As venture debt enters a pivotal phase in 2025, investors are faced with a more complex and volatile lending environment. The shifting dynamics, influenced by rising interest rates and the unprecedented collapse of Silicon Valley Bank, demand a much more sophisticated approach to risk management. While venture debt continues to serve as an essential source of capital for startups, understanding the intricate challenges of the current landscape is crucial for navigating this evolving market.

Evolving Risk Landscape: Mitigating Uncertainty

The key to navigating venture debt in this era lies in rigorous due diligence. Investors must go beyond surface-level assessments of a company’s financials and consider a broader spectrum of factors that could influence its solvency. One of the most pressing concerns for lenders today is the stability of a startup’s revenue streams, particularly in light of a challenging macroeconomic environment. Companies with fluctuating or unproven revenue models are seen as higher risk, especially those that have yet to establish a robust customer base or sustainable cash flow.

In addition to revenue stability, investors must carefully evaluate a company’s burn rate, particularly its ability to manage cash flow over the medium to long term. Startups with high burn rates and a lack of clarity on future fundraising rounds are at a heightened risk of default. This makes it critical to assess the company’s runway, track record with past debt, and access to follow-on equity financing. Without secure access to additional funding, even healthy companies can face liquidity crunches.

Lenders are increasingly turning to co-investment strategies to share risk, partnering with other venture debt investors or equity investors to reduce exposure. This collaborative approach is especially crucial when dealing with startups in high-risk sectors or those without established financial histories. By pooling resources and sharing the risk, investors are better positioned to protect themselves in uncertain times.

Structuring Deals for Resilience: Advanced Debt Strategies

To safeguard investments, venture debt investors are structuring more sophisticated deals with a focus on financial discipline. Protective covenants have become a standard part of loan agreements, providing investors with greater oversight over the borrower’s operations. These covenants may include restrictions on further borrowing, limitations on the sale of assets, and requirements for regular financial reporting. In addition, collateralization strategies are gaining prominence, particularly for higher-risk loans. By securing debt with tangible assets or equity, investors can better insulate themselves from potential defaults.

The optimal debt-to-equity ratio remains a critical consideration in deal structuring. For early-stage startups, a higher ratio of debt to equity may be acceptable in certain cases, but for more established companies, maintaining a more balanced structure is preferred to avoid overleveraging. In some cases, structuring deals with equity kickers or warrant coverage is becoming increasingly popular. These features offer the lender additional upside if the company performs well, allowing them to benefit from future equity appreciation if the business succeeds. Convertible debt structures also remain a flexible option for investors, allowing them to convert debt into equity in the event of refinancing or acquisition.

Sector-Specific Risks: Tailoring Due Diligence

Venture debt investors must take into account the specific risk profiles of various sectors when making investment decisions. For example, the high-growth potential of industries like AI and fintech comes with a unique set of challenges. In AI, evolving regulations, such as data privacy laws and government oversight, can present significant risks to companies in the space. While the potential for breakthrough technologies is high, the regulatory environment remains in flux, making it essential for investors to closely monitor legislative developments and factor these uncertainties into their risk models.

In fintech, regulatory changes have already begun reshaping lending and transaction models, as seen in recent changes to banking regulations and digital asset regulations. Fintech startups must navigate an increasingly complex regulatory landscape, where changes can directly impact profitability and business models. Investors must consider the scalability of these companies and their ability to adapt to regulatory shifts.

Conversely, sectors like biotech and medtech require a longer investment horizon due to the extended timeframes required for clinical trials, FDA approval processes, and product development. While these industries can offer attractive returns, the uncertainty around approval timelines and the inherent risks of clinical trials can make due diligence particularly difficult. Investors must pay close attention to clinical pipelines and evaluate the probability of regulatory approval, as well as the financial stability of these companies, which often rely heavily on external funding.

On the other hand, e-commerce and SaaS (Software as a Service) businesses remain prime candidates for venture debt, particularly those with recurring revenue models that ensure more predictable cash flow. These models offer stability and are less affected by broader economic shifts compared to one-time purchase models. However, the competitive landscape is fierce, and investors must ensure that the companies they back have a clear and defensible market position, strong customer retention, and operational scalability.

Navigating Interest Rate Volatility: Hedging and Flexibility

With the backdrop of rising interest rates, venture debt investors must be strategic about managing the risks associated with rate hikes. Fixed-rate loans have become a favored option, as they offer protection against future rate increases. However, for borrowers who opt for floating-rate debt, interest rate swaps or hedging instruments can help mitigate exposure to rate volatility. These instruments enable borrowers to lock in a fixed rate for a portion of their debt, reducing the impact of rate hikes on their overall repayment structure.

Beyond traditional term loans, alternative financing structures are gaining traction. Revenue-based financing (RBF) offers a flexible repayment model, where payments are tied to a company’s revenue performance. This structure can help reduce risk by ensuring that debt repayment is more closely aligned with the company’s cash flow. Additionally, asset-backed lending, where loans are secured by tangible assets, provides further protection against defaults. Hybrid models, which combine elements of equity and debt, are also emerging, allowing investors to adjust their level of exposure based on a company’s performance.

Legal and Regulatory Changes: Adapting to New Standards

The regulatory landscape is also undergoing significant changes, reshaping venture debt agreements and lending practices. Stronger bankruptcy protections are being implemented to prioritize repayment in the event of liquidation, which provides investors with greater confidence in their ability to recover capital. Additionally, revised loan documentation standards have improved clarity around default scenarios, ensuring that all parties involved have a clear understanding of their rights and responsibilities.

Fintech lending, in particular, has seen heightened regulatory oversight, with new rules around lending platforms, interest rate caps, and borrower protection laws. As these regulations evolve, venture debt investors will need to adapt their strategies to remain compliant and ensure the long-term viability of their investments.

The Venture Debt Conference: A Crucial Event for Investors

The Venture Debt Conference in April promises to be an invaluable opportunity for investors to deepen their understanding of these trends and refine their strategies. Attendees will have the chance to engage with industry experts and explore how lenders are adjusting their underwriting models, structuring deals, and identifying the most promising sectors for investment in the face of changing economic conditions. With a focus on collaboration and knowledge-sharing, the conference will provide insights into emerging trends and innovative strategies for mitigating risk.

As the venture debt market continues to evolve, investors who approach this new era with a deep understanding of the risks and opportunities will be best positioned to capitalize on new prospects and navigate the uncertainties of 2025 and beyond.

More information about the event, including registration details, can be found at: Venture Debt Conference 2025.

The Alternative Products Expo successfully wrapped up its 2025 event in Medellín, Colombia, on March 1-2, reinforcing its position as a premier gathering for the counterculture industry. This year’s event brought together thousands of attendees, including leading manufacturers, retailers, wholesalers, entrepreneurs, and industry pioneers, to explore innovations, foster connections, and capitalize on emerging market opportunities.

Originally launched as the USA CBD Expo, the event rebranded in 2017 to reflect the expanding landscape of alternative products, including cannabis derivatives, CBD, vape products, smokeables, functional mushrooms, herbal supplements, and other cutting-edge innovations. Since then, it has become a must-attend event for businesses looking to scale internationally, leveraging its strategic location in Medellín to bridge North and South American markets while attracting buyers from Europe, Asia, and Africa.

Organized by ZJ Events, the expo provides a powerful launchpad for startups while also serving as an expansion vehicle for established businesses looking to strengthen their presence across new regions. With a well-structured B2B environment, attendees benefited from exclusive networking sessions, business matchmaking, and insights from top-tier speakers discussing the future of the counterculture industry.

The event featured six key pillars designed to support international growth: market entry guidance, distributor introductions and logistics support, regulatory and legal compliance assistance, monetary exchange and direct B2B introductions, live translation services, and import-export consultation. These elements provided attendees with a comprehensive roadmap to navigate global markets and expand their brand reach beyond domestic borders.

In addition to its strong business focus, the expo embraced Medellín’s vibrant culture and energy, offering attendees a dynamic and immersive experience. With exclusive B2B priority hours, professionals had dedicated time to forge meaningful partnerships before the expo opened to a broader audience. Meanwhile, attendees enjoyed interactive exhibitor booths, product tastings, live demonstrations, and exciting lifestyle elements, all set against a backdrop of live music and entertainment.

As the alternative products industry continues to evolve, Medellín remains a key location in shaping its future, fostering new trends, and strengthening international collaborations. The success of the 2025 edition further solidifies the expo’s role as an essential business hub for those looking to tap into new markets and expand their global footprint.

With the Medellín event now concluded, the Alternative Products Expo is gearing up for its next major stop in Miami, Florida, on April 3-5, 2025. The Miami expo will build on the momentum from Medellín, offering an even larger platform for businesses to connect, expand, and gain industry insights in one of the most dynamic markets in North America. Attendees can expect global networking opportunities with top manufacturers, suppliers, and buyers, exclusive B2B hours for meaningful business interactions, expert-led speaker sessions covering market trends, regulations, and innovation, unparalleled brand exposure with thousands of attendees and media coverage, and an immersive experience featuring live entertainment, interactive exhibits, and product showcases.

Join Us in Miami!

• Get your tickets: https://altproexpo.com/tickets/
• Become an exhibitor or sponsor: https://altproexpo.com/become-an-exhibitor/

For more details on upcoming events, visit https://altproexpo.com

• SMBs face severe funding challenges, with over 75% of owners worried about securing credit amid rising interest rates and stricter lending practices
• FAVO Capital’s platform in development will enable businesses to apply for funding, track progress, and manage repayments, complemented by a mobile app for real-time insights and personalized recommendations
• FAVO Capital’s tailored financial products provide essential support for SMBs, enabling them to scale operations and contribute to economic stability

Access to capital has long been the lifeline of small and medium-sized businesses (“SMBs”), but today, that lifeline is fraying. Rising interest rates, stricter lending practices, and ongoing banking instability have turned what was once an accessible stream of funding into a nearly insurmountable challenge. The landscape has changed dramatically from just a few years ago when government stimulus programs and looser lending standards made capital readily available. Now, small business owners are facing one of the toughest financial climates in recent history, with significant implications for employment, salaries, and overall economic stability.

The Capital Crunch Facing SMBs

According to a 2023 survey conducted by Goldman Sachs’ 10,000 Small Businesses Voices initiative, more than 75% of small business owners are worried about their ability to secure credit. This marks a stark reversal from 2022, when 77% of respondents expressed confidence in their access to funding. In today’s economic environment, banks—particularly regional institutions—are tightening credit lines, leaving small businesses scrambling for alternative financing solutions.

The consequences are severe. Small businesses, which employ over 61 million Americans and make up nearly half of the private-sector workforce, are facing rising costs, supply chain disruptions, and labor shortages. Many are forced to rely on personal assets or high-interest credit cards to sustain operations. The failure of key banks, including Silicon Valley Bank two years ago, has further exacerbated the issue, cutting off a major funding pipeline that many SMBs relied upon. Traditional funding options, such as Small Business Administration (“SBA”) loans, are also proving to be inefficient, with approval processes stretching up to 60 days and approval rates below 50%.

FAVO Capital: A New Path to Funding

Amid these challenges, FAVO Capital (OTC: FAVO) is emerging as a powerful solution provider for SMBs struggling with capital access. The company is leveraging innovative financial products and data-driven technology to provide businesses with much-needed funding alternatives. Unlike traditional banks that rely on stringent credit checks and collateral-based lending, FAVO Capital’s model offers flexible, revenue-based financing options tailored to the unique cash flow dynamics of small businesses.

One of FAVO’s key differentiators is the development of its alternative lending platform, which bypasses the bureaucratic red tape of conventional financial institutions. By utilizing proprietary underwriting models and leveraging financial data analytics, FAVO plans to assess risk more accurately and offer financing options that are both competitive and accessible to a broader range of business owners. This model significantly reduces approval times, ensuring that SMBs receive the funding they need when they need it.

The comprehensive platform will ultimately enable businesses to apply for funding products, monitor their progress, and efficiently manage repayments. Additionally, a complementary mobile app is in development to offer real-time insights and personalized recommendations, setting the stage for enhanced borrowing experiences.

FAVO Capital also specializes in revenue-based financing, an approach that provides businesses with capital based on their earnings potential rather than requiring personal assets as collateral. This method aligns well with the needs of SMBs, particularly those in retail, hospitality, and service-based industries, where revenues fluctuate but remain steady over time. By offering this type of financing, FAVO enables business owners to scale operations, invest in growth, and maintain liquidity without taking on burdensome debt obligations.

A Timely Solution for a Shifting Market

FAVO’s approach comes at a crucial time. With traditional credit drying up and interest rates making conventional loans unaffordable, businesses are in dire need of new capital sources. Similar to fintech firms that are disrupting financial services through embedded finance and Capital-as-a-Service models, FAVO Capital is positioned to be a game-changer in the SMB lending space. The company’s agility, innovative financing solutions, and seasoned management team give it the opportunity to play an important role in stabilizing and revitalizing this critical sector of the economy.

For entrepreneurs navigating today’s challenging financial landscape, the emergence of companies like FAVO Capital offers a much-needed lifeline. As small businesses continue to drive job creation and economic growth, ensuring their access to capital will be essential for maintaining a resilient and thriving economy. With FAVO Capital stepping in as a problem-solver, SMBs can find the support they need to weather the storm and emerge stronger than ever.

For more information, visit the company’s website at FavoCapital.com.

NOTE TO INVESTORS: The latest news and updates relating to FAVO are available in the company’s newsroom at https://ibn.fm/FAVO

• Adageis makes it easier for providers to identify and obtain the most profitable reimbursements while maintaining high-quality value-based care.
• The company’s platform enables providers to receive the full payments they deserve by advocating on their behalf with insurers.
• Adageis offers seamless integration – the platform works with over 90 electronic health record (“EHR”) systems, eliminating the need for disruptive system changes.
• The company is working with investors to develop new solutions to support small and independent healthcare practices.

Healthcare providers often struggle with complex reimbursement structures, making it difficult to optimize cash flow while ensuring high-quality value-based patient care. Adageis is a forward-thinking healthcare technology company reshaping patient care through flexible AI-centric software solutions for healthcare organizations. The company is able to simplify this process with its AI-powered ProActive Care Platform, a fintech solution designed to make it easy for providers to access the highest-value services available.

One of the core principles guiding Adageis’ approach is simplicity. The platform identifies where providers should be earning more from insurers and guides them on how to secure those payments. The goal is to remove the administrative burden while allowing providers to focus on delivering the best patient care.

A key differentiator for Adageis is its commitment to advocating on behalf of healthcare providers. Instead of leaving providers to navigate complex insurance agreements on their own, the platform offers valuable insights on what they should get from insurance companies for providing high-quality care, ensuring they receive the full reimbursement they are entitled to.

By using predictive analytics through its Patented Risk Engine (“PRE”), Adageis forecasts quality incentive payments and helps providers factor accounts receivables. This proactive approach ensures a steady cash flow, reducing financial uncertainty for healthcare organizations.

One of the biggest hurdles for providers adopting new financial tools is the need for system integration. Adageis simplifies this too, by ensuring its platform works with over 90 EHR systems, including AthenaHealth, Cerner, eClinicalWorks, Allscripts, and Epic. This plug-and-play functionality makes it easier for providers to transition to value-based care without overhauling their existing IT infrastructure.

While Adageis is already being used by 70 providers across two states, the company is working with investors to develop new financial solutions specifically for small and independent healthcare practices. Smaller providers often lack the resources to navigate complex insurance structures, making it harder for them to access high-value services. By expanding its offerings, Adageis aims to bring financial stability and revenue optimization to a broader range of healthcare organizations.

As the healthcare sector continues its shift toward value-based care, Adageis represents a key player in simplifying financial operations for providers, ensuring they can focus on what matters most.

For more information, visit the company’s website at www.Adageis.com.

NOTE TO INVESTORS: The latest news and updates relating to Adageis are available in the company’s newsroom at https://ibn.fm/Adageis

• Brera Holdings, an Ireland-based, international holding company focused on expanding its global portfolio of men’s and women’s sports clubs, sees its work with Juve Stabia Academy in Naples as a prime example of how to foster the next generation of football talent
• In December 2024, the company signed an agreement to acquire a majority ownership stake in SS Juve Stabia srl, currently in playoff position in Italy’s Serie B league
• Juve Stabia has produced amazing talents such as Luigi Vitale, Raffaele Ametrano, Giovanni Cervone, and Antonio Donnarumma, three of whom have had over 130 Italian Serie A league appearances
• Brera looks to replicate this success through its active support of the Juve Stabia Academy, strengthening the pathways for emerging talent while also offering a way to explore opportunities to connect academies and football schools across different geographies

Brera Holdings (NASDAQ: BREA), an Ireland-based, international holding company focused on expanding its global portfolio of men’s and women’s sports clubs through a multi-club ownership (“MCO”) approach, is committed to supporting grassroots football and expanding opportunities for young athletes, with the Juve Stabia Academy being a prime example. This initiative looks to tap into talent early, a tried-and-tested approach to creating new opportunities for youth players while also strengthening football communities in Italy and worldwide.

“Our commitment to Juve Stabia Academy aligns with our broader mission to empower young athletes and foster sustainable football ecosystems,” noted Daniel McClory, Brera Holdings’ Executive Chairman. “By supporting initiatives like this, we aim to create new opportunities for youth players while strengthening football communities worldwide,” he added (https://ibn.fm/UDiGS).

Towards the end of 2024, Brera signed an agreement to acquire majority ownership of SS Juve Stabia srl. Known as The Second Team of Naples, the club has made a name for itself in the Italian football space, producing local talent such as Luigi Vitale, Raffaele Ametrano, Giovanni Cervone, and Antonio Donnarumma, three of whom have had over 130 Italian Serie A league appearances. Brera’s investment in Juve Stabia has aimed to strengthen the pathways for emerging talent while offering a way to explore opportunities to connect academies and football schools across different geographies.

The Juve Stabia Academy has proven invaluable in developing elite players while instilling teamwork, discipline, and sportsmanship values. It has been shown to provide young athletes with the foundation needed to succeed in professional football and beyond. With the immense footballing talent that currently exists in Naples and the broader Campania Region, Brera is confident and optimistic that this Academy will churn out incredible players who will leave their mark on the global football industry (https://ibn.fm/UDiGS).

Brera is set to close the last of its multi-step acquisition plan, whereby it will own 51.73% of the club’s issued corporate capital upon completion, making it the majority shareholder. With a controlling stake in the club, Brera looks to position Juve Stabia as a premier club in Italy’s Serie B, with the learnings extended to its other clubs worldwide.

For company information, visit the company’s website at www.BreraHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA

• Clene’s presentation by CEO Rob Etherington and CFO Morgan Brown is now available on demand on the event’s website, covering the company’s recent achievements and immediate plans for lead drug candidate CNM-Au8^®.
• Clene is planning to submit a New Drug Application (“NDA”) to the FDA for potential accelerated approval for CNM-Au8 for ALS in the second half of 2025.
• The company recently released the latest data from a cross-regimen analysis of HEALEY ALS Platform Trial, showing that CNM-Au8 significantly extends survival in patients with ALS.

Clene (NASDAQ: CLNN) and its wholly owned subsidiary, Clene Nanomedicine Inc., a late clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis (“ALS”) and multiple sclerosis (“MS”), announced that its presentation for the Q1 Virtual Investor Summit has been made available for on-demand viewing on the event’s website (https://ibn.fm/xPuSL).

Any summit attendees and investors who missed the live presentations can now access the panels at their convenience, while those who wish to revisit key moments and insights can easily do so by checking the recorded talks. Clene’s presentation can be accessed at https://ibn.fm/cqvHy.

The March 11th Q1 Virtual Investor Summit was an exclusive event for investors who specialize in small and microcap stocks, presenting them with the unique opportunity to be introduced to management at some of the most attractive small companies, learn from various subject matter experts, and see what their peers are doing in this market. This quarter’s event focused on microcap companies that are undervalued. The event featured a diverse lineup of microcap companies showcasing their latest developments, growth plans, and market strategies.

Clene’s presentation, given by CEO, Rob Etherington and CFO, Morgan Brown, focused on the company’s latest achievements and the next steps for lead drug candidate CNM-Au8. CNM-Au8 is an oral suspension of gold nanocrystals designed to improve cellular energy production and utilization, which is critical for maintaining neuronal health. The drug candidate has been shown to improve central nervous system cells’ survival and function via a mechanism that targets mitochondrial function and the nicotinamide adenine dinucleotide pathway while reducing oxidative stress. By targeting mitochondrial dysfunction, CNM-Au8 can provide neuroprotection and promote remyelination.

The company is currently planning to submit an NDA to the U.S. Food and Drug Administration (“FDA”) in the second half of 2025 to secure potential accelerated approval for CNM-Au8 for ALS. The drug candidate has a robust safety profile and has yielded positive results in two independent clinical trials to date. In these two Phase 2 clinical trials, the RESCUE-ALS and HEALEY ALS Platform Trials, participants who were administered CNM-Au8 saw significant improvement in survival rates, functional status and combined assessment of function and survival.

The lead drug candidate’s improved survival rates were also confirmed by recently released new data derived from a cross-regimen post hoc analysis of long-term survival in HEALEY ALS Platform Trial participants. The treatment was confirmed to improve survival in ALS patients by up to 14.8 months, with the strongest survival benefit observed in patients meeting the planned criteria for Clene’s upcoming Phase 3 RESTORE-ALS trial.

The company is planning to launch the confirmatory Phase 3 RESTORE-ALS trial in mid-2025, while also considering an accelerated approval pathway for CNM-Au8, following discussions with the FDA in late 2024. As part of this process, Clene will conduct additional biomarker analyses, focusing on neurofilament light chain (“NfL”) data—an important measure of ALS progression.

There is currently no cure available for ALS, and treatments can only help slow down the disease progression, manage the symptoms, and prevent unnecessary complications. The company is pursuing the accelerated approval pathway for CNM-Au8 to offer hope and help obtain the best outcome for people living with ALS.

For more information, visit the company’s website at www.Clene.com.

NOTE TO INVESTORS: The latest news and updates relating to CLNN are available in the company’s newsroom at https://ibn.fm/CLNN

• The Jordan Rd, Gainesville project will have a capacity of 7.2 MW DC, while the Glen Rd project will have a capacity of 4.3 MW DC.
• The projects are expected to provide electricity to approximately 1,350 homes.
• Both projects will operate under New York’s community solar model, allowing residents to benefit from solar energy without installing panels.
• Solar Simplified will manage customer-facing operations, ensuring smooth implementation and subscription management.
• These projects further enhance the company’s development pipeline that exceeds one gigawatt.

Disseminated on behalf of SolarBank Corporation

SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., is expanding its renewable energy footprint with the development of two new solar power projects in upstate New York. The company announced plans to build a 7.2 MW DC ground-mount solar project in Gainesville, known as the Jordan Rd project (https://ibn.fm/dfntr), and a 4.3 MW DC ground-mount solar project on Glen Rd (https://ibn.fm/pu0xN). Combined, these projects are expected to generate enough electricity to power approximately 1,350 homes.

Both projects are moving forward with secured site leases and ongoing interconnection studies. If the studies are successful, SolarBank will proceed with permitting and securing financing for construction. The projects are also expected to qualify for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program, which supports the expansion of solar energy across the state.

Once completed, both solar farms will operate under New York’s community solar model. This system allows local residents and businesses to subscribe to a share of the solar project and receive credits on their electricity bills. Community solar eliminates the need for homeowners to install panels on their properties while still allowing them to benefit from renewable energy.

The Jordan Rd project in Gainesville is expected to supply power to approximately 850 homes, while the Glen Rd project will provide electricity to around 500 homes. By adding these projects to its portfolio, SolarBank continues its efforts to expand clean energy accessibility and contribute to New York’s renewable energy targets.

To manage the customer-facing aspects of these projects, SolarBank is partnering with Solar Simplified. This collaboration ensures full project subscription and optimized revenue from the start. Solar Simplified specializes in customer acquisition, enrollment, and subscription management, allowing SolarBank to focus on development and scaling its renewable energy initiatives.

The partnership aligns with SolarBank’s broader strategy to streamline operations and enhance project efficiency. With a development pipeline exceeding one gigawatt, the company aims to accelerate its growth in the renewable energy sector by continuously bringing new solar projects online.

The company recently announced a partnership with Viridi, an industry leader in fail-safe battery energy storage systems, to develop a combined 3.06 megawatt (“MW”) direct current ground-mounted solar power project and a 1.2 megawatt-hour (“MWh”) BESS in Buffalo, New York. Additionally, SolarBank is building three large-scale battery energy storage systems – two in Ontario and one in New York. As demand for renewable energy grows, SolarBank’s expansion into community solar projects positions the company as a key player in the transition to clean energy.

For more information, visit the company’s website at SolarBankCorp.com.

This report contains forward looking information. Please refer to the press releases entitled “4.3 MW Glen Rd Solar Project in Development by SolarBank in New York” and “7.2 MW Jordan Rd, Gainesville Solar Project in Development by SolarBank in New York” for additional details on the statements, risk and assumptions.

NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

A Strategic Approach to Addressing a Critical Demographic Shift

Mrs. Lin, a 72-year-old Korean-American retiree, has lived in the same neighborhood for decades. She visits her longtime physician, a trusted figure in the community, for regular checkups. However, with many private-practice doctors retiring and younger physicians moving into large corporate healthcare settings, she now struggles to navigate an unfamiliar system that doesn’t always cater to her cultural and linguistic needs. Her story reflects a growing challenge for AAPI seniors across the country as the healthcare system struggles to keep pace with their specific needs.

By 2060, the number of Asian American and Pacific Islander (AAPI) seniors in the United States is projected to more than triple. This unprecedented growth presents opportunities and challenges in ensuring senior healthcare evolves to meet their needs. While AAPI elders are generally diligent about visiting their primary care physicians, a deeper issue is unfolding: the changing landscape of healthcare delivery. Many long-established private practices, once the foundation of AAPI community healthcare, are being run by aging doctors, while younger physicians are gravitating toward larger corporate healthcare institutions. This transition creates gaps in continuity of care, particularly in integrating new medical technologies, preventive strategies, and whole-person health approaches.

Amid these shifts, healthcare providers, policymakers, and community leaders recognize the urgency of addressing these gaps to ensure that AAPI seniors receive high-quality, equitable healthcare. While many providers are beginning to incorporate culturally competent services, only the most forward-thinking organizations are leading a transformation—revitalizing local clinics, attracting top-tier talent, and embedding culturally specific healthcare into their care models to ensure a more modern and accessible system. These efforts go beyond routine medical visits, shaping a more forward-thinking and responsive system of care tailored to AAPI seniors’ evolving needs.

A Demographic Surge That Can’t Be Ignored

Between 2010 and 2020, the Asian American population grew by 36%, making it the fastest-growing racial or ethnic group in the U.S. Within this trend, the number of AAPI seniors aged 65 and older surged to 2.5 million in 2019—a figure projected to more than triple to 7.9 million by 2060. (ACL)

These numbers are more than just statistics; they represent a profound shift in the nation’s healthcare needs. Unlike previous generations, today’s AAPI elders are navigating a system where their long-trusted, community-based private doctors are retiring, and the next wave of healthcare providers is shifting toward corporate medical networks that don’t always cater to their specific cultural and linguistic needs.

The Challenge: A Changing Provider Landscape, Not Just Access

Contrary to familiar narratives about underserved communities, AAPI seniors often do seek medical care—but care itself is changing. While large healthcare corporations are growing, many do not accommodate non-English speakers or always integrate the personalized, community-based model that AAPI seniors are accustomed to.

While many long-established private-practice doctors remain trusted figures in their communities, some have been slower to adopt advancements in technology and modern treatment protocols, creating disparities in care quality. For example, studies indicate that AAPI seniors often experience delays in receiving screenings for conditions like diabetes and hypertension due to outdated diagnostic practices. Additionally, the limited integration of telehealth and digital patient management tools in older practices can create barriers to more efficient and proactive healthcare solutions. This evolving landscape raises an urgent question: how can culturally competent, high-quality healthcare be preserved while changing to meet modern medical standards?

Introducing a Transformative Model for Senior Care

Forward-thinking healthcare providers, such as community health centers, specialized Medicare Advantage plans like SCAN Health Plan and Freedom Health, and culturally focused organizations like Astiva Health, are implementing strategic initiatives to ensure that AAPI seniors receive care that is both trusted and modern. Models such as culturally tailored primary care networks, multilingual telehealth programs, and Medicare Advantage plans that offer specialized services—such as SCAN Affirm for LGBTQ+ individuals and SCAN Allied for Asian American communities—are emerging to balance cultural familiarity with cutting-edge medical advancements.

While some Medicare Advantage plans enhance their offerings through expanded benefits, a few take a more structural approach—redefining care spaces. Astiva Health is leading this shift, actively revitalizing private clinics to improve access and elevate the standard of care. The company has opened several wellness centers throughout Southern California and is actively expanding this brick-and-mortar strategy into new markets.

A multi-layered model integrates:

• The revitalization of aging clinics into vibrant, modern healthcare spaces in areas with high concentrations of AAPI seniors. These renovated clinics incorporate state-of-the-art medical technology, telehealth integration, and expanded specialty services to meet the growing demand for comprehensive care.
• Top-tier physician recruitment ensures that new providers are highly trained and culturally and linguistically aligned with the communities they serve. By fostering an environment that attracts bilingual and culturally aware practitioners, these clinics help bridge communication gaps and improve patient trust.
• Whole-person health services, including same-language transportation, dental and vision coverage, and grocery benefits that can be used at local ethnic grocery stores to ensure nutritional support is culturally appropriate. Additionally, wellness programs such as mental health counseling, chronic disease management workshops, and culturally tailored exercise initiatives provide seniors with resources beyond traditional medical care.

This commitment to culturally competent healthcare goes beyond benefits—it’s about reshaping the healthcare experience from the ground up. Dr. Tri Nguyen, CEO of Astiva Health, explains their approach: “We understand that great healthcare is not just about a doctor’s visit—it’s about accessibility, trust, and the ability to receive care in a way that aligns with cultural identity,” says Dr. Tri Nguyen, CEO of Astiva Health, a Medicare Advantage Prescription Drug (MAPD) health plan dedicated to culturally competent senior care. “At Astiva, we are committed to ensuring that healthcare spaces are designed to meet the specific needs of AAPI seniors, not just as an extension of existing networks, but as a fully integrated support system that prioritizes their well-being at every level.”

Cultural and Nutritional Support: A New Standard in Preventive Healthcare

One of the most impactful strategies in preventive care focuses on food security and nutrition, recognizing that diet plays a critical role in long-term health outcomes.

AAPI seniors often have specific dietary preferences that traditional American food assistance programs may not wholly accommodate. Many rely on familiar ingredients and culturally relevant meals that improve their well-being.

Recognizing this, some healthcare programs have introduced initiatives that support seniors in maintaining dietary habits aligned with their cultural backgrounds. These efforts include grocery allowance programs facilitating access to familiar and nutritious ingredients available at local ethnic grocery stores.

This initiative goes beyond convenience—it directly invests in long-term health outcomes. Studies have shown that improved dietary access leads to lower rates of diet-related illnesses such as diabetes and hypertension. Programs offering culturally relevant food options have demonstrated significant benefits. These include better adherence to medically necessary diets, improved cardiovascular health, and enhanced overall wellness among seniors. By ensuring that AAPI seniors have access to the foods they trust and rely on, these programs help reduce health disparities and promote long-term well-being. Aging Asian Americans face a unique set of healthcare challenges, with chronic illnesses such as hypertension (affecting 56% of Chinese seniors), hypercholesterolemia (49%), and osteoarthritis (39%) being prevalent. Mental health issues, particularly anxiety (66%) and depression (55%), are also widespread yet often go untreated due to cultural stigmas and limited access to mental health services. (PINE Study)

In addition to conditions like hypertension and high cholesterol, diabetes poses a significant health concern for Asian American seniors. Notably, Asian Americans are 40% more likely to be diagnosed with diabetes compared to non-Hispanic whites. (Minority Health HHS) Studies show that nutritional accessibility is a key factor in managing and preventing these chronic conditions, underscoring the importance of culturally relevant food programs that promote better dietary habits and overall health.

The Business Case for Culturally Competent Healthcare

Targeted approaches to culturally competent care are not just social initiatives—they are becoming regulatory imperatives reinforced by the Centers for Medicare & Medicaid Services (CMS). Recent CMS initiatives emphasize the need for Medicare Advantage organizations to provide services that address language access, cultural barriers, and specific healthcare disparities among diverse populations. With the AAPI senior population growing exponentially, the demand for culturally tailored healthcare solutions will only increase, aligning with federal efforts to drive systemic improvements in equitable healthcare access.

As the senior population diversifies, healthcare providers that integrate culturally responsive care models—such as multilingual care coordination, culturally relevant health screenings, and community-based wellness programs—will improve health outcomes and align with CMS directives that encourage patient-centered, equitable care.

“AAPI seniors are highly engaged in their healthcare decisions, and their loyalty to trusted providers is strong,” says Dr. Nguyen. “If we earn their trust, we are not just gaining members—we are forming lifelong partnerships.”

A Model for the Future of Senior Healthcare

The rise of AAPI seniors is just one piece of a broader demographic transformation reshaping the U.S. healthcare industry. As healthcare systems evolve to meet the needs of an aging population, integrating culturally competent care, proactive clinic revitalization, and expanded community-based services will be essential in ensuring equitable and effective healthcare for AAPI seniors. Addressing systemic challenges and personalized care models will be critical in defining the future of senior healthcare in America. Culturally competent care—from revitalizing clinics to integrating whole-person health and fostering deep community connections—sets a new gold standard for senior healthcare.

The future of senior healthcare will be defined by those who break barriers and reimagine care. By investing in culturally competent services, revitalizing trusted clinics, and fostering deeper community connections, healthcare providers can shape a system where every senior—regardless of background—receives the dignified, high-quality care they deserve.

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• Thumzup Media, a rapidly growing tech platform developer that helps advertisers and social media influencers easily target their markets, recently announced significant insider purchases of company shares on the open market
• The optimism-boosting news was joined by reports that the company has repurchased 79,377 shares of common stock for approximately $298,207 as part of an approved $1 million cap on a stock buyback program
• Thumzup recently uplisted to the Nasdaq exchange and has been growing its list of company clients at a CAGR of more than 200% during the past year
• The company’s proprietary AdTech platform makes it easy for clients to develop and manage social media campaigns, motivating social media influencers to get on board and receive cash payment for their efforts in the campaigns

Social media branding and marketing innovator Thumzup (NASDAQ: TZUP) received a new pair of thumbs up votes recently when company insiders announced new open-market stock purchases of Thumzup shares, as well as ongoing share buyback activity under the company’s previously announced stock repurchase program.

“Continued insider buying and the execution of our share repurchase program reflect our belief in Thumzup’s business model and long-term value proposition,” Founder and Chief Executive Officer Robert Steele stated March 21 (https://ibn.fm/tVwvX). “We remain committed to executing our strategic initiatives while allocating capital in a disciplined manner that we believe enhances shareholder value.”

That business model includes marketing the capabilities of the proprietary AdTech platform, which client companies can use to simply and effectively create and manage social media advertising campaigns that employ recruited influencers. The platform is friendly to the influencers as they generate and are paid for content that promotes clients’ products and services.

Insider activity reports provide investors with measurable insight into company officers’ level of optimism, while the buyback program encourages share value increases as the number of shares in circulation is reduced.

According to the company news release, insiders bought about $60,381 worth of Thumzup common stock during this month’s trading window, and about $62,000 worth of company stock in December. Board member Robert Haag has been the highest purchaser among officers since the company’s launch, buying $575,000 through a combination of open-market purchases and private placements, while other company officers have bought between $17,000 and $95,000 worth.

The stock buyback program is taking place in agreement with the U.S. Securities and Exchange Commission’s Rule 10b-18 with a board-approved cap of $1 million. As of March 24, 2025, the company had repurchased 79,377 shares of common stock for approximately $298,207.

Market analysts at Statista predict global revenue generated by social commerce will hit the trillion-dollar mark within the next three years (https://ibn.fm/IpWfq). Thumzup expects its directory of advertising clients to grow to over 1,000 by this summer, which would continue its trending CAGR of more than 200% during the past year.

“Our rapid growth to more than 700 advertisers up from around 200 this time last year is confirmation of the effectiveness of our disruptive advertising model,” Steele stated earlier this month (https://ibn.fm/wfRLl). “We are continuously growing and redefining how brands connect with consumers. By incentivizing engagement with direct cash rewards and harnessing a vast, untapped audience, we are delivering outsized value — and this is just the beginning.”

For more information, visit the company’s website at www.ThumzupMedia.com.

NOTE TO INVESTORS: The latest news and updates relating to TZUP are available in the company’s newsroom at https://ibn.fm/TZUP

• D-Wave’s 2024 bookings reached $23.9 million, a 128% increase from 2023, with Q4 bookings up 502% year-over-year.
• The company reported a cash position exceeding $300 million as of March 13, 2025.
• Significant technical and business milestones achieved in the past year include a quantum supremacy demonstration and the sale of an Advantage quantum computer to Julich Supercomputing Centre.
• New partnerships and customer projects were announced, spanning industries such as insurance, law enforcement, and agriculture.

D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software, and services, reported financial performance for the fourth quarter and full-year 2024, highlighting significant growth in bookings and a strengthened cash position. The company announced that bookings for the year reached $23.9 million, a 128% increase from 2023. Fourth-quarter bookings were totaled $18.3 million—more than a fivefold increase from Q4 2023 (https://ibn.fm/T4BI5).

Full fiscal year 2024 revenue remained relatively flat at $8.8 million, and the company announced that it expects revenue of $10 million for the first quarter of 2025. A significant portion of this comes from the recent sale of an Advantage(TM) annealing quantum computer. The company’s cash balance stands at over $300 million as of March 13, 2025.

D-Wave also reported key technical milestones and customer engagements. Among its most notable achievements, the company published peer-reviewed research in Science demonstrating quantum computational supremacy on a useful, real-world problem. The study showed that D-Wave’s Advantage2(TM) annealing quantum computer solved a complex magnetic materials simulation problem significantly faster and with lower power consumption than one of the world’s most powerful supercomputers (https://ibn.fm/pWoda). Performing the same computations on the classical supercomputer would have taken nearly one million years and consumed more electricity than the world’s total annual electricity consumption. This was the first time quantum computing has been demonstrated to surpass classical methods on a useful, real-world problem.

Additionally, the Julich Supercomputing Centre became the first high-performance computing center to purchase a D-Wave Advantage system, planning to integrate it with Europe’s only exascale supercomputer. The company also introduced an on-premises system offering for customers looking to develop quantum applications within their own infrastructure.

D-Wave continued its development of next-generation hardware, calibrating a third 4,400-qubit Advantage2 processor. This system offers doubled qubit coherence time, a 40% increase in energy scale, and enhanced qubit connectivity, enabling the resolution of larger and more complex problems, when compared to the current generation Advantage processor.

Other significant partnerships and applications mentioned in the Q4 financial results include:

• The development of multiple quantum and hybrid quantum applications across various industries. In collaboration with Japan Tobacco, the company is exploring drug discovery with Quantum AI. With Unipol’s Leithà, an Italian insurance technology firm, D-Wave is optimizing insurance portfolio management. North Wales Police used D-Wave’s technology to enhance police vehicle deployments.
• The development of a hybrid-quantum application that simulates and optimizes the movements of autonomous farming vehicles with Staque. The technology aims to enhance agricultural efficiency by maximizing production while minimizing costs.
• A collaboration with Carahsoft Technology Corp., which now co-markets D-Wave’s quantum computing solutions to U.S. government agencies.
• The launch of the Leap Quantum LaunchPad program to encourage early-stage quantum application development. The initiative offers a three-month free trial of the company’s quantum cloud service and expert support to accelerate quantum experimentation.

“Every day, D-Wave’s quantum technology is helping customers gain competitive advantages, discover new scientific breakthroughs, and fuel innovations that were previously unimaginable,” said CEO Dr. Alan Baratz. “Our mission is unwavering – to help organizations realize the benefits of quantum computing now. With record bookings, a record cash position and an unequivocal demonstration of our quantum system outperforming classical on a real-world problem, our progress toward achieving that mission is clear.”

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage and Advantage2 systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

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