD is allowed to use the technology. While facial recognition has evolved significantly, modern systems still have difficulty handling all the challenges like surgical masks, balaclavas, or partial images, which have varying degrees of success. Facial recognition systems still face significant challenges when analyzing partial images that are obstructed by masks or balaclavas. While advanced systems can focus on visible features like eyes, eyebrows, and facial contours, accuracy diminishes when large parts of the face are hidden. Performance depends on factors like resolution, image quality, and the algorithms used. Some systems trained for such scenarios have improved recognition rates, leveraging AI models that extract additional clues from limited data. However, the success rate often remains significantly lower compared to unobstructed images. Studies that were conducted during the COVID-19 pandemic showed accuracy drops ranging from 5% to 50%, depending on the system and the coverage of the face. Many systems have been updated to accommodate masked faces by focusing on visible features like the eyes, eyebrows, and forehead, and some companies, like and Huawei, have claimed that their technologies achieve 90% -95% accuracy . Advanced systems using 3D mapping and infrared imaging can bypass some of the limitations of traditional 2D recognition, and some AI models that have been trained with extensive datasets, including masked faces, perform better than those trained on unmasked datasets. Feature-based matching uses algorithms to analyze parts of the face that are visible (e.g., eyes, forehead) and compare them with a database, relying heavily on unique features like the shape of the eyes or eyebrows. However, the fewer visible features, the lower the accuracy. Most systems see a significant drop in performance when more than 30% to 50% of the face is obscured. FRT ystems also frequently struggle with extreme angles or occlusions, as partial images introduce uncertainty. Advanced techniques like pose normalization or multi-shot analysis (combining multiple partial images) can help mitigate these issues. AI models, particularly convolutional neural networks (CNNs), have shown considerable promise in identifying individuals with partially obscured faces. These models are designed to focus on specific facial features that remain visible, such as the eyes, eyebrows, and forehead. They can also use contextual clues and patterns from datasets trained on partially masked faces. However, their success rate depends on the extent of obstruction, quality of the image, and robustness of the training dataset. State-of-the-art models achieve higher accuracy but still face challenges under poor lighting, movement, extreme angles, or significant obstructions. Generative Adversarial Networks (GANs) can be highly effective in assisting facial recognition for partially obscured faces by reconstructing or inferring missing portions of a face by generating plausible approximations based on training data. This reconstruction allows other recognition systems to analyze a complete or near-complete representation of the face. However, while GAN-enhanced systems can improve identification rates, their accuracy depends on the quality of the training data and the degree of obstruction of a person’s face. GANs also face risks of introducing artifacts or false positives if misused. The exact number of facial recognition systems using CNNs in law enforcement though is difficult to pinpoint due to their proprietary nature and varied implementations. However, major providers like , , , and employ CNN-based algorithms in systems widely adopted by law enforcement agencies globally. While Clearview AI, for instance, uses a CNN to analyze over v from public sources, even with partial or low-quality images, it isn’t known whether any of the numerous photos of Mangione found on social media and other online public sources after he was identified are included in its database, or whether its CNN would have been able to identify him as a possible match. Overall, while FRT has made strides in addressing its many challenges, performance can vary widely depending on the specific system and context. Meanwhile, discussions about facial recognition and data-sharing frameworks continue in the broader context of law enforcement technology and privacy debates, with calls for stronger regulation and training to address privacy and civil rights concerns. Efforts to legislate or regulate facial recognition in the U.S. remain contentious. Some lawmakers and advocacy groups push for stricter limits or bans on certain uses, citing privacy concerns and the potential for misuse. On the other hand, others advocate for better integration and use of this technology for national security and crime prevention, though this, too, is often met with privacy-focused resistance. In the wake of Thompson’s murder and the inability of FRT to identify Mangione, expect this debate to only grow louder – on both sides. Several federal law enforcement officials expressed in private they are worried that there will be copycats, especially given the surprising level of galvanized public support from the right and the left – elites versus the little guy – for what Mangione did. “This reverse outrage,” as one official described it, “is truly troubling. I would expect some sort of political response that tears down restrictions” on the use of facial recognition “going forward.” | | | | | | | | | |
Big Ten football picks: No. 2 Ohio State and No. 5 Indiana to play one for playoff positionEmboldened by the view from the top of the NFC North, the Detroit Lions are out to eliminate nightmare holiday gatherings when the Chicago Bears come to town Thursday for a lunchtime division duel. The Lions (10-1) are streaking one direction, the Bears (4-7) the other in the first matchup of the season between teams on opposite ends of the division. Riding a nine-game winning streak, their longest since a 10-game streak during their first season in Detroit in 1934, the Lions are burdened by losses in their traditional Thanksgiving Day game the past seven seasons. Three of the defeats are courtesy of Chicago. The Bears and Lions get together for the 20th time on Thanksgiving -- the Bears have 11 wins -- this week in the first of two meetings between the teams in a 25-day span. Detroit goes to Soldier Field on Dec. 22. "I think there's two things," Campbell said of the Thanksgiving losing streak. "Number one -- Get a W. And it's a division win that's why this huge. Number two is because the players are going to get a couple of days off. So, they have family, friends in, it'd be nice to feel good about it when you're with everybody because it's just not real fun. It's not real fun to be around." Detroit (10-1) owns the best record in the NFC but the Lions aren't even assured of a division title. Minnesota sits one game behind them and Green Bay is two games back. The Bears (4-7) sit in last place and would likely need to run the table to have any chance of making the playoffs. The Lions have been dominant in all phases and haven't allowed a touchdown in the past 10 consecutive quarters. Detroit's offense ranks first in points per game (32.7) and second in total yardage (394.3) The Lions defense has not given up a touchdown in the last 10 quarters. Rookie placekicker Jake Bates has made all 16 of his field goal attempts, including four from 50-plus yards over the past three games. Chicago shows up in a foul mood. The Bears are saddled with a five-game losing streak and Chicago's defense has been destroyed for nearly 2,000 total yards in the last four games. The Bears failed to reach the 20-point mark four times in five outings since they last won a game. In their latest defeat, rookie quarterback Caleb Williams and the offense perked up but they lost to Minnesota in overtime, 30-27. "We have to play complementary football for us to be able to win these games," coach Matt Eberflus said. "The games we have won, we have done that. The games we have been close we've missed the mark a little bit. Over the course of the year, it's been one side or the other, this side or that side. In this league you have to be good on all sides to win. That's what we are searching for." Williams threw for 340 yards and two touchdowns without an interception. The wide receiver trio of DJ Moore, Keenan Allen and Romeo Odunze combined for 21 receptions and two touchdowns while tight end Cole Kmet caught seven passes. "What I've been impressed with is just how he has grown," Campbell said. "He has grown every game but these last two I really feel like he's taken off and what they're doing with him has been really good for him and he just looks very composed. He doesn't get frazzled, plays pretty fast, and he's an accurate passer, big arm, and he's got some guys that can get open for him." Detroit's banged-up secondary could be susceptible against the Bears' veteran receivers in their bid to pull off an upset on Thursday. The Lions put two defensive backs on injured reserve in the past week and top cornerback Carlton Davis isn't expected to play due to knee and thumb injuries. Detroit offensive tackle Taylor Decker (knee) and top returner Kalif Raymond (foot) are also expected to miss the game, though Campbell expressed optimism that running back David Montgomery (shoulder), formerly of the Bears, would play. Bears safety Elijah Hicks was listed as a DNP for Tuesday's walkthrough. --Field Level MediaIsraeli Prime Minister Benjamin Netanyahu and his cabinet approved a temporary U.S.-brokered ceasefire agreement Tuesday that will put a pause to the fighting with Iranian-backed Hezbollah militants in Lebanon. On Tuesday, Scripps News spoke with former U.N. Ambassador and former National Security Adviser John Bolton about the agreement and its implications. Bolton said he didn't believe the agreement would cause long-lasting changes in the conflict. "The duration of the cease-fire is 60 days, meaning that it takes the government of Israel out of the Biden administration, into the Trump administration, where they expect to have a more favorable audience," Bolton said. "The provisions of the cease-fire agreement do allow Israel to take military action during this 60-day period if Hezbollah tries to infiltrate back into southern Lebanon, which I think is very highly likely." RELATED STORY | Israel's Netanyahu voices support for ceasefire deal with Hezbollah militants in Lebanon "There's some optics here, there's some American politics involved, because Netanyahu and the Israelis fear that the Biden administration may do something negative on their way out the door," Bolton told Scripps News. "I think it's a temporary accommodation and one that's really very shaky, even from the beginning." It’s not clear if the ceasefire will affect the Israel-Hamas war in Gaza, which is a separate conflict. Also in the interview, Bolton spoke about the possibility of new North American tariffs under the incoming Trump administration, as well as the national security implications of some of President-elect Trump's cabinet nominations. Watch the full interview with Bolton in the attached video.IN a glitzy new-look tournament, a grimy old-school game. This was ramshackle football in tumbledown surroundings, 90 minutes as ugly as the damp-streaked concrete of the Maksimir’s unloved stands. 3 Celtic picked up another point in the Champions League Credit: Kenny Ramsay 3 Bill Leckie reckons Celtic fans should be proud of their players Credit: John Kirkby - The Sun Glasgow But if beauty really is in the eye of the beholder, then none of this will matter to Celtic . Because in the context of their season, this result might turn out like finding a diamond in a dungheap. This was a priceless Champions League point, plotted with patience and managed manfully, the kind of performance that playing away in Europe always used to be about. That it was their second away 0-0 on the bounce speaks volumes for how much they are — finally, finally — maturing at this elite level. read more football stories FINAL FEARS Johnston gives injury update after he emerges as doubt for Rangers cup final MEGA OFFER Get £50 in free bets to spend on football when you stake £10 with Betfred That it takes their unbeaten run in the competition to four, their longest since 1986, is huge credit to manager Brendan Rodgers and his players. The fact that there were plenty who moaned at full-time that they should have been winning? Well, they should take that as a compliment, not a criticism. Remember, they’d lost on all three previous visits here. Remember, they’re haunted by a catalogue of fives and sixes and sevens shipped in Paris and Madrid and Barcelona and back again. Most read in Football 'S****' My dad is Scotland’s greatest ever player but he rinsed my career at my OWN wedding FINAL FEARS Johnston gives injury update after he emerges as doubt for Rangers cup final WORRYING SCENES FA Trophy clash ABANDONED after player rushed away in ambulance MAN BYS Celtic player ratings vs Dinamo Zagreb: How Rodgers' Hoops ranked in Euro stalemate So put this result, off the back of the one against Europa League champs Atalanta in Italy last month, in that perspective and it surely can only be seen as a positive one. Since a battling 1-1 at home to Club Brugge a fortnight ago, they’ve won three league games on the spin to extend their lead at the top of the Premiership to nine points, haven’t lost a goal along the way, and are in good shape for Sunday’s Premier Sports Cup final against Rangers . Celtic manager Brendan Rodgers turns on Lennoxtown Xmas lights As for the biggest trophy of all? Beat the whipping boys of Bern in front of a baying Parkhead on January 22 and they’d surely be into the play-offs with a shot at earning a glamour-dripping, money-spinning last-16 tie. That’s a successful first half of the season in anyone’s language , even if this game in itself was a four-letter-ing bore. Three shots on target all night, one from Celtic , was the lowest tally in any Champions League group stage game this season. Long before the end, you got the feeling Callum McGregor was marshalling a unit quite happy for it all to drift away into nothing-nothingness. Yet maybe even that tedium is a clear sign of their growing maturity at this level. After that 7-1 hammering in Dortmund on matchday two, they were faced with a clear choice — either to put their fingers in their ears and keep on leaving themselves wide open, or sacrifice their natural instincts and get a little bit meaner. Atalanta and now Zzzzzzzz-agreb tell the world for sure which they plumped for. They didn’t try to force the game here, didn’t go out of their way to make things happen. HOW THEY RATED By DEREK MCGREGOR KASPER SCHMEICHEL: Off his line to gather at the feet of Sandro Kulenovic as Dinamo tried to break the deadlock. Tipped over a header from Marko Pjaca late in the game 6 ALISTAIR JOHNSTON: Caught late by Marko Rog in front of the dugouts as the Dinamo star landed a booking. Canada star never fully recovered and was replaced at break 5 CAMERON CARTER-VICKERS: Looked uneasy after his Club Brugge own goal and had problems keeping his footing in first half. Close-range shot deflected well over 6 AUSTON TRUSTY: Good header out of the six-yard box early on then repeated the feat from Dinamo inswinging free-kick. Great block from Pjaca’s shot 6 GREG TAYLOR: Early yellow card for a late challenge in the Dinamo box. Heaved a huge sigh of relief when his miscue on the edge of his own box wasn’t punished 5 CALLUM McGREGOR: Captain’s 100th Euro game for the Hoops. Had the ball pinched off his toe by Lukas Kacavenda as the game started to become stretched after the hour 5 PAULO BERNARDO: In ahead of Arne Engels and flashed early free-kick just off target. Near-post corner also caused chaos. Couldn’t tame ball into box from Daizen Maeda 6 REO HATATE: Great ball from own half freed Kuhn down right. Lost footing as he tried to drill in a shot — which was his final act as Brendan Rodgers shuffled midfield 5 NICOLAS KUHN: Hit the byeline on the halfway mark but delivery was slapped away for a corner. Cut in on to his left foot after break but shot was deflected over top 6 DAIZEN MAEDA: Was booked for late challenge on Maxime Bernauer as tensions began to rise late in first half. Showed trademark energy going both ways but couldn’t find spark 5 KYOGO FURUHASHI: Great energy as he constantly pressed goalkeeper Daniel Zagorac. Didn’t get a real glimpse of goal and rested late on ahead of Sunday’s cup final 5 Anthony Ralston (4) half-time sub for injured Johnston, booked. Luke McCowan (4) tested keeper. Arne Engels (4) got last half-hour. James Forrest (3) lashed shot off target. Adam Idah (3) on as Celts chased late winner. They didn’t try to force the game here, didn’t go out of their way to make things happen. They just played steadily, stayed organised, probed when they went forward and got into shape when Dinamo forced them back the way. On the one occasion when he was properly called into action, Kasper Schmeichel once again proved himself calm in a crisis, flying high and stretching elastically to tip Marko Pjaca’s back-post header over from right under his crossbar. Off the back of the half-a-dozen big stops that had spared his mates from serious complications at home to Hibs on Saturday, the great Dane had set up his fourth clean sheet in ten days. And, as it went, he very nearly inspired them to snatch all three points at the death , too, when three of the subs Rodgers had promised came so close to combining for a brilliant winner. James Forrest picked out a brilliant reverse ball down the left to Arne Engels , who flashed a fabulous ball across the front post , where Adam Idah was only denied by a magnificent sliding challenge from Kevin Theophile-Catherine. Now that would’ve been the perfect climax to a hugely imperfect night. Instead, German ref Felix Zwayer brought it to end soon after, and Rodgers marched on to the turf to congratulate a bunch who seem to have bought 100 per cent into his thinking, both tactical and mental. After that win over Hibs , the performance as shambolic and shoddy as the scoreline was eventually convincing, he spoke about how the ability to “win and win and win” was as much in the mind as it was in the boots . 3 Here, amid the unspeakable pile that is Croatia’s national stadium, that same mindset came into play once again. Once again, Celtic were far short of their fast, flowing, imposing and imperious best. But unlike on so many European away nights of the past, they used their brains to pick their way through a tricky test and come out the other end unscathed. The Maksimir really is unspeakable, too. One whole side lying disused ever since an earthquake hit the city in 2020, fans behind each goal hover a good 30 feet above the action because of massive boundary walls, the main stand a mess of rickety press facilities, a perilous-looking TV gantry and an impossibly-steep batch of seats open to the elements. I’ve never met anyone who likes playing there. Not Dinamo, not the Croatia national team — and certainly not any visitors. Read more on the Scottish Sun SCOT MY FIRST RODEO! Popular music festival coming to three Scots cities for first time CHILL OUT Scots to be gripped by grim -10C freeze as weather map reveals temperature plunge To be honest, it’s not fit to stage football at this level. No, not even football this dull . . . Keep up to date with ALL t h e latest news and transfers at the Scottish Sun football page
Three Point Shot - November 2024ALTOONA, Pa. — The man accused of killing UnitedHealthcare’s CEO struggled with deputies and shouted while being led into court Tuesday as new details emerged about his possible motivation behind the ambush. In his first public words since a five-day search ended with his arrest at a McDonald’s in Pennsylvania, Luigi Nicholas Mangione emerged from a patrol car shouting about an “insult to the intelligence of the American people” while deputies pushed him inside a courthouse. The 26-year-old Ivy League graduate from a prominent Maryland real estate family is fighting attempts to extradite him to New York to face a murder charge in the Manhattan killing of Brian Thompson, who led the United States’ largest medical insurance company. A law enforcement bulletin obtained by The Associated Press said that at the time of his arrest, Mangione carried a handwritten document expressing anger with what he called “parasitic” health insurance companies and a disdain for corporate greed and power. He wrote that the U.S. has the most expensive health care system in the world and that profits of major corporations continue to increase while “our life expectancy” does not, according to the bulletin. In social media posts, Mangione called “Unabomber” Ted Kaczynski — who carried out a series of bombings while railing against modern society and technology — a “political revolutionary,” according to the bulletin. Mangione remained jailed in Pennsylvania, where he was initially charged with possession of an unlicensed firearm, forgery and providing false identification to police. Manhattan prosecutors began to take steps to bring Mangione to New York, but at a brief hearing Tuesday, defense lawyer Thomas Dickey said his client will not waive extradition and instead wants a hearing on the issue. Mangione was denied bail after prosecutors said he was too dangerous to be released. “You can’t rush to judgment in this case or any case,” Dickey said afterward. “He’s presumed innocent. Let’s not forget that.” New York Gov. Kathy Hochul said Tuesday night on the social platform X that she will sign “a request for a governor’s warrant to ensure the suspect in the murder of Brian Thompson is held accountable in New York.” Mangione was arrested in Altoona, Pennsylvania, about 230 miles west of New York City, after a McDonald’s customer recognized him and notified an employee, authorities said. An image of Mangione released Tuesday by Pennsylvania State Police showed him pulling down his mask in the corner of the McDonald’s while holding what appeared to be hash browns and wearing a winter jacket and beanie. New York police officials said Mangione was carrying a gun like the one used to kill Thompson and the same fake ID the shooter had used to check into a New York hostel, along with a passport and other fraudulent IDs. A law enforcement official who spoke with The Associated Press on condition of anonymity said a handwritten document found with Mangione included a line in which he claimed to have acted alone. “To the Feds, I’ll keep this short, because I do respect what you do for our country. To save you a lengthy investigation, I state plainly that I wasn’t working with anyone,” the document said, according to the official. It also said, “I do apologize for any strife or traumas but it had to be done. Frankly, these parasites simply had it coming.” Thompson, 50, was killed last Wednesday as he walked alone to a Manhattan hotel for an investor conference. From surveillance video, New York investigators determined the shooter quickly fled the city, likely by bus. Mangione was born into a life of country clubs and privilege. His grandfather was a real estate developer and philanthropist. Valedictorian at his elite Baltimore prep school, he went on to earn undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania, a spokesperson said. “Our family is shocked and devastated by Luigi’s arrest,” Mangione’s family said in a statement posted on social media late Monday by his cousin, Maryland Del. Nino Mangione. “We offer our prayers to the family of Brian Thompson and we ask people to pray for all involved.” From January to June 2022, Luigi Mangione lived at Surfbreak, a “co-living” space at the edge of touristy Waikiki in Honolulu. Like other residents of the shared penthouse catering to remote workers, Mangione underwent a background check, said Josiah Ryan, a spokesperson for owner and founder R.J. Martin. “Luigi was just widely considered to be a great guy. There were no complaints,” Ryan said. “There was no sign that might point to these alleged crimes they’re saying he committed.” At Surfbreak, Martin learned Mangione had severe back pain from childhood that interfered with many aspects of his life, from surfing to romance, Ryan said. Mangione left Surfbreak to get surgery on the mainland, Ryan said, then later returned to Honolulu and rented an apartment. Martin stopped hearing from Mangione six months to a year ago. Mangione Mangione Get local news delivered to your inbox!
SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024
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