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 Thursday, May 21, 2026



Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media &amp; Technology , Noble Capital Markets, Inc.



Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Favorable color on Q1 results.&nbsp;Q1 2026 results were pressured by temporary HSN supplier disruptions, although management indicated that delayed shipments should benefit Q2 performance. Importantly, the quarter marked the beginning of commercialization for Xcel’s influencer-led portfolio as Jenny Martinez and Gemma Stafford launched on QVC and HSN.



Product Roadmap Expanding Across Multiple Categories.&nbsp;Early launches for Jenny Martinez and Gemma Stafford showed stronger demand for food products versus hard goods, prompting a broader push into consumables, while Cesar Millan’s Amazon storefront and pet product rollout are expected within 6–8 weeks. Notably, the food products are consumable offerings with shorter lead times, domestic production, and recurring-purchase potential.&nbsp;



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31211">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Thursday, May 21, 2026



Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media &amp; Technology , Noble Capital Markets, Inc.



Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Favorable color on Q1 results.&nbsp;Q1 2026 results were pressured by temporary HSN supplier disruptions, although management indicated that delayed shipments should benefit Q2 performance. Importantly, the quarter marked the beginning of commercialization for Xcel’s influencer-led portfolio as Jenny Martinez and Gemma Stafford launched on QVC and HSN.



Product Roadmap Expanding Across Multiple Categories.&nbsp;Early launches for Jenny Martinez and Gemma Stafford showed stronger demand for food products versus hard goods, prompting a broader push into consumables, while Cesar Millan’s Amazon storefront and pet product rollout are expected within 6–8 weeks. Notably, the food products are consumable offerings with shorter lead times, domestic production, and recurring-purchase potential.&nbsp;



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Xcel Brands (XELB) - Creator Rollout Gains Momentum Into Second Half

Fashion

Retail

Xcel Brands

XELB

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 Thursday, May 21, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Overview. We had the opportunity to chat with SKYX management this week following the Company's first-quarter earnings release. In short, management believes momentum continues to build with new agreements in the European hospitality business, the ongoing AI upgrading of the retail websites platform, recent capital raises which provide a runway to cash flow positive, and the potential for regulatory reform.



Key Drivers. The announced major construction and hospitality projects represent over one million units alone, with several projects projected to begin ordering this year, while management expects to deploy 100,000 units by year-end through the retail and pro channels. Turbo Heater retail sales are exceeding expectations, and the Company is developing additional line extensions here. The economy and, in particular, the housing market, remain a variable that could impact the pace of sales, in our view.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31210">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Thursday, May 21, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Overview. We had the opportunity to chat with SKYX management this week following the Company&#8217;s first-quarter earnings release. In short, management believes momentum continues to build with new agreements in the European hospitality business, the ongoing AI upgrading of the retail websites platform, recent capital raises which provide a runway to cash flow positive, and the potential for regulatory reform.



Key Drivers. The announced major construction and hospitality projects represent over one million units alone, with several projects projected to begin ordering this year, while management expects to deploy 100,000 units by year-end through the retail and pro channels. Turbo Heater retail sales are exceeding expectations, and the Company is developing additional line extensions here. The economy and, in particular, the housing market, remain a variable that could impact the pace of sales, in our view.



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

SKYX Platforms (SKYX) - Conversation with Management; Updated Model

SKYX

SKYX Platforms

Smart Lighting

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 Thursday, May 21, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Letter. In a letter to the members of Kelly's Board of Directors, Chris Hunt, CEO of Hunt Companies and Chairman of Kelly's Board, requested, on behalf of Hunt Companies, that Kelly form a special committee of independent and disinterested directors so that Kelly may be prepared to discuss and evaluate new potential opportunities for Kelly involving Hunt and its affiliates if and when presented without delay.



Letter Agreement. The formation of such a committee is a requirement of the Letter Agreement between Hunt and Kelly. In its letter, Hunt states, "We want to emphasize that any potential transaction would be pursued only in accordance with the terms of the Letter Agreement," which contains a 1-year standstill on a going private transaction, which we believe provides protection to A shareholders as management continues to transform the Company. As a reminder, in January Hunt acquired approximately 92.2% of the controlling B shares.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31212">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Thursday, May 21, 2026



Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Letter. In a letter to the members of Kelly&#8217;s Board of Directors, Chris Hunt, CEO of Hunt Companies and Chairman of Kelly&#8217;s Board, requested, on behalf of Hunt Companies, that Kelly form a special committee of independent and disinterested directors so that Kelly may be prepared to discuss and evaluate new potential opportunities for Kelly involving Hunt and its affiliates if and when presented without delay.



Letter Agreement. The formation of such a committee is a requirement of the Letter Agreement between Hunt and Kelly. In its letter, Hunt states, &#8220;We want to emphasize that any potential transaction would be pursued only in accordance with the terms of the Letter Agreement,&#8221; which contains a 1-year standstill on a going private transaction, which we believe provides protection to A shareholders as management continues to transform the Company. As a reminder, in January Hunt acquired approximately 92.2% of the controlling B shares.



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Kelly Services (KELYA) - Never Too Early to Plan

Kelly Services

KELYA

Release - EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2026 and Announces the order for two Modern 82,000 DWT Kamsarmax Bulk Carriers

EDRY

EuroDry

Transplantation

<figure class="wp-block-image aligncenter is-resized"><img src="https://ml.globenewswire.com/Resource/Download/a9ed8146-cd90-4e8c-9d3a-8d0fa2b56607?size=3" alt="logo" style="width:298px;height:auto"/></figure>



<a href="http://www.channelchek.com/company/skyx">Research News and Market Data on SKYX </a>



May 20, 2026 08:45 ET&nbsp;&nbsp;| Source:&nbsp;<a href="https://www.globenewswire.com/en/search/organization/SKYX%2520Platforms%2520Corp%C2%A7">SKYX Platforms Corp.</a>



The New Licensing Agreement Expands SKYX’s Go-To-Market Channels as It Continues to Grow Its Market Penetration with Builders, Hotels, and Retail Segments&nbsp;



Eurofase Operates Globally with a Manufacturing and Distribution Network Spanning U.S., Canada, Europe, and Asia with Advanced Lighting Applications&nbsp;for Buildings, Hotels, Residential and Commercial Segments



SKYX’s Technologies Expansion Provides Additional Opportunities for Future Recurring Revenues through Interchangeability, Upgrades, AI Services, Monitoring, Subscriptions, Among Others



MIAMI, May 20, 2026 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), an award winning highly disruptive advanced smart home and AI platform technology company with over 100 U.S. and global pending and issued patents and a portfolio of 60 lighting and home décor websites, with a mission to make homes and buildings become advanced-safe-smart instantly as the new standard, today announced it signed a licensing agreement with U.S, Canada, and global leading lighting company Eurofase.



This licensing agreement further validates SKYX’s vast U.S. and global B2B go-to-market opportunities including builder, hotel, and residential segments. SKYX technologies reduce up to 90% of time and cost of hotel and building renovations and new build installations. SKYX will work together with Eurofase on their vast builder, hotel, residential and commercial segments.



For over 30 years Eurofase has set the benchmark for luxury lighting and architectural systems as well as advanced heating solutions. Eurofase operates globally with a manufacturing and distribution network spanning the U.S., Canada, Europe, and Asia. Eurofase’s commitment to exceptional design and craftsmanship transforms spaces and inspires limitless design possibilities for buildings, hotels, residential and commercial applications.



Eurofase is known as a trusted partner to contractors, architects, and designers offering a diverse range of high-quality, innovative lighting and heating products tailored for commercial, residential and hospitality applications.



<figure class="wp-block-image"><img src="https://ml.globenewswire.com/Resource/Download/9094a014-256d-490f-898f-a839dc365587/image.png" alt="SKYX Signs a Licensing Agreement for Its Advanced Technologies with U.S., Canada, and Global Leading Lighting Company Eurofase"/></figure>



<a href="https://www.globenewswire.com/news-release/2026/05/20/3298500/0/en/skyx-signs-a-licensing-agreement-for-its-advanced-technologies-with-u-s-canada-and-global-leading-lighting-company-eurofase.html?_gl=1*h653kt*_up*MQ..*_ga*OTY5NzcwODg5LjE3NzkzMDQ2Njc.*_ga_B6167QB2TF*czE3NzkzMDQ2NjYkbzEkZzAkdDE3NzkzMDQ2NjYkajYwJGwwJGgxMzkxMzA0MzYw*_ga_ERWPGTJ5X8*czE3NzkzMDQ2NjckbzEkZzAkdDE3NzkzMDQ2NjckajYwJGwwJGgw#"></a>



SKYX’s Advanced Ceiling Electrical Outlet/Receptacle Technology



Zack Sharon, Senior Vice President of Sales &amp; Product Management of Eurofase Lighting, said; “We are very excited to license SKYX’s disruptive and cutting-edge technologies for buildings, hotels, and homes. We intend to introduce SKYX technologies to our vast range of B2B customers comprising our builder and hotel segments, as well as during our upcoming trade shows including the June 9/10, 2026, Hotel and Cruise Ship Expo in Miami. The cutting-edge and significant time and cost saving aspects provided by SKYX’s technologies are key elements in enhancing safety and advancing hotel and building standards and will assist Eurofase gain even a stronger footprint within our hospitality segment.”



Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said; “We are excited to sign a licensing agreement with U.S., Canada and global leading lighting company Eurofase. This licensing agreement fits well with our strategy to expand our go to market channels in the U.S. and globally. We look forward to working together with Eurofase on their vast builder, hotel, residential and commercial segments.”



For more information about Eurofase click here:&nbsp;<a href="https://www.globenewswire.com/Tracker?data=u8s_ZvFAHji66sJnHogFQUdwKaSp0Zlz9oqAGvaf8MrBo9SwpPrwCLvwpk7akPAPLg3GrMpxSHk9t8rmh82ROsDY95vQgeHfbiGxW-jm0C4=" rel="noreferrer noopener" target="_blank">www.eurofase.com</a>



For more information about SKYX click here:&nbsp;<a href="https://www.globenewswire.com/Tracker?data=W9aaSAp7-pNcIvHghdsyFC8__kV3cxQeeQ_T8VBoRwy6kCC4RgQg9K5HAGyxwdpAbwZeCE9xL-9HZ1zjnyDdLg==" rel="noreferrer noopener" target="_blank">www.skyx.com</a>



About SKYX Platforms Corp.



As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced, safe smart home and AI platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=iQoO02gsBck_Z6d9WhDGVqx2cdexmT-aLbwbkmbv_ArOoRv0035CYlL4EJwr9jq4odmB0VU5hPojOQLfKGsMOwplAU1q16ktd3rHjq2gjLs=" rel="noreferrer noopener" target="_blank">https://www.skyx.com/</a>&nbsp;or follow us on&nbsp;<a href="https://www.globenewswire.com/Tracker?data=JxR-AyGyWvsaG2bOQ4n6913AX4xKcAFfzih_-1jlZGU7mJh2jbdMw8uuzr1uVDFmq7vejNu95uKo96ouRSU9RMUwBezgIikMU__R1LMtlEnrGv4cTaH9PaYxUCpVZGEwDtdBthtPKn9DNXQS4WOpfA==" rel="noreferrer noopener" target="_blank">LinkedIn</a>.



Forward-Looking Statements



Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.&nbsp;



Investor Relations Contacts:



Jeff Ramson PCG Advisory <a href="https://www.globenewswire.com/Tracker?data=iFdmaeGyZpZUvyTSxsERdoM7abptJ8CoqkDE3kB1uResDRb6aDSeF4fWFwPyWiPPwnWlNDgZq-QJc0ae7rYdjSyvEcgXcrJ4Rs2htZqJ4WkUWEjVV_5Cwj69F72KJMRy" rel="noreferrer noopener" target="_blank">jramson@pcgadvisory.com</a>



Ronald A. Both Encore Investor Relations <a href="https://www.globenewswire.com/Tracker?data=Dbn2nfzNq3rt5xIjkIi1xXOSBBDfk-d745_IYuT2FsU5fiajVC6S28HoVujIg3vkpb9XVxFatw2BD3PyWrGAdAfEr2nrXYsJPk5XS1KkrCs=" rel="noreferrer noopener" target="_blank">rb@encore-ir.com</a>



A photo accompanying this announcement is available at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=iQoO02gsBck_Z6d9WhDGVjiXLSvFqurDwtBB81c7jfioxlJk2C0P5LZrvzh1EAXTuXFNSn4Y6a8PHmZLAYkuK44_AqCS_RuXJFVbA0ZKeeqMJl4E1GcUrHLSUmt4nSttJ7dF-XAOTTyiJJhKPpVuQ-H-DRFGoJhBzqP_-k20jy8TED6PuV6AK25MNngZjSu1vyNXQ3vXS9z0q0SoiIYKi0BLGHNJNUm_mQ8DnlsEb3E7Yz849AHa6Y4XdhQgLu-AlDD6qMG8UOYAEqf2OBn_eQ==" rel="noreferrer noopener" target="_blank">https://www.globenewswire.com/NewsRoom/AttachmentNg/9094a014-256d-490f-898f-a839dc365587</a>

Research News and Market Data on SKYX 



May 20, 2026 08:45 ET&nbsp;&nbsp;| Source:&nbsp;SKYX Platforms Corp.



The New Licensing Agreement Expands SKYX’s Go-To-Market Channels as It Continues to Grow Its Market Penetration with Builders, Hotels, and Retail Segments&nbsp;



Eurofase Operates Globally with a Manufacturing and Distribution Network Spanning U.S., Canada, Europe, and Asia with Advanced Lighting Applications&nbsp;for Buildings, Hotels, Residential and Commercial Segments



SKYX’s Technologies Expansion Provides Additional Opportunities for Future Recurring Revenues through Interchangeability, Upgrades, AI Services, Monitoring, Subscriptions, Among Others



MIAMI, May 20, 2026 (GLOBE NEWSWIRE) &#8212; SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), an award winning highly disruptive advanced smart home and AI platform technology company with over 100 U.S. and global pending and issued patents and a portfolio of 60 lighting and home décor websites, with a mission to make homes and buildings become advanced-safe-smart instantly as the new standard, today announced it signed a licensing agreement with U.S, Canada, and global leading lighting company Eurofase.



This licensing agreement further validates SKYX’s vast U.S. and global B2B go-to-market opportunities including builder, hotel, and residential segments. SKYX technologies reduce up to 90% of time and cost of hotel and building renovations and new build installations. SKYX will work together with Eurofase on their vast builder, hotel, residential and commercial segments.



For over 30 years Eurofase has set the benchmark for luxury lighting and architectural systems as well as advanced heating solutions. Eurofase operates globally with a manufacturing and distribution network spanning the U.S., Canada, Europe, and Asia. Eurofase’s commitment to exceptional design and craftsmanship transforms spaces and inspires limitless design possibilities for buildings, hotels, residential and commercial applications.



Eurofase is known as a trusted partner to contractors, architects, and designers offering a diverse range of high-quality, innovative lighting and heating products tailored for commercial, residential and hospitality applications.











SKYX’s Advanced Ceiling Electrical Outlet/Receptacle Technology



Zack Sharon, Senior Vice President of Sales &amp; Product Management of Eurofase Lighting, said; “We are very excited to license SKYX’s disruptive and cutting-edge technologies for buildings, hotels, and homes. We intend to introduce SKYX technologies to our vast range of B2B customers comprising our builder and hotel segments, as well as during our upcoming trade shows including the June 9/10, 2026, Hotel and Cruise Ship Expo in Miami. The cutting-edge and significant time and cost saving aspects provided by SKYX’s technologies are key elements in enhancing safety and advancing hotel and building standards and will assist Eurofase gain even a stronger footprint within our hospitality segment.”



Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said; “We are excited to sign a licensing agreement with U.S., Canada and global leading lighting company Eurofase. This licensing agreement fits well with our strategy to expand our go to market channels in the U.S. and globally. We look forward to working together with Eurofase on their vast builder, hotel, residential and commercial segments.”



For more information about Eurofase click here:&nbsp;www.eurofase.com



For more information about SKYX click here:&nbsp;www.skyx.com



About SKYX Platforms Corp.



As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced, safe smart home and AI platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at&nbsp;https://www.skyx.com/&nbsp;or follow us on&nbsp;LinkedIn.



Forward-Looking Statements



Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.&nbsp;



Investor Relations Contacts:



Jeff RamsonPCG Advisoryjramson@pcgadvisory.com



Ronald A. BothEncore Investor Relationsrb@encore-ir.com



A photo accompanying this announcement is available at&nbsp;https://www.globenewswire.com/NewsRoom/AttachmentNg/9094a014-256d-490f-898f-a839dc365587

Release - SKYX Signs a Licensing Agreement for Its Advanced Technologies with U.S., Canada, and Global Leading Lighting Company Eurofase

SKYX Platforms Corp.

Technology

<figure class="wp-block-image aligncenter"><img src="https://www.geovax.com/images/GeoVax_logo-bright-blue-v2-315px.png" alt="GeoVax"/></figure>



<a href="http://www.channelchek.com/company/govx">Research News and Market Data on GOVX </a><a href="https://www.geovax.com/investors/press-releases/geovax-comments-on-escalating-bundibugyo-ebola-outbreak-and-growing-need-for-flexible-biodefense-vaccine-platforms#"></a>



Company Highlights Potential Role of MVA-Based Vaccine Technologies in Addressing Emerging Hemorrhagic Fever Threats, Including Ebola and Marburg Viruses



ATLANTA, GA – May 20, 2026&nbsp;–&nbsp;<a href="https://www.geovax.com/">GeoVax Labs, Inc.</a>&nbsp;(Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancer, today commented on the rapidly evolving Bundibugyo Ebola virus (BDBV) outbreak in Central Africa and the broader implications for global infectious disease preparedness and biodefense infrastructure.



The recent declaration by the World Health Organization (WHO) of a Public Health Emergency of International Concern (PHEIC) related to the outbreak has intensified concerns regarding global readiness for emerging viral threats, particularly less common Ebola species for which no broadly licensed vaccines currently exist.



GeoVax noted that its MVA-based hemorrhagic fever vaccine development programs have previously demonstrated encouraging preclinical protection signals across multiple filovirus targets, including Ebola and Marburg viruses. Key findings from previously completed studies include:



<ul class="wp-block-list">
<li>MVA-EBOV (Zaire Ebola): Demonstrated single-dose protection against lethal Zaire Ebola virus challenge in non-human primates, supporting the potential of MVA-based rapid-response filovirus vaccines.</li>



<li>MVA-SUDV (Sudan Ebola): Demonstrated protective efficacy in multiple preclinical challenge models, including single-dose protection in guinea pigs and survival benefit in non-human primates.</li>



<li>MVA-MARV (Marburg): Demonstrated significant survival protection in rigorous non-human primate challenge studies, supporting further development of MVA-based Marburg vaccine strategies.</li>
</ul>



“These outbreaks collectively reinforce a growing reality: preparedness against one viral strain does not necessarily ensure preparedness against the next,” said David A. Dodd. “The world is entering an era of continuous infectious disease emergence and re-emergence, where scalable vaccine platforms, diversified manufacturing capabilities, and flexible biodefense infrastructure will become increasingly important.”



Unlike prior Ebola outbreaks involving the Zaire ebolavirus species, the current outbreak involves the Bundibugyo species, which presently lacks a specifically approved vaccine for broad deployment. Public health experts have increasingly noted that the outbreak exposes limitations in existing strain-specific preparedness strategies and reinforces the importance of adaptable vaccine technologies capable of addressing multiple high-consequence pathogens.



The Company believes that MVA-based vaccine platforms may offer several important strategic advantages in responding to emerging infectious disease threats, including:



<ul class="wp-block-list">
<li>established safety and tolerability profiles,</li>



<li>flexibility for incorporation of multiple antigens,</li>



<li>potential applicability across multiple viral families,</li>



<li>suitability for rapid adaptation, and</li>



<li>the potential for development of multivalent single-dose vaccine approaches targeting multiple hemorrhagic fever pathogens simultaneously.</li>
</ul>



“Outbreaks involving Ebola, mpox, Marburg, hantavirus, and other emerging pathogens collectively reinforce the growing need for platform technologies capable of supporting rapid response against evolving threats,” added Mr. Dodd. “The lessons emerging from the current outbreak extend beyond Ebola itself and increasingly point toward the need for resilient, scalable, geographically distributed vaccine manufacturing capacity and second-source biodefense preparedness.”



GeoVax is currently advancing GEO-MVA, its MVA-based vaccine candidate targeting mpox and smallpox, designed to support growing global demand for orthopox preparedness while contributing to the development of domestic U.S.-based MVA manufacturing capability. The pivotal Phase 3 immunobridging study of GEO-MVA, in support of an expedited regulatory path provided by the European Medicines Agency (EMA), is scheduled to initiate in Q4 2026, with data results anticipated within approximately three months following trial initiation.



The Company believes the broader strategic relevance of MVA-based technologies continues to expand as governments and public health organizations increasingly prioritize:



<ul class="wp-block-list">
<li>supply-chain resilience,</li>



<li>domestic manufacturing,</li>



<li>flexible vaccine platforms, and</li>



<li>preparedness against multiple emerging infectious disease threats.</li>
</ul>



About GeoVax



GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit&nbsp;<a href="http://www.geovax.com/">www.geovax.com</a>.



Forward-Looking Statements



This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.



Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.



Company Contact:



<a href="mailto:info@geovax.com">info@geovax.com</a>



678-384-7220



Media Contact:



Jessica Starman



<a href="mailto:media@geovax.com">media@geovax.com</a>&nbsp;

Research News and Market Data on GOVX 



Company Highlights Potential Role of MVA-Based Vaccine Technologies in Addressing Emerging Hemorrhagic Fever Threats, Including Ebola and Marburg Viruses



ATLANTA, GA – May 20, 2026&nbsp;–&nbsp;GeoVax Labs, Inc.&nbsp;(Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancer, today commented on the rapidly evolving Bundibugyo Ebola virus (BDBV) outbreak in Central Africa and the broader implications for global infectious disease preparedness and biodefense infrastructure.



The recent declaration by the World Health Organization (WHO) of a Public Health Emergency of International Concern (PHEIC) related to the outbreak has intensified concerns regarding global readiness for emerging viral threats, particularly less common Ebola species for which no broadly licensed vaccines currently exist.



GeoVax noted that its MVA-based hemorrhagic fever vaccine development programs have previously demonstrated encouraging preclinical protection signals across multiple filovirus targets, including Ebola and Marburg viruses. Key findings from previously completed studies include:




MVA-EBOV (Zaire Ebola): Demonstrated single-dose protection against lethal Zaire Ebola virus challenge in non-human primates, supporting the potential of MVA-based rapid-response filovirus vaccines.



MVA-SUDV (Sudan Ebola): Demonstrated protective efficacy in multiple preclinical challenge models, including single-dose protection in guinea pigs and survival benefit in non-human primates.



MVA-MARV (Marburg): Demonstrated significant survival protection in rigorous non-human primate challenge studies, supporting further development of MVA-based Marburg vaccine strategies.




“These outbreaks collectively reinforce a growing reality: preparedness against one viral strain does not necessarily ensure preparedness against the next,” said David A. Dodd. “The world is entering an era of continuous infectious disease emergence and re-emergence, where scalable vaccine platforms, diversified manufacturing capabilities, and flexible biodefense infrastructure will become increasingly important.”



Unlike prior Ebola outbreaks involving the Zaire ebolavirus species, the current outbreak involves the Bundibugyo species, which presently lacks a specifically approved vaccine for broad deployment. Public health experts have increasingly noted that the outbreak exposes limitations in existing strain-specific preparedness strategies and reinforces the importance of adaptable vaccine technologies capable of addressing multiple high-consequence pathogens.



The Company believes that MVA-based vaccine platforms may offer several important strategic advantages in responding to emerging infectious disease threats, including:




established safety and tolerability profiles,



flexibility for incorporation of multiple antigens,



potential applicability across multiple viral families,



suitability for rapid adaptation, and



the potential for development of multivalent single-dose vaccine approaches targeting multiple hemorrhagic fever pathogens simultaneously.




“Outbreaks involving Ebola, mpox, Marburg, hantavirus, and other emerging pathogens collectively reinforce the growing need for platform technologies capable of supporting rapid response against evolving threats,” added Mr. Dodd. “The lessons emerging from the current outbreak extend beyond Ebola itself and increasingly point toward the need for resilient, scalable, geographically distributed vaccine manufacturing capacity and second-source biodefense preparedness.”



GeoVax is currently advancing GEO-MVA, its MVA-based vaccine candidate targeting mpox and smallpox, designed to support growing global demand for orthopox preparedness while contributing to the development of domestic U.S.-based MVA manufacturing capability. The pivotal Phase 3 immunobridging study of GEO-MVA, in support of an expedited regulatory path provided by the European Medicines Agency (EMA), is scheduled to initiate in Q4 2026, with data results anticipated within approximately three months following trial initiation.



The Company believes the broader strategic relevance of MVA-based technologies continues to expand as governments and public health organizations increasingly prioritize:




supply-chain resilience,



domestic manufacturing,



flexible vaccine platforms, and



preparedness against multiple emerging infectious disease threats.




About GeoVax



GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit&nbsp;www.geovax.com.



Forward-Looking Statements



This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.



Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.



Company Contact:



info@geovax.com



678-384-7220



Media Contact:



Jessica Starman



media@geovax.com&nbsp;

Release - GeoVax Comments on Escalating Bundibugyo Ebola Outbreak and Growing Need for Flexible Biodefense Vaccine Platforms

Biotechnology

geovax

GOVX

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Wednesday, May 20, 2026



Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Strategic Partnership.&nbsp;Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.



Funding Structure.&nbsp;For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.&nbsp;



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31206">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Wednesday, May 20, 2026



Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Strategic Partnership.&nbsp;Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.



Funding Structure.&nbsp;For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.&nbsp;



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Power Metallic Mines Inc. (PNPNF) - Power Metallic Expands Saudi Exploration Platform

PNPNF

Power Metallic Mines

The IPO market is about to face its most consequential test in decades. SpaceX, Elon Musk's aerospace, satellite, and artificial intelligence conglomerate, is targeting a June 12 Nasdaq debut under the ticker SPCX — aiming to raise as much as $75 billion at a valuation approaching $1.75 trillion. If it prices at that level, it would shatter Saudi Aramco's 2019 record of $35.4 billion as the largest initial public offering ever completed.



The timeline is now concrete. SpaceX is expected to file its S-1 prospectus publicly this week, with a roadshow scheduled to begin June 4 and share pricing targeted for June 11. A 5-for-1 stock split is completing by May 22, adjusting the internal per-share value from $526.59 to approximately $105.32 — a move widely interpreted as lowering the entry price ahead of listing to broaden retail accessibility. Musk has reportedly directed that up to 30% of IPO shares be reserved for individual investors, an unusually high retail allocation for a deal of this magnitude.



What SpaceX Actually Is Now



SpaceX merged with Musk's AI venture xAI in February, creating a combined entity that now encompasses the Falcon 9 rocket program, the Starlink satellite internet service, the Starship development program, and xAI's artificial intelligence platform. The company generated between $15 billion and $16 billion in revenue in 2025, with Starlink — which now serves more than 9 million users globally — serving as the primary growth engine. At the targeted $1.75 trillion valuation, the deal implies a revenue multiple of approximately 109 to 116 times trailing sales — a figure that reflects growth expectations rather than current fundamentals.



BlackRock is reportedly in discussions to invest between $5 billion and $10 billion in the offering, which would represent one of the largest anchor commitments in IPO history. The deal's dual-class share structure will preserve Musk's voting control following the listing.



The Context: A Record That Puts Everything Else in Perspective



SpaceX's targeted raise of $75 billion is more than double Aramco's record. It is more than the combined IPO proceeds of the ten largest US technology listings in the past decade. The valuation of $1.75 trillion would immediately place SPCX among the ten most valuable publicly traded companies in the world on its first day of trading.



The deal follows Cerebras Systems' blockbuster Nasdaq debut last week, which saw shares surge nearly 90% on the first day of trading and briefly pushed the company's market cap above $100 billion. That listing, itself the largest US tech IPO since Uber in 2019, now looks like a warm-up act.



What It Means for Smaller Investors and the Broader Market



For small and microcap investors the SpaceX IPO is relevant on two levels. First, the deal's scale and the retail allocation represent a genuine opportunity for individual investors to participate in a listing that institutional capital will compete aggressively to access. Second, a successful SpaceX debut at or near the targeted valuation would validate the current wave of AI and space technology investment theses — and create a rising tide for smaller companies operating in adjacent spaces.



Domestic satellite technology providers, aerospace component manufacturers, launch infrastructure companies, and AI hardware suppliers in the sub-$2 billion market cap range have historically seen multiple expansion in the wake of high-profile sector listings. SpaceX going public at $1.75 trillion would be the most powerful sector validation signal the space and AI technology markets have ever received.



OpenAI and Anthropic are both reportedly preparing IPO filings for later in 2026. The window is open and the market is paying attention.

The IPO market is about to face its most consequential test in decades. SpaceX, Elon Musk&#8217;s aerospace, satellite, and artificial intelligence conglomerate, is targeting a June 12 Nasdaq debut under the ticker SPCX — aiming to raise as much as $75 billion at a valuation approaching $1.75 trillion. If it prices at that level, it would shatter Saudi Aramco&#8217;s 2019 record of $35.4 billion as the largest initial public offering ever completed.



The timeline is now concrete. SpaceX is expected to file its S-1 prospectus publicly this week, with a roadshow scheduled to begin June 4 and share pricing targeted for June 11. A 5-for-1 stock split is completing by May 22, adjusting the internal per-share value from $526.59 to approximately $105.32 — a move widely interpreted as lowering the entry price ahead of listing to broaden retail accessibility. Musk has reportedly directed that up to 30% of IPO shares be reserved for individual investors, an unusually high retail allocation for a deal of this magnitude.



What SpaceX Actually Is Now



SpaceX merged with Musk&#8217;s AI venture xAI in February, creating a combined entity that now encompasses the Falcon 9 rocket program, the Starlink satellite internet service, the Starship development program, and xAI&#8217;s artificial intelligence platform. The company generated between $15 billion and $16 billion in revenue in 2025, with Starlink — which now serves more than 9 million users globally — serving as the primary growth engine. At the targeted $1.75 trillion valuation, the deal implies a revenue multiple of approximately 109 to 116 times trailing sales — a figure that reflects growth expectations rather than current fundamentals.



BlackRock is reportedly in discussions to invest between $5 billion and $10 billion in the offering, which would represent one of the largest anchor commitments in IPO history. The deal&#8217;s dual-class share structure will preserve Musk&#8217;s voting control following the listing.



The Context: A Record That Puts Everything Else in Perspective



SpaceX&#8217;s targeted raise of $75 billion is more than double Aramco&#8217;s record. It is more than the combined IPO proceeds of the ten largest US technology listings in the past decade. The valuation of $1.75 trillion would immediately place SPCX among the ten most valuable publicly traded companies in the world on its first day of trading.



The deal follows Cerebras Systems&#8217; blockbuster Nasdaq debut last week, which saw shares surge nearly 90% on the first day of trading and briefly pushed the company&#8217;s market cap above $100 billion. That listing, itself the largest US tech IPO since Uber in 2019, now looks like a warm-up act.



What It Means for Smaller Investors and the Broader Market



For small and microcap investors the SpaceX IPO is relevant on two levels. First, the deal&#8217;s scale and the retail allocation represent a genuine opportunity for individual investors to participate in a listing that institutional capital will compete aggressively to access. Second, a successful SpaceX debut at or near the targeted valuation would validate the current wave of AI and space technology investment theses — and create a rising tide for smaller companies operating in adjacent spaces.



Domestic satellite technology providers, aerospace component manufacturers, launch infrastructure companies, and AI hardware suppliers in the sub-$2 billion market cap range have historically seen multiple expansion in the wake of high-profile sector listings. SpaceX going public at $1.75 trillion would be the most powerful sector validation signal the space and AI technology markets have ever received.



OpenAI and Anthropic are both reportedly preparing IPO filings for later in 2026. The window is open and the market is paying attention.

SpaceX Is Targeting the Largest IPO in History

Elon Musk

SpaceX

Noble Capital Markets Research Morning Call

Jerome Powell's tenure as Federal Reserve Chair officially ended Friday after more than seven years leading the central bank through a pandemic, the steepest rate hiking cycle in four decades, and a prolonged battle with post-pandemic inflation. His successor, Kevin Warsh, stepped into the role this week inheriting what may be the most complicated monetary policy environment since Paul Volcker confronted double-digit inflation in the early 1980s.



For small and microcap investors, the transition is not a ceremonial changing of the guard. It is a material shift in the direction of monetary policy at precisely the moment when the cost of capital is becoming the defining variable for smaller company valuations and earnings growth.



Who Warsh Is and Why It Matters



Kevin Warsh previously served as a Federal Reserve Governor from 2006 to 2011, a tenure that included navigating the 2008 financial crisis. He is widely characterized as a hawk — a policymaker with a structural preference for price stability over growth accommodation and a historically low tolerance for above-target inflation. His academic and professional profile suggests he is less likely than Powell to hold rates steady while inflation remains elevated and more willing to tighten further if price pressures persist.



He is stepping in at a moment when that disposition will be tested immediately.



The Macro Backdrop Warsh Inherits



The numbers Warsh walks into are unambiguous. The 30-year Treasury yield closed last week at 5.12% — its highest level since June 2007. The 10-year benchmark yield has breached 4.57%. The Consumer Price Index showed consumer inflation running at 3.8% year over year in April, driven heavily by energy costs tied to the ongoing US-Iran conflict. The Producer Price Index came in at 6% annually — a number that signals upstream cost pressures have not peaked. CME's FedWatch tool currently prices in a near-certainty of a rate hold at June's meeting, with traders assigning close to a 50% probability of at least one rate hike before year end.



That is the environment Warsh now owns. Federal Reserve Governor Stephen Miran submitted his resignation last week, effective upon Warsh's swearing in, creating additional uncertainty around the composition and internal dynamics of the board at a critical juncture.



The Direct Small Cap Implication



The cost of capital story is where this transition becomes acutely relevant for investors in the sub-$2 billion market cap space. Small and microcap companies carry disproportionately more variable-rate debt relative to their large cap counterparts. When benchmark rates rise — or even when the probability of rate hikes increases — the interest expense on that debt rises in real time, compressing earnings directly and immediately.



Beyond debt service costs, a hawkish Fed posture extends the timeline for rate relief that many smaller companies had been counting on to refinance obligations at more favorable terms. The Russell 2000 has already declined more than 1% today while the S&amp;P 500 trades modestly higher — a divergence that reflects exactly this dynamic playing out in real time.



A Warsh-led Fed that prioritizes inflation control over growth accommodation will likely sustain higher rates longer than markets had previously anticipated. For companies with strong balance sheets and pricing power, that is manageable. For smaller companies operating on thin margins with floating rate exposure, it is a structural headwind that belongs in every portfolio risk assessment right now.



The Powell era is over. The Warsh era begins with inflation still elevated, yields near 20-year highs, and the smallest companies in the market most exposed to whatever comes next.

Jerome Powell&#8217;s tenure as Federal Reserve Chair officially ended Friday after more than seven years leading the central bank through a pandemic, the steepest rate hiking cycle in four decades, and a prolonged battle with post-pandemic inflation. His successor, Kevin Warsh, stepped into the role this week inheriting what may be the most complicated monetary policy environment since Paul Volcker confronted double-digit inflation in the early 1980s.



For small and microcap investors, the transition is not a ceremonial changing of the guard. It is a material shift in the direction of monetary policy at precisely the moment when the cost of capital is becoming the defining variable for smaller company valuations and earnings growth.



Who Warsh Is and Why It Matters



Kevin Warsh previously served as a Federal Reserve Governor from 2006 to 2011, a tenure that included navigating the 2008 financial crisis. He is widely characterized as a hawk — a policymaker with a structural preference for price stability over growth accommodation and a historically low tolerance for above-target inflation. His academic and professional profile suggests he is less likely than Powell to hold rates steady while inflation remains elevated and more willing to tighten further if price pressures persist.



He is stepping in at a moment when that disposition will be tested immediately.



The Macro Backdrop Warsh Inherits



The numbers Warsh walks into are unambiguous. The 30-year Treasury yield closed last week at 5.12% — its highest level since June 2007. The 10-year benchmark yield has breached 4.57%. The Consumer Price Index showed consumer inflation running at 3.8% year over year in April, driven heavily by energy costs tied to the ongoing US-Iran conflict. The Producer Price Index came in at 6% annually — a number that signals upstream cost pressures have not peaked. CME&#8217;s FedWatch tool currently prices in a near-certainty of a rate hold at June&#8217;s meeting, with traders assigning close to a 50% probability of at least one rate hike before year end.



That is the environment Warsh now owns. Federal Reserve Governor Stephen Miran submitted his resignation last week, effective upon Warsh&#8217;s swearing in, creating additional uncertainty around the composition and internal dynamics of the board at a critical juncture.



The Direct Small Cap Implication



The cost of capital story is where this transition becomes acutely relevant for investors in the sub-$2 billion market cap space. Small and microcap companies carry disproportionately more variable-rate debt relative to their large cap counterparts. When benchmark rates rise — or even when the probability of rate hikes increases — the interest expense on that debt rises in real time, compressing earnings directly and immediately.



Beyond debt service costs, a hawkish Fed posture extends the timeline for rate relief that many smaller companies had been counting on to refinance obligations at more favorable terms. The Russell 2000 has already declined more than 1% today while the S&amp;P 500 trades modestly higher — a divergence that reflects exactly this dynamic playing out in real time.



A Warsh-led Fed that prioritizes inflation control over growth accommodation will likely sustain higher rates longer than markets had previously anticipated. For companies with strong balance sheets and pricing power, that is manageable. For smaller companies operating on thin margins with floating rate exposure, it is a structural headwind that belongs in every portfolio risk assessment right now.



The Powell era is over. The Warsh era begins with inflation still elevated, yields near 20-year highs, and the smallest companies in the market most exposed to whatever comes next.

The Fed Has a New Chair — and He Is Walking Into One of the Hardest Jobs in Finance

Fed Chair

Federal Reserve

Kevin Warsh

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The NobleCon20 VIP Giveaway – Terms and Conditions
1. Organizer The NobleCon20 VIP Giveaway (“Contest”) is organized by Noble Financial Group and Channelchek (“Organizers”).
2. Eligibility The Contest is open to legal residents of the United States who are 18 years of age or older at the time of entry. Employees of the Organizers, their affiliates, subsidiaries, advertising and promotion agencies, and immediate family members are not eligible to participate.
3. Contest Period The Contest begins on [Start Date] and ends on October 31, 2024, at 11:59 PM ET. Entries submitted after the Contest Period will not be considered.
4. How to Enter To enter the Contest:
<ul>
<li>You must be a registered and verified Channelchek member.</li>
<li>You must complete the Contest entry form available at [Entry Form URL].</li>
</ul>
5. Prize The prize package includes:
<ul>
<li>Round-trip economy airfare for two (2) to South Florida to attend NobleCon20.</li>
<li>Two (2) hotel rooms for the duration of NobleCon20.</li>
<li>Two (2) tickets to NobleCon20, including access to all official NobleCon20 events.</li>
<li>Two (2) VIP meet-and-greet upgrades to the headline event featuring three (3) of the Sharks from ABC’s Shark Tank.</li>
</ul>
There will be one (1) winner chosen. All travel and accommodations are subject to availability and must be arranged through the Organizers. No substitution, transfer, or cash equivalent of prizes is permitted.
6. Winner Selection The winner will be selected on November 1, 2024. The winner will be notified via email using the contact information provided during entry. If the winner does not respond within seven (7) days of the notification, the Organizers reserve the right to select an alternate winner.
7. General Conditions
<ul>
<li>No purchase is necessary to enter or win.</li>
<li>The Contest is void where prohibited by law.</li>
<li>The prize does not include a presentation slot at NobleCon20.</li>
<li>By participating, entrants agree to be bound by these Terms and Conditions and the decisions of the Organizers, which are final and binding in all respects.</li>
<li>The Organizers reserve the right to disqualify any entry that is incomplete, misdirected, or in violation of these Terms and Conditions.</li>
</ul>
8. Privacy By entering the Contest, you agree that your personal information may be used by the Organizers in accordance with their privacy policies.
9. Limitation of Liability The Organizers are not responsible for any incorrect or inaccurate information, technical failures, or unauthorized intervention in the Contest. The Organizers are not liable for any injury or damage to persons or property resulting from participation in the Contest or acceptance or use of any prize.
10. Contact Information For questions or further information about the Contest, please contact the Organizers at contact@channelchek.com.

NobleCon20 VIP Contest Terms

NobleCon20 VIP Giveaway

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