On Monday, Shares of Nova Lifestyle Inc (NASDAQ:NVFY), added 39.94% and closed at $5.08 in the last trading session. The last trading range of the stock ranges between $3.81 and $5.15. Nova LifeStyle, Inc. (NVFY) (“Nova LifeStyle” or the “Company”), a U.S.-based, leading innovative designer, manufacturer and distributor of modern life style furniture, recently declared it has signed a Share Transfer Agreement (“Agreement”) with Kuka Design Limited, a company incorporated in BVI (“Kuka BVI”) to sell NOVA BVI and its auxiliaries, which consists of the Company’s manufacturing operations in mainland China (the “Transaction”). With the slow-down of the Chinese economy and a noteworthyincrease in labor and other costs for manufacturing facilities in China, the Company decided to sell NOVA BVI, allowing the Company to transition to a “light-asset” business model with greater flexibility and scalability while also focusing its operations on designing, developing, branding, marketing and distributing furniture products in North America, Asia and around the world.
Highlights of the Projected Agreement
- Purchase price of $8,500,000
- Upon closing, the Company will no longer own NOVA BVI or its auxiliaries based in mainland China.
- Closing is expected by October 30, 2016 and is contingent on certain customary closing conditions.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN), dropped -1.25% and closed at $22.09 in the last trading session. The last trading range of the stock ranges between $21.85 and $22.46. The company’s Market capitalization is $3.35 Billion with the total Outstanding Shares of 147.73 million. Patterson-UTI Energy, Inc. auxiliaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America. Patterson-UTI Drilling Company LLC and its auxiliaries operate land-based drilling rigs in oil and natural gas producing regions of the continental United States and western Canada. Universal Pressure Pumping, Inc. and Universal Well Services, Inc. provide pressure pumping services mainly in Texas and the Appalachian region.
Threshold Pharmaceuticals, Inc. (NASDAQ:THLD), lost -12.00% and closed at $0.596 in the last trading session. The last trading range of the stock ranges between $0.57 and $0.68. During the 52-week trading session the minimum price at which share price traded, registered at $0.21 and reached to max level of $4.44. Threshold Pharmaceuticals, Inc. (THLD), a clinical-stage biopharmaceutical company specializing in the development of novel pharmaceutical products and technologies for the treatment of cancer, recently declared interim data from its two Phase 2 proof-of-concept clinical trials of tarloxotinib and outlined its plans to focus company resources on the more clinically-advanced evofosfamide program in addition to an earlier-stage anticancer candidate, TH-3424.
“While the response observed in our squamous cell carcinoma of the skin study with tarloxotinib was encouraging, the overall results from the two studies didn’t meet the activity thresholds required to move forward the molecule forward despite the promising results seen in preclinical translational studies,” said Barry Selick, Ph.D., Chief Executive Officer of Threshold. “As a result, we are making no further investment in this program. Instead, we plan to build on the efforts of our collaborator, Dr. Michael Curran of The University of Texas MD Anderson Cancer Center, to demonstrate the potential therapeutic value of adding evofosfamide to immune checkpoint inhibition, to continue to pursue negotiations with Japanese regulatory authorities regarding potential registration pathways for evofosfamide, and to advance TH-3424 through IND-enabling toxicology studies with the aim of reaching the clinic in 2017. We plan to provide additional operational guidance in the fourth quarter of 2016.”