Technology
SurgePays Announces Third Quarter 2024 Financial Results
Published
2 weeks agoon
By
Migration of former ACP Subscribers to Lifeline Well Underway
BARTLETT, Tenn., Nov. 12, 2024 /PRNewswire/ — SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a bridging critical financial and connectivity gaps in underserved communities, today announced its financial results for the third quarter ended September 30, 2024.
Management Commentary
Chairman and CEO Brian Cox commented on the quarter’s results, “We anticipated a challenging third quarter, and we seized it as an opportunity to reset, recalibrate, and accelerate. With every team member intensely focused, we’re advancing toward becoming cash flow positive as quickly as possible. We are aligning sales, integration, and strategy to generate new revenue streams across each of our business segments. This quarter wasn’t a setback but a setup, priming us for long-term, sustainable growth.
“In the third quarter of 2024, SurgePays reported $4.8 million in sales, aligning with expectations for our first full quarter without Affordable Connectivity Funding (ACP) since mid-2021. Our Mobile Virtual Network Operator (MVNO) revenue was $23,609 compared to $30.2 million in the same quarter last year, reflecting the anticipated funding shift. Meanwhile, sales in our Prepaid Platform Services segment surged 69% to $4.7 million, showcasing significant growth momentum.
“Gross profit (exclusive of depreciation and amortization) swung to a $7.8 million loss in the third quarter from a $10.5 million profit in the year-ago period due to our strategic decision to utilize our strong balance sheet to protect our previous ACP subscriber base and distribution network. With ACP funding ending, our immediate focus was on how to retain and preserve these hard-earned customers within the SurgePays ecosystem. We chose to temporarily self-fund our MVNO operations, prioritizing customer continuity while facilitating a seamless transition to Lifeline, another government-subsidized program. By maintaining connectivity for our low-income customers, we made a socially responsible and strategic choice that positions us well for potential long-term economic returns. We expect this decision to be both customer-centered and financially astute in the long run.
“Our recent Master Services Agreement with TerraCom, Inc., a licensed Lifeline provider, represents a pivotal step. This partnership allows us to migrate up to 280,000 subscribers to Lifeline, establishing a steady alternative subsidy channel. In tandem, our sales teams are now actively engaging new customers, reigniting growth initiatives, and leveraging our SurgePays platform’s point-of-sale capabilities at convenience stores. While ACP remains uncertain, our subsidized revenue channel is robustly supported by the Lifeline program. The team and platform built for ACP is now enrolling thousands of Lifeline customers daily without distracting from our core business focus. This department has been overwhelmed and has had to hire additional employees for the sales onboarding team. Our team has now enrolled over 70,000 customers in the Lifeline program, and we believe our Lifeline subscribers potential can far outpace our highest ACP subscriber count.
“Meanwhile, our retail prepaid brand, LinkUp Mobile, has proved to be a more significant opportunity than initially anticipated, and to capture maximum market share, we moved decisively to secure a direct carrier connection. We anticipate this partnership will enable us to quickly generate hundreds of thousands of new subscribers and establish LinkUp Mobile as a formidable presence in the prepaid space.
“Our SurgePays Prepaid Top-ups platform is experiencing exponential growth as a critical element in store readiness for LinkUp Mobile activations. As a prerequisite to LinkUp activations, stores join our platform, which also facilitates prepaid reloads. This channel’s monthly revenue growth has surged nearly 400% in just five months, reaching over $2.2 million in monthly revenue — a trend we expect will continue as market demand intensifies.
“Our ClearLine Point of Sale (POS) SaaS platform is emerging as a high-potential asset within SurgePays. This advanced platform redefines the in-store customer experience by transforming POS terminals and customer-facing screens into interactive engagement tools. ClearLine’s patent-pending application supports in-store marketing campaigns, loyalty enrollment, and QR code interactions, effectively replacing traditional posters with smart TVs for dynamic QR-code advertising and instant coupon redemptions. By enhancing revenue per store and elevating customer satisfaction, ClearLine offers retailers actionable insights, driving growth and loyalty. Following years of development, ClearLine is now ready for market deployment, and as it gains traction, we anticipate it will contribute meaningfully to consolidated revenues by Q1 2025.
“While we continue investing across our four business channels, we’re also laying a robust foundation for rapid, sustainable growth. Recently, we opened a dedicated sales and operations center in El Salvador, a project over a year in the making and a strategic move in anticipation of growth across all our verticals. Nearly 100 experienced team members, previously outsourced, are now full-time SurgePays employees, bringing continuity and expertise essential for our ambitious expansion and product launches.
This new facility marks a pivotal evolution from our longstanding outsourcing strategy, which enhances customer relationships and maximizes sales opportunities.
“At SurgePays, we’re driven by four pillars of success: team, product, distribution, and funding. With what I believe is the most seasoned team in prepaid wireless, a market-leading product suite, proprietary distribution channels, and $24 million in cash, cash equivelants, and investments as of September 30, 2024, we’re positioned to execute our growth strategy with precision. Over the next few months, we expect each of our four business segments to create a momentum that drives continuous growth and improvement, generating synergistic and scalable recurring revenue.”
Third Quarter 2024 Results Conference Call
SurgePays management will host a webcast today at 5 p.m. ET / 2 p.m. PT to discuss these results.
The live webcast of the call can be accessed on the company’s investor relations website at ir.surgepays.com, or by registering at the following link: Third Quarter Results Call .
Telephone access to the call will be available at 877-545-0320 (in the U.S.) or by dialing 973-528-0002 (outside the U.S.). Participant access code is 801757.
A telephone replay will be available approximately one hour following completion of the call until November 26, 2024. To access the replay, please dial 877-481-4010 (in the U.S.) or 919-882-2331 (outside the U.S.). Replay passcode is 51609.
Share Repurchase Authorization
During the third quarter, SurgePays’ board of directors authorized the company to repurchase up to $5 million of common stock in the open market within six months from implementation of the program. The company repurchased $485,131 of treasury shares in the third quarter.
About SurgePays, Inc.
SurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePays’ technology-layered platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. SurgePays prepaid wireless companies provide services to over 250,000 low-income subscribers nationwide. The company ranks as the 345th fastest-growing tech company in North America according to the 2023 Deloitte Technology Fast 500. Please visit SurgePays.com for more information.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “attempting,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
Although we believe that the expectations reflected in these forward-looking statements such as regarding our market potential along with the statements under the heading Management Commentary are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements including but not limited to, our plans to expand our prepaid wireless company and the stock buyback program, our ability to retain our subscribers on a free monthly plan subsidized by a sister program, our ability to obtain a company that has the license to subsidize our subscribers through a sister program and our expanded service and offerings . Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, whether the ACP is funded again, our ability to obtain a company that has the license to subsidize our subscribers through a sister program, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; and our predictions about our industry. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
SurgePays, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2024
December 31, 2023
(Unaudited)
Assets
Current Assets
Cash and cash equivalents
$ 13,651,559
$ 14,622,060
Investments
10,068,506
–
Accounts receivable – net
1,513,996
9,536,074
Inventory
8,363,138
9,046,594
Prepaids and other
312,679
161,933
Total Current Assets
33,909,878
33,366,661
Construction-in-process
518,189
–
Property and equipment – net
158,092
361,841
Other Assets
Note receivable
176,851
176,851
Intangibles – net
1,636,339
2,126,470
Internal use software development costs – net
372,303
539,424
Goodwill
4,166,782
1,666,782
Investment in CenterCom
498,273
464,409
Operating lease – right of use asset – net
62,786
387,869
Deferred income taxes – net
–
2,835,000
Total Other Assets
6,913,334
8,196,805
Total Assets
$ 41,499,493
$ 41,925,307
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued expenses
$ 3,173,968
$ 6,439,120
Accounts payable and accrued expenses – related party
462,376
1,048,224
Accrued income taxes payable
100,000
570,000
Deferred revenue
–
20,000
Operating lease liability
50,415
43,137
Note payable – related party
1,647,491
4,584,563
Total Current Liabilities
5,434,250
12,705,044
Long Term Liabilities
Note payable – related party
2,303,989
–
Notes payable – SBA government
472,135
460,523
Operating lease liability
13,132
356,276
Total Long Term Liabilities
2,789,256
816,799
Total Liabilities
8,223,506
13,521,843
Stockholders’ Equity
Common stock, $0.001 par value, 500,000,000 shares authorized
19,931,549 shares issued and 19,650,779 shares outstanding,
respectively, at September 30, 2024
14,403,261 shares issued and outstanding at December 31, 2023
19,935
14,404
Additional paid-in capital
74,725,651
43,421,019
Treasury stock – at cost (280,770 and 0 shares, respectively)
(485,131)
–
Accumulated deficit
(41,102,720)
(15,186,203)
Stockholders’ equity
33,157,735
28,249,220
Non-controlling interest
118,252
154,244
Total Stockholders’ Equity
33,275,987
28,403,464
Total Liabilities and Stockholders’ Equity
$ 41,499,493
$ 41,925,307
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2024
2023
2024
2023
Revenues
$ 4,769,697
$ 34,160,834
$ 51,284,531
$ 104,823,710
Costs and expenses
Cost of revenues
12,602,057
23,680,247
54,377,300
76,622,912
General and administrative expenses
6,448,402
3,389,015
20,312,185
10,201,663
Total costs and expenses
19,050,459
27,069,262
74,689,485
86,824,575
Income (loss) from operations
(14,280,762)
7,091,572
(23,404,954)
17,999,135
Other income (expense)
Interest expense
(112,814)
(130,335)
(362,119)
(478,928)
Loss on lease termination – net
(194,862)
(194,862)
Other income
239
–
637,107
–
Interest income
183,537
183,537
Unrealized gains – investments
38,292
38,292
Dividends, interest and other income – investments
86,626
86,626
Gain on investment in CenterCom
–
51,894
33,864
95,636
Total other income (expense) – net
1,018
(78,441)
422,445
(383,292)
Net income (loss) before provision for income taxes
(14,279,744)
7,013,131
(22,982,509)
17,615,843
Provision for income tax benefit (expense)
–
–
(2,970,000)
–
Net income (loss) including non-controlling interest
(14,279,744)
7,013,131
(25,952,509)
17,615,843
Non-controlling interest
(4,397)
(71,170)
(35,992)
19,209
Net income (loss) available to common stockholders
$ (14,275,347)
$ 7,084,301
$ (25,916,517)
$ 17,596,634
Earnings per share – attributable to common stockholders
Basic
$ (0.73)
$ 0.50
$ (1.37)
$ 1.24
Diluted
$ (0.73)
$ 0.49
$ (1.37)
$ 1.19
Weighted average number of shares outstanding – attributable
to common stockholders
Basic
19,689,010
14,291,263
18,940,689
14,205,127
Diluted
19,689,010
14,507,984
18,940,689
14,740,201
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
For the Three and Nine Months Ended September 30, 2024
(Unaudited)
Additional
Total
Common Stock
Paid-in
Accumulated
Treasury Stock
Non-Controlling
Stockholders’
Shares
Amount
Capital
Deficit
Shares
Amount
Interest
Equity
December 31, 2023
14,403,261
$ 14,404
$ 43,421,019
$ (15,186,203)
$ –
$ –
$ 154,244
$ 28,403,464
Stock issued for cash
3,080,356
3,081
17,246,913
–
–
–
–
17,249,994
Cash paid as direct offering costs
–
–
(1,395,000)
–
–
–
–
(1,395,000)
Exercise of warrants – cash
1,860,308
1,861
8,797,396
–
–
–
–
8,799,257
Exercise of warrants – cashless
40,238
41
(41)
–
–
–
–
–
Stock issued for services
47,386
48
411,692
–
–
–
–
411,740
Recognition of stock based compensation – unvested
shares – related parties
–
–
1,497,417
–
–
–
–
1,497,417
Recognition of stock-based compensation – related party
–
–
6,196
–
–
–
–
6,196
Non-controlling interest
–
–
–
–
–
–
(12,164)
(12,164)
Net income
–
–
–
1,224,595
–
–
–
1,224,595
March 31, 2024
19,431,549
19,435
69,985,592
(13,961,608)
–
–
142,080
56,185,499
Recognition of stock based compensation – unvested
shares – related parties
–
–
2,981,577
–
–
–
–
2,981,577
Non-controlling interest
–
–
–
–
–
–
(19,431)
(19,431)
Net loss
–
–
–
(12,865,765)
–
(12,865,765)
June 30, 2024
19,431,549
19,435
72,967,169
(26,827,373)
–
–
122,649
46,281,880
Recognition of stock based compensation – unvested
shares – related parties
500,000
500
1,758,482
–
–
–
–
1,758,982
Treasury shares repurchased (share buy-backs)
–
–
–
–
280,770
(485,131)
–
(485,131)
Non-controlling interest
–
–
–
–
–
–
(4,397)
(4,397)
Net loss
–
–
–
(14,275,347)
–
–
–
(14,275,347)
September 30, 2024
19,931,549
$ 19,935
$ 74,725,651
$ (41,102,720)
280,770
$ (485,131)
$ 118,252
$ 33,275,987
Per TB/ISL
19,931,549
$ 19,935
$ 74,725,651
$ (41,102,720)
$ (485,131)
$ 118,252
Difference
–
–
–
(0)
–
0
33,275,987
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
For the Nine Months Ended September 30,
2024
2023
Operating activities
Net income (loss) – including non-controlling interest
$ (25,952,509)
$ 17,615,843
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations
Depreciation and amortization
693,880
701,279
Amortization of right-of-use assets
70,857
32,426
Amortization of internal use software development costs
167,121
96,795
Stock issued for services
411,740
874,284
Recognition of stock based compensation – unvested shares – related parties
6,237,976
–
Recognition of share based compensation – options – related party
6,196
27,882
Interest expense adjustment – SBA loans
19,750
–
Right-of-use asset lease payment adjustment true up
(148,584)
–
Gain on equity method investment – CenterCom
(33,864)
(95,637)
Cash paid for lease termination
(212,175)
–
Loss on lease termination – net
194,862
–
Changes in operating assets and liabilities
(Increase) decrease in
Accounts receivable
8,022,078
(544,063)
Inventory
683,456
(3,363,165)
Prepaids and other
(150,746)
(86,355)
Deferred income taxes – net
2,835,000
–
Increase (decrease) in
Accounts payable and accrued expenses
(5,765,152)
1,048,750
Accounts payable and accrued expenses – related party
(86,857)
(726,163)
Accrued income taxes payable
(470,000)
–
Installment sale liability – net
–
(7,097,838)
Deferred revenue
(20,000)
(125,110)
Operating lease liability
84,257
(29,230)
Net cash provided by (used in) operating activities
(13,412,714)
8,329,698
Investing activities
Advances made for construction-in-process costs
(518,189)
–
Capitalized internal use software development costs
–
(281,304)
Purchase of investments – net
(10,068,506)
–
Net cash used in investing activities
(10,586,695)
(281,304)
Financing activities
Proceeds from stock issued for cash
17,249,994
–
Proceeds from exercise of common stock warrants
8,799,257
207,240
Cash paid as direct offering costs
(1,395,000)
–
Repayments of loans – related party
(1,132,074)
(1,017,385)
Repayments on notes payable
–
(1,531,478)
Repayments on notes payable – SBA government
(8,138)
(10,976)
Treasury shares repurchased (share buy-backs)
(485,131)
–
Net cash provided (used in) by financing activities
23,028,908
(2,352,599)
Net increase (decrease) in cash and cash equivalents
(970,501)
5,695,795
Cash and cash equivalents – beginning of period
14,622,060
7,035,654
Cash and cash equivalents – end of period
$ 13,651,559
$ 12,731,449
Supplemental disclosure of cash flow information
Cash paid for interest
$ 372,579
$ 209,840
Cash paid for income tax
$ –
$ –
Supplemental disclosure of non-cash investing and financing activities
Reclassification of accrued interest – related party to note payable – related party
$ 498,991
$ –
Exercise of warrants – cashless
$ 41
$ –
Termination of ROU operating lease assets and liabilities
$ 309,826
Right-of-use asset obtained in exchange for new operating lease liability
$ 98,638
$ –
Goodwill (ClearLine Mobile, Inc.)
$ 2,500,000
$ –
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SOURCE SurgePays
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The group’s global ETF platform features a line-up of 601 ETFs that offer investors high quality and cost-efficient exposure to newly emerging investment themes and disruptive technologies in the global markets.[2] The group’s ETFs have combined assets under management of US$137 billion and are listed in Australia, Canada, Colombia, Europe, Hong Kong (SAR), India, Japan, Korea, Vietnam, the United Kingdom, and the United States.[3]
About Global X ETFs
Global X ETFs was founded in 2008. For more than a decade, our mission has been empowering investors with unexplored and intelligent solutions. Our product line-up features over 384 ETF strategies and over $92 billion in assets under management.[4] While we are distinguished for our Thematic Growth, Income, and International Access ETFs, we also offer Core, Commodity, and Alpha funds to suit a wide range of investment objectives. Global X is a member of Mirae Asset Financial Group, a global leader in financial services, has a presence in 19 global markets and the group’s managed assets exceed US$606 billion in assets under management worldwide.[5]
Mirae Asset Global Investments Hong Kong: https://www.am.miraeasset.com.hk/
Global X ETFs Hong Kong: www.globalxetfs.com.hk
Important Information
Global X India Sector Leader Active ETF
Investors should not base investment decisions on this document alone. Please refer to the Prospectus for details including product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
Global X India Sector Leader Active ETF (the “Fund”)’s investment objective is to achieve long term capital growth by primarily investing in equities and equity-related securities of sector leading companies domiciled in or exercising a large portion of their economic activity in India.The Fund will invest primarily (i.e. at least 70% of its net asset value (the “Net Asset Value”) in equities and equity-related securities (such as common shares, preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and participation notes) of sector leading companies domiciled in or exercising a large portion of their economic activities (e.g., having investments, production activities, trading or other business interests) in India.The Fund employs an actively managed investment strategy. The Fund does not seek to track any index or benchmark, and there is no replication or representative sampling conducted by the Manager. It may fail to meet its objective as a result of the Manager’s selection of investments, and/or the implementation of processes which may cause the Fund to underperform as compared to other index tracking funds with a similar objective.The Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.The Fund is an FPI registered with the SEBI. The applicable laws, rules and guidelines on FPI impose limits on the ability of FPI to acquire shares in certain Indian issuers from time to time and are subject to change. This may also adversely affect the performance of the Fund.The FPI status of the Sub-Fund may be revoked by the SEBI under certain circumstances. In the event the Fund’s registration as an FPI is cancelled, revoked, terminated or not renewed, this would adversely impact the ability of the Fund to make further investments, or to hold and dispose of existing investment in Indian securities. The Fund may be required to liquidate all holdings in Indian securities acquired by the Fund as an FPI. Such liquidation may have to be undertaken at a substantial discount and the Fund may suffer significant/substantial losses.The Fund’s investments are concentrated in securities in India. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Indian market.High market volatility and potential settlement difficulties in the equity market in India may result in significant fluctuations in the prices of the securities traded on such market and thereby may adversely affect the value of the Fund. The BSE has the right to suspend trading in any security traded thereon. The Indian government or the regulators in India may also implement policies that may affect the Indian financial markets. There can be no assurance that the Indian government will not impose restrictions on foreign exchange and the repatriation of capital.The taxation of income and capital gains in India is subject to the fiscal law of India. The tax rate in respect of capital gains derived by an FPI on transfer of securities will vary depending upon various factors. Any increased tax liabilities on the Fund may adversely affect the Net Asset Value of the Fund. For details, please refer to the section headed “Taxation in India” in the Prospectus. Any shortfall between the provision and the actual tax liabilities, which will be debited from the assets of the Fund, will adversely affect its Net Asset Value.Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. In addition, the base currency of the Fund is USD but the trading currency of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests.The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the Fund’s Net Asset Value.Investors should note that where a unitholder holds Listed Class of Units traded under the USD counter, the relevant unitholder will only receive distributions in HKD and not USD.Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of dividends out of capital or effectively out of capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
Global X Emerging Markets Asia Active ETF
Investors should not base investment decisions on this document alone. Please refer to the Prospectus for details including product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
Global X Emerging Markets Asia Active ETF (the “Fund”)’s investment objective is to achieve long term capital growth by primarily investing in equities and equity-related securities of companies domiciled in or exercising a large portion of their economic activities in emerging markets in Asia.The Fund will invest primarily (i.e. at least 70% of its net asset value (the “Net Asset Value”) in equities and equity-related securities (such as common shares, preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and participation notes) of companies domiciled in or exercising a large portion of their economic activities (e.g., having investments, production activities, trading or other business interests) in emerging markets in Asia, such as India, Indonesia, Korea, Malaysia, Philippines, Taiwan and Thailand, Vietnam, Bangladesh, Pakistan and Sri Lanka, but excluding Mainland China.The Fund employs an actively managed investment strategy. The Fund does not seek to track any index or benchmark, and there is no replication or representative sampling conducted by the Manager. It may fail to meet its objective as a result of the Manager’s selection of investments, and/or the implementation of processes which may cause the Fund to underperform as compared to other index tracking funds with a similar objective.The Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.The Fund invests in the emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.The Fund may invest in stocks of small-capitalisation/mid-capitalisation companies. The stock of small-capitalisation/mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. In addition, the base currency of the Fund is USD but the trading currency of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests.The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the Fund’s Net Asset Value.Investors should note that where a unitholder holds Listed Class of Units traded under the USD counter, the relevant unitholder will only receive distributions in HKD and not USD.Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of dividends out of capital or effectively out of capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
Disclaimer
This document is for Hong Kong investors only. This document is provided for information and illustrative purposes and is intended for your use only. It is not a solicitation, offer or recommendation to buy or sell any security or other financial instrument. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated services.
Certain of the statements contained in this document are statements of future expectations and other forward-looking statements. Views, opinions and estimates may change without notice and are based on a number of assumptions which may or may not eventuate or prove to be accurate. Actual results, performance or events may differ materially from those in such statements.
Investment involves risk. Past performance is not indicative of future performance. It cannot be guaranteed that the performance of the Funds will generate a return and there may be circumstances where no return is generated or the amount invested is lost. It may not be suitable for persons unfamiliar with the underlying securities or who are unwilling or unable to bear the risk of loss and ownership of such investment. Before making any investment decision, investors should read the Prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Funds and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investment.
Information and opinions presented in this document have been obtained or derived from sources which in the opinion of Mirae Asset Global Investments (Hong Kong) Limited (“MAGIHK”) are reliable, but we make no representation as to their accuracy or completeness. We accept no liability for a loss arising from the use of this document.
Products, services and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries and/or distributors of MAGIHK as stipulated by local laws and regulations. This document is not directed to any person in any jurisdiction where the availability of this document is prohibited. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this document. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction.
This document is issued by MAGIHK (Licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance). This document has not been reviewed by the Securities and Futures Commission or the applicable regulator in the jurisdiction in which this article is posted and no part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of MAGIHK.
Copyright © 2024 Mirae Asset Global Investments. All rights reserved.
[1] Source: Mirae Asset Global Investments, Sep 30, 2024.
[2] Source: Mirae Asset Global Investments, Sep 30, 2024.
[3] Source: Mirae Asset Global Investments, Sep 30, 2024.
[4] Source: Mirae Asset Global Investments, Sep 30, 2024.
[5] Source: Mirae Asset Financial Group, Jun 30, 2024.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/mirae-asset-expands-active-etf-product-line-with-the-launch-of-global-x-india-sector-leader-active-etf-3084-and-global-x-emerging-markets-asia-active-etf-3104-302315017.html
SOURCE Mirae Asset Global Investments (Hong Kong) Limited
Technology
PRIVACY ALERT: RRCA Accounts Management Under Investigation for Data Breach of Over 115,000 Patient Records
Published
60 minutes agoon
November 26, 2024By
SAN FRANCISCO, Nov. 25, 2024 /PRNewswire/ — Schubert Jonckheer & Kolbe LLP is investigating a data breach impacting the private personal and health information of 115,837 patients held by RRCA Accounts Management, Inc., an Illinois-based collection agency.
On or about October 18, 2024, RRCA notified patients that it experienced a ransomware attack on its systems. During that attack, the Play ransomware group infiltrated its systems and accessed and stole their records, including their clients’ customers’ personal information.
RRCA recently informed patients that the following private information may have been stolen in the breach: names, addresses, dates of birth, phone numbers, emails, Social security numbers or taxpayer IDs, driver’s license numbers, passport numbers, health insurance information, health data (such as medical record numbers and places of treatment and doctors), health payment information (such as billing and insurance claims and payment card and account numbers), usernames or IP addresses, and potentially some demographic information (such as genders, religious views, or races).
If your personal information was impacted by this incident, you may be at risk of identity theft, healthcare fraud, and other serious violations of your privacy. As a result, you may be entitled to money damages and an injunction requiring changes to the company’s cybersecurity practices.
If you received notification of this data breach from RRCA or an identity protection service and wish to obtain additional information about your legal rights, please contact us today or visit our website at https://www.classactionlawyers.com/rrca.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents consumers, employees, and shareholders in class actions and shareholder derivative actions against corporate defendants, focusing on data privacy. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
Contact
Amber L. Schubert
Schubert Jonckheer & Kolbe LLP
aschubert@sjk.law
Tel: 415-788-4220
View original content:https://www.prnewswire.com/news-releases/privacy-alert-rrca-accounts-management-under-investigation-for-data-breach-of-over-115-000-patient-records-302315931.html
SOURCE Schubert Jonckheer & Kolbe LLP
AsiaPay Champions Women-Led Ventures Across APAC with A$40K in Prizes
Mirae Asset Expands Active ETF Product Line with the Launch of Global X India Sector Leader Active ETF (3084) and Global X Emerging Markets Asia Active ETF (3104)
PRIVACY ALERT: RRCA Accounts Management Under Investigation for Data Breach of Over 115,000 Patient Records
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