Markets

Gold Reserve Ltd.’s subsidiary, Dalinar Energy, lost the auction for PDV Holding, Inc. (CITGO’s parent company) to Amber Energy Inc., despite a higher revised bid of $7.9 billion. Gold Reserve plans to challenge the decision, citing grounds for objection after Amber Energy’s winning bid of $5.9 billion. Dalinar Energy claims its bid offered superior economic value, including debt financing and consideration for junior creditors. An objection deadline is set for September 6, 2025, followed by a hearing on September 15, 2025.

Saba Capital Income & Opportunities Fund II (SABA) announced the breakdown of its August 29th distribution of $0.058 per share. As of August 22nd, 36.14% is net investment income and 63.86% is return of capital. Fiscal year-to-date, 42.50% is net investment income, and 57.50% is return of capital. SABA cautions against drawing conclusions from distribution figures, as a significant portion is return of capital. The fund targets a $0.058/share monthly distribution, but this is subject to change. Investors should review SEC filings for risk factors.

MSP Recovery, Inc. (NASDAQ: MSPR) announced a non-binding term sheet for a secured term loan facility of up to $55 million to bolster working capital and growth. The facility is divided into two tranches and secured by a first-priority lien. Warrants issued to the lender, could represent roughly 46.0% of MSP Recovery’s fully diluted equity if fully drawn. The deal includes potential for the investor to acquire additional claim rights, and lender oversight, including a possible Chief Restructuring Officer appointment. Certain aspects are subject to shareholder approval.

Tulla Resources Group will acquire the remaining shares of THEMAC Resources Group for $0.08 per share, an 11% premium. Tulla, already holding 60.39% of THEMAC, needs shareholder (2/3 majority) and minority shareholder approval at an October 7, 2025 meeting. Key shareholders (18.64%) support the deal, expected to close mid-to-late October 2025. The board, backed by a fairness opinion, unanimously approved the arrangement. Upon completion, THEMAC will be delisted.

Exelixis, Inc. announced the promotion of Dana T. Aftab, Ph.D., to Executive Vice President, Research and Development. Aftab, with 25 years at Exelixis, will lead drug discovery, translational research, product development, and medical affairs. She played a critical role in developing CABOMETYX® (cabozantinib). The company aims to maximize its portfolio, including zanzalintinib. Amy Peterson, M.D., previously Executive Vice President, Product Development & Medical Affairs, has left Exelixis. Exelixis is focused on creating next-generation oncology medicines.

VCI Global (VCIG) launched its CyberSecure Cloud service in Malaysia, a military-grade encrypted data protection platform. The EAL4-certified service uses proprietary QuantVault technology and offers scalable storage (3TB-50TB) with automated backup and firewall. It targets Malaysia’s growing cybersecurity market, projected to reach US$700M by 2030. Expansion is planned for Singapore, Hong Kong, Dubai, and Indonesia, with a customer portal launching by September 2025. This aims to capture a significant share of the expanding ASEAN cybersecurity market, estimated to reach US$12.2B by 2030.

Since AlphaGo’s victory, AI has permeated diverse aspects of life, from medical diagnostics to robotics. Embodied AI faces data scarcity and algorithmic limits, addressed by solutions like Nvidia’s Omniverse and Baidu AI Cloud’s data expertise. Baidu AI Cloud, a leader in AI public cloud, offers full-stack development tools like Qianfan and Baige, enabling innovations in robotics and gaming (NetEase Fuxi’s *Justice Mobile*). AIGC benefits from Baidu’s heterogeneous computing platform. The “cloud-intelligence integration” approach enables developers to focus on AI application refinement, mirroring the role of utilities in the Industrial Revolution.

Tel Instrument (TIC) delayed its 10-K filing due to credit line negotiations, moving to the OTC Pink market temporarily. Simultaneously, TIC is raising capital with insider participation to strengthen its balance sheet and fund growth. Positively, the U.S. Navy approved full-rate production of TIC’s CRAFT upgrade KITS, with an initial order of 150 units, expected to increase annual revenue by $5 million. Increased adoption of SDR-OMNI test sets further diversifies revenue. TIC anticipates substantial revenue growth and profitability from the Navy contract and CRAFT production.

Fosun International highlighted its H1 2025 results in Shanghai, emphasizing strategic focus, innovation, and globalization. Chairman Guo Guangchang cited progress in biopharmaceuticals and a commitment to core sector dominance. Co-Chairman Wang Qunbin stressed prudent financial management and debt reduction, while Co-CEO Chen Qiyu emphasized an “Innovation + Globalization” strategy. Overseas revenue constitutes 53% of total revenue. CFO Gong Ping outlined goals to reduce debt to RMB 60 billion, achieve RMB 10 billion in profit, and increase dividend payout. Revenue reached RMB 87.28 billion.

Xpeng Motors showcased its “AI Changing the World” vision at the Chengdu Motor Show, presenting vehicles like the revamped P7, G7, X9, MONA M03, and the IRON humanoid robot. The exhibit highlighted Xpeng’s AI technologies, including its Turing AI system, custom chip, and fast charging solutions. First deliveries of the updated P7 coincided with the show. Driven by strong financial results and record deliveries, Xpeng is expanding its technology partnership with Volkswagen and accelerating its global presence, aiming to become a leading global AI automotive company.