Leadership addition brings deep market expertise to accelerate VERIS growth

LANCASTER, Pa., Aug. 5, 2025 — The Benecon Group, a national leader in self-funded healthcare solutions, today announced the appointment of Michael Sullivan as Chief Commercial Officer (CCO). This strategic appointment comes as the company scales its national consortium solution, VERIS, into its next phase of commercial acceleration.

A veteran healthcare executive, Sullivan brings over 25 years of experience leading complex benefit and insurance organizations, including executive leadership roles at Independence Health Group, AmeriHealth Administrators, and Highmark. Sullivan’s deep expertise in stop loss, third-party administration, product strategy and distribution partnerships, paired with his proven track record driving large-scale growth across regional and national markets, makes him uniquely positioned to lead Benecon’s commercial operations at this pivotal moment.

“VERIS resonates across the market for its employer control, risk protection, and cost predictability,” said Matthew Kirk, CEO of The Benecon Group. “Michael’s appointment ensures we build on that traction with operational precision, partner enablement and national scale. He brings a strategic lens, a commercial playbook, and the experience to scale our growth engine across the country.”

VERIS by Benecon is an independent consortium model that leverages actuarial intelligence and underwriting precision to drive sustained health plan performance. Through data-driven design and stop-loss purchasing power, VERIS is a validated platform with over a decade of proven results — and is now primed for broader reach.

As Chief Commercial Officer, Sullivan will lead Benecon’s go-to-market execution across all fronts, including advisor activation, channel strategy, regional expansion, and strategic partnerships.

“VERIS is a blueprint for scalable self-funding and has already proven its value to advisors and employers across the country,” said Sullivan. “In partnership with the expert team at Benecon, my focus is to amplify that success, deepen our partner relationships, and unlock the full market potential of this platform.”

Throughout his career, Sullivan has led multi-line commercial health insurance businesses serving hundreds of thousands of members and generating over $1 billion in annual revenue. He has grown TPA business units, launched new lines of business across multiple markets, and held a C-level role with national scope and operational responsibility across all 50 states.

“Benecon’s appointment of a Chief Commercial Officer is a clear investment in growth, discipline, and long-term category leadership,” said Jason Mironov, Managing Director at TA Associates (“TA”), Benecon’s private equity partner. “Michael brings the experience, network and commercial strategy needed to drive the next phase of VERIS expansion.”

“In the rapidly evolving self-funded healthcare market, VERIS stands apart for its actuarial strength, scalability and advisor-friendly design,” said Michael Berk, Managing Director at TA. “Michael’s leadership will help Benecon meet growing market demand with clarity and precision.”

“Employers and advisors are seeking solutions with consistency, predictability and scale,” added Michael Smith, Managing Director at Neuberger Berman Private Markets. “VERIS delivers on those expectations, and Michael’s appointment signals a strong commitment to continued expansion.”

About Benecon

VERIS by Benecon is a self-funded healthcare model built for control, capped liability, and long-term plan performance. Unlike models that work to get companies into self-funding, VERIS is built to keep them there – through actuarial design, underwriting precision, and built-in risk protections. As the only national, independent consortium, it secures the full plan – not just the 30% typically covered by stop-loss. VERIS defines total cost exposure up front and delivers guaranteed renewals, rate caps, no new lasers, and full surplus return. It’s self-funding, solved—where decisions and dollars stay where they belong – with the employer. Learn more at benecon.com.

About TA

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. For more information, visit: www.ta.com.

About Neuberger Berman Private Markets

Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of March 31, 2025, Neuberger Private Markets manages over $140 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia.

SOURCE Benecon

BANGALORE, India, Aug. 5, 2025 — Wyser announces Agentik^X, India’s first Agentic AI investment initiative designed to identify, develop and invest in startups disrupting the enterprise landscape. Bold and innovative founders solving customer validated problems can apply effective August 5, 2025, with top 10 startups selected for specialized 5-day Agentik^X Primer, intended to accelerate Go To Market strategy. Agentik^X Primer focuses on Enterprise Agentic AI startups validating and deepening their understanding of industry white spaces, through direct interaction with CXOs/AI Heads across India and globally.

“Wyser was born from a simple conviction: India can design and build cutting-edge Agentic AI products for the world. We back founders who are disrupting legacy systems and reimagining how enterprises operate,” says Satyakam Mohanty, Co-Founder and Managing Partner at Wyser.

“We built Wyser to provide catalytic capital to founders building in Enterprise Agentic AI. Agentik^X is more than funding, it is the platform to provide foresight, friction and fuel and is a call to action for India to lead, bet early, bet bold and bet together,” says Supria Dhanda, Co-Founder and Managing Partner at Wyser.

Applications to the Agentik^X Primer will close by August 15, 2025. Successful graduates will have the opportunity to pitch to Wyser for investment consideration.

About Wyser

Wyser is a VC firm that invests in Agentic AI companies poised to transform enterprises, leveraging India’s AI talent and tech startup ecosystem for global impact. Led by experienced operators Satyakam Mohanty and Supria Dhanda, Wyser focuses on pre-seed to seed-stage startups developing autonomous adaptive systems for enterprise/B2B space. With a target corpus of $25 million, the fund will focus on pre-seed to seed-stage startups developing Agentic AI solutions across various industries.

Wyser’s investment strategy targets the evolution from AI 1.0 (static) to AI 2.0 (adaptive) for enterprises transforming to enterprise 5.0. This shift represents a significant opportunity, with Agentic AI expected to contribute $17.1 trillion to the global GDP by 2030.

The firm will invest in 20-23 Enterprise Agentic AI companies, with investments ranging from $150,000 to $500,000 per startup, emphasizing a product/platform-first approach. Wyser’s portfolio already includes investments in startups like AquaAirX and Pype, with a strong pipeline that validates the groundswell of Agentic interventions coming out of the Indian startup ecosystem

Media Contact:
Supria Dhanda
Co-Founder & Managing Partner
[email protected] 

Photo: https://mma.prnewswire.com/media/2744327/Wyser_Launches_Agentikx.jpg

SOURCE Wyser

Expanse’s Venture Arm Launches with a Diverse Portfolio of Businesses on the Forefront of Enabling Technologies Powering the Future of Finance, Healthcare and Commerce 

CHICAGO, Aug. 5, 2025 — Expanse, an asset management firm built with a family office perspective, is announcing their $18M Inaugural Fund alongside investments in a diverse portfolio of businesses on the forefront of enabling technologies like AI and machine learning. Expanse’s newly announced venture arm is invested in companies powering the future of finance, healthcare and commerce including Hamsa, OneHealthGroup, Zocks, Release Recovery and Manual. Founded by Connor Crown, Expanse’s mission is born out of a family office ethos that spans over four generations of investment experience focused on a long-term capital deployment strategy that is built to deliver multi-generational asset appreciation in any economic environment. 

“The Expanse team is thrilled to announce this new venture fund that brings together an esteemed group of family offices ready to invest in founders that are looking for real partners, ones with the operating experience and relationships to deliver exceptional value and support their growth into profitable and sustainable businesses,” said Expanse Founder Connor Crown. 

Expanse is focused on investing in the companies and entrepreneurs best positioned to embrace the technologies of today, like GenAI and machine learning, to build the companies of the tomorrow, specifically in the Fintech, Healthtech and Insurtech industries. Expanse’s diverse portfolio includes businesses like Hamsa, OneHealthGroup, Zocks and Release Recovery, companies on the forefront of enabling technologies powering the future of finance, healthcare and commerce, reducing friction, improving the user experience and making it easier for consumers to connect with the institutions we all rely on.

“Partnering with Expanse has been a game-changer for Hamsa. Expanse understands that the best investors are not just shareholders, but team members, working side-by-side with the CEO and his/her executive team to build industry defining companies that have highly scalable, profitable business models. The Expanse team has been instrumental in building our commercial go-to-market path and connecting us with key strategic and investment partners to accelerate our growth,” said Adam Zbar, Hamsa CEO.

“The operations team at Expanse has made them an ideal partner for Zocks or any company on the forefront of building and delivering innovative new solutions to customers. We worked with them well before investing, and throughout, they demonstrated their ability to provide immediate value and a long-term mindset. It allows entrepreneurs to focus on growth and building a company with maximum value that lasts. We’ve really valued the partnership,” said Zocks CEO Mark Gilbert. 

About Expanse:

Expanse is an asset management firm built with a family office perspective. Our long-term capital deployment strategy and diversified portfolio deliver multi-generational asset appreciation in any economic environment. Founded by Connor Crown, Expanse’s mission is born out of a family office ethos that spans over four generations of investment experience where relationships and trust are valued above all else. As experienced operating partners, we offer more than just capital, aiming to deliver real value over a sustained diligence period, earning the right to invest when the time comes. Our first-fund mentality brings in best-in-class professionals in their respective fields to lead our diverse portfolio, creating a mutually beneficial ecosystem for families and partners with unmatched economic incentives. Expanse also understands first-hand the complexities and nuances of financial planning for multiple generations. We lean into these important discussions with the experience and trust required for individualized, multi-generational legacy planning.

CONTACT: Tatiana Winograd, [email protected]

SOURCE Expanse

Funding to accelerate the expansion of Uzbekistan’s leading fintech platform and e-commerce ecosystem

• Uzum raises nearly $70 million in equity financing led by Tencent and VR Capital, with participation from FinSight Ventures
• Uzum’s valuation surges to ~$1.5 billion post-money, reflecting the company’s rapid growth across fintech and e-commerce
• Uzum Bank has emerged as the fastest-growing digital bank in Uzbekistan, issuing over 2 million co-branded Visa debit cards with embedded credit limits
• Fintech services deeply integrated with Uzum’s e-commerce ecosystem
• Fresh capital will be used to help drive the rollout of digital lending and deposit products, expand the Visa debit card program, and further scale financial infrastructure — with AI increasingly embedded across credit scoring, fraud prevention, and personalised user experiences

TASHKENT, Uzbekistan, Aug. 5, 2025 — Uzum, Uzbekistan’s leading digital ecosystem, has secured nearly $70 million in equity financing from Tencent and VR Capital, with participation from FinSight Ventures—a U.S. fund focused on AI, fintech and super-app investments, and lead investor in Uzum’s first equity round completed in March 2024.

Tencent is a world-leading internet and technology company with a diverse portfolio of innovative products and services. It is listed on the Stock Exchange of Hong Kong.

VR Capital is a global alternative asset management firm with over $8 billion in assets under management. The firm has managed external capital for institutional investors since 1999, with a focus on investments in emerging and developed markets. VR Capital operates via its principal offices in New York and London.

This funding marks a significant increase in Uzum’s valuation since the March 2024 fundraise, bringing the company’s post-money valuation to approximately $1.5 billion, and comes against a backdrop of strong operating and financial traction delivered across key business segments.

Fintech momentum: Uzum Bank, the company’s digital banking unit, is now the fastest-growing bank in the country. Since launching its co-branded Visa debit card with pre-approved credit limits in August 2024, Uzum has issued over 2 million cards in 1H 2025, introducing Uzbekistan’s first embedded credit limit tied to a debit instrument. At the same time, Uzum’s consumer credit business, anchored by its market-leading BNPL offering, has more than tripled its total financed volume (TFV) in the first half of 2025.

E-commerce engine: The e-commerce segment—powered by Uzum Market (the largest national marketplace) and Uzum Tezkor (Uzbekistan’s leading express delivery service)—grew gross merchandise value (GMV) ~1.5x year-over-year in H1 2025. Uzum remains the only vertically integrated platform combining commerce and financial services at a national scale.

The company’s breakthrough valuation and new investment reflect its unparalleled market position and ambition. The proceeds from this round will be used to accelerate the buildout of Uzum’s proprietary fintech infrastructure, broaden its product suite, cementing its leadership across key verticals, and capture the full potential of Uzbekistan’s rapidly expanding digital economy.

Richard Deitz, Founder and President, VR Capital:

“Uzum embodies a unique confluence of a proven business model and first-mover advantage in a structurally underserved market. We are deeply impressed by the quality of the team and the remarkable progress the Company has achieved to date. It is our privilege to support Uzum’s continued growth through our investment.”

Alexey Garyunov, Managing Partner at FinSight Ventures:

“We believe Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia. Since our initial investment last year, the company has achieved remarkable milestones — rapidly expanding its user base, launching new products, and driving monetization. The synergy across its diverse verticals has not only improved unit economics and reduced delinquency, but also lifted customer satisfaction and retention, reflected in a rising NPS and LTV. These dynamics mirror patterns we’ve seen in other breakout super-apps globally, and they’re reinforcing Uzum’s leadership in Uzbekistan’s digital economy. We see enormous untapped potential to layer new services for both consumers and merchants on top of Uzum’s existing platform. That’s exactly why we’re excited to double down in this new round and continue supporting Uzum on its journey.”

Djasur Djumaev, Founder and CEO of Uzum:

“In just two years, Uzum has built the most comprehensive digital ecosystem in Uzbekistan. Today, we’re reshaping how people shop, pay, and manage money. This new round of funding empowers us to deepen our fintech offerings and expand our leadership in digital banking and lending. We are delighted to welcome Tencent and VR Capital as new shareholders and proud to be working with tier-1 global investors who share our vision. It’s also a vote of confidence in our strategy to integrate financial services directly within the country’s largest e-commerce infrastructure.”

About Uzum

Uzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. The ecosystem includes Uzum Market, an online marketplace with a wide range of products and one-day delivery across the country; Uzum Tezkor, an express delivery service from restaurants and stores; Uzum Bank, a digital bank; Kapitalbank, the country’s largest privately owned bank; Uzum Nasiya, an online unsecured lending service; and Uzum Business, an app for business customers. More than 17 million people — over half of Uzbekistan’s population, use Uzum services every month. Learn more at https://uzum.com/en/.

The Company is compliant with AML/FATFA proceedings and observes international sanctions regime in terms of its business operations and incoming and outcoming investments. 

About Uzbekistan

Uzbekistan, Central Asia’s most populous country and second-largest economy by nominal GDP, is undergoing a generational digital and financial transformation. With nearly 60% of its 37 million citizens under the age of 30, the country combines favourable demographics with strong GDP growth (6.5% in 2024) and rising consumer demand.

Despite high mobile penetration and rapidly expanding internet access (projected to exceed 87% by 2027), Uzbekistan remains significantly underbanked: over 40% of adults lack access to formal financial services, and digital lending and card issuance are still nascent. This creates a vast opportunity for fintech disruption — particularly embedded finance models integrated with commerce.

E-commerce in Uzbekistan is expected to grow at a CAGR of 40–47% to reach $2.2 billion by 2027, according to KPMG, making it the fastest-growing digital consumer market in Central Asia. With strong government backing for financial inclusion, investment in digital infrastructure, and favourable regulatory reforms, Uzbekistan has become a launchpad for scalable digital finance and technology-driven platforms.

Photo – https://mma.prnewswire.com/media/2744235/Uzum_Market_pick_up.jpg
Logo – https://mma.prnewswire.com/media/2067732/5445555/Uzum_Group_Logo.jpg

Transaction consolidates the bank’s position as a recurring issuer in the Brazilian capital markets

SÃO PAULO, Aug. 4, 2025 — Agibank, a digital bank operating a unique business model through a hybrid platform that combines the efficiency and scalability of digital with the reach and personalized service of physical presence, has announced the conclusion of another strategic issuance in the corporate debt market, raising BRL 4 billion through a debenture offering. The proceeds will be used to optimize the bank’s capital structure, diversify its liabilities and sustain the expansion of its credit portfolio under competitive and efficient terms.

The transaction was executed in thirty-seven tranches, with a final maturity of 74 months, and bears interest of CDI + 1.00% per annum, with principal and interest due at the end of each respective tranche. The issuance was placed in the market through a public offering with automatic registration, combined with a private placement, both exclusively targeted at professional investors. The debentures are backed by credit operations originated by the bank, in accordance with pre-established eligibility criteria.

Proceeds will be fully allocated toward credit portfolio growth, liability profile extension and further diversification of funding sources.

“We remain committed to capital discipline, sustainable growth and returns above our cost of capital, while staying true to our purpose of building a banking experience that embraces and empowers all Brazilians,” said Marcello Dubeux, Chief Financial Officer and Head of Investor Relations at Agibank.

The issuance comes at a time when the bank is reporting solid operational performance. In Q1 2025, Agibank posted net income of BRL 350.5 million, with a return on average equity (ROAE) of 45.2%, year-over-year loan book growth of 52.4% (reaching BRL 27 billion), and a 90-day NPL ratio of 2.9%, with a coverage ratio of 226%.

In April, Moody’s Local upgraded Agibank’s rating from A+.br to AA-.br, citing the bank’s strong profitability and sustained asset quality during a period of accelerated expansion.

Agibank currently serves more than 5 million active clients and operates a network of over 1,000 proprietary Smart Hubs across Brazil.

SOURCE Agibank

Startup uses advanced AI and Computer Vision to enhance asset monitoring and operational efficiency

SÃO PAULO, Aug. 4, 2025 — Fu2re, a Brazilian startup specializing in Artificial Intelligence solutions for data and image processing, has raised BRL 12.5 million in a new funding round. The investment is led by Copel Ventures, managed by Vox Capital, with BRL 7.5 million, and Indicator Capital, a leading early-stage venture capital firm focused on deep tech, contributing up to BRL 5 million.

Fu2re combines state-of-the-art AI architecture with advanced Computer Vision to monitor physical assets with high accuracy and scalability. Its technology is widely applied in the energy sector, enabling the digitization of asset monitoring routines, automated meter readings, inventory optimization, and fraud detection—resulting in reduced operational losses and increased efficiency.

“Our solutions are already deployed at scale within the core operations of major companies, delivering measurable productivity gains and cost reductions,” says André Sih, Fu2re founder and Managing Partner. A key differentiator is the startup’s no-code platform, which allows users to develop and adapt AI applications without programming, speeding up implementation across clients and industries. The platform also includes pre-trained models and integration with enterprise systems, enabling fast onboarding.

Fu2re was the first Latin American startup accelerated by NVIDIA’s Inception Program, and it represented Brazil at GTC 2021. It has also been recognized in the 100 Startups to Watch list and ranked among the top AI startups by 100 Open Startups.

The investment supports Copel’s strategy to enhance operational efficiency and expand revenue, as outlined during Copel Day 2024. “This project helps improve our network inventory with productivity gains of around 30% and better allocation of maintenance teams,” says Daniel Slaviero, Copel CEO. Diogo Mac Cord, VP of Strategy, New Business, and Digital Transformation, adds: “It also enables preventive monitoring of infrastructure, increasing safety and system reliability.”

Fabio Iunis de Paula, Indicator Capital co-founder, highlights Fu2re’s potential to scale AI at the edge: “It brings real-time intelligence to where data is generated, enabling automation in sectors like energy and telecom.” Through its Building Value Together® program, Indicator will support Fu2re’s international growth and positioning.

The funding will help scale technologies such as SmartVision AI, expand into agribusiness and industry, and explore global opportunities. The initiative also advances UN SDGs 9.4 and 12.1, reinforcing a commitment to sustainability and innovation.

SOURCE Fu2re

BAKERSFIELD, Calif., Aug. 4, 2025 — MAVRK Capital Inc., the next-generation alternative asset manager at the intersection of agricultural credit lending and private equity, announced the first closing of their second fund targeting international produce growers.

The capital raise marks a key milestone for the entire MAVRK organization. With a goal to bring institutional-grade capital alongside multi-generational farming experience MAVRK is positioned to unlock attractive investments in one of the most underserved and essential sectors, perishable agriculture. The fund will directly purchase and finance produce-related receivables providing needed liquidity to growers, distributors, and retailers across the United States, Latin America and South America while continuing to connect world class growers with major U.S. retail purchasers.

“We are excited to announce this first Close of our second fund for our global lending,” said Jack Campbell, CEO of MAVRK Capital, Inc. “This investment will lead to the transformation of agriculture via institutional liquidity for growers allowing them to focus on building sustainable and predictive growing operations. We look forward to partnering with other institutional investors to build the future of agriculture.”

The investment was anchored by Valley Strong Ventures, alongside a number of family offices. MAVRK has also secured several hundred million in financing commitments, from leading financing providers, to facilitate further growth.

“Through Valley Strong Ventures, we are committed to driving innovation and supporting growth in vital industries,” said Nick Ambrosini, President and CEO of Valley Strong Credit Union. “Leading the MAVRK Equity Conduit Fund as the anchor investor—and partnering with respected institutions in their endeavors—underscores our dedication to delivering meaningful impact for our Members, our partners, and the broader community. The opportunity to help MAVRK build this future asset class is an incredible opportunity, and we look forward to scaling this platform for decades to come.”

Performance Trust Capital Partners served as advisor. “It is exciting to see first hand how rapidly the fresh produce market is meeting the private credit investing landscape,” said Paul Limanni, Managing Director and Co-Head of Capital Markets at Performance Trust Capital Partners. “I believe that the MAVRK teams deep expertise in the entire produce vertical will allow institutional investors the ability to pursue meaningful returns at scale with thoughtful risk management.”

About MAVRK Capital, Inc.

MAVRK understands first-hand the challenges farmers face when attempting to access the capital they need to grow their crops and manage cash flow while investing for future growth. That’s why we’re committed to developing flexible finance solutions that provide growers with an affordable option to maintain liquidity while improving margins, reducing and distributing risk and helping to deliver high-quality fresh produce to the world’s leading retailers.

Contact: David Higdon, +16613431840, [email protected]

SOURCE MAVRK Capital, Inc.

Company to receive $100 million in connection with the Exchange Offer on August 8, 2025 and an additional $200 million subject to certain conditions, completing its previously announced financing package of $600 million

Holders of approximately 98% of the aggregate principal amount of the outstanding Old Notes have already tendered in the Exchange Offer and delivered their consents to the proposed amendments

NEW YORK, Aug. 4, 2025 — Saks Global Enterprises LLC (“Saks Global” or the “Company”) today announced the early tender results of the previously announced offer to exchange (the “Exchange Offer”) by Saks Global and SGUS LLC, a Delaware limited liability company and wholly owned subsidiary of Saks Global (“SGUS,” and together with Saks Global, the “Issuers”) any and all of Saks Global’s 11.000% Senior Secured Notes due 2029 (the “Old Notes”) for a combination of certain securities as set forth in, and subject to the terms and conditions of, the offering memorandum and consent solicitation statement dated as of July 21, 2025 (as supplemented or otherwise modified from time to time, the “Offering Memorandum”).

As of 5:00 p.m., New York City time, on August 1, 2025 (the “Early Exchange Time”), the Issuers had received from Eligible Holders (as defined herein) valid and unrevoked tenders and related consents representing approximately 98% of the aggregate principal amount of Old Notes outstanding. At such time, the right to withdraw tenders of Old Notes and related consents expired, and so Old Notes tendered for exchange may not be validly withdrawn and consents may no longer be revoked, unless required by applicable law, or the Issuers determine in the future in their sole discretion to permit withdrawal and revocation rights. Subject to the terms and conditions set forth in the Offering Memorandum, as previously announced, settlement of the Exchange Offer with respect to tenders received as of the Early Exchange Time is expected to occur on August 8, 2025 (the “Early Settlement Date”). The exchange securities are expected to be delivered on the applicable settlement date through the book-entry facilities of DTC.

In connection with the Exchange Offer, on the Early Settlement Date, the Issuers will receive an aggregate of $100 million in gross proceeds from the sale of SPV Notes (as defined in the Offering Memorandum) and will have an additional $200 million in gross proceeds deposited in an escrow account subject to release upon certain conditions. This completes the funding of Saks Global’s previously announced up to $600 million in financing commitments. Saks Global expects to capture approximately $100 million of discount upon issuance of the exchange notes and cancellation of the Old Notes validly tendered.

Marc Metrick, CEO, Saks Global Operating Group, said, “This is an exciting milestone for Saks Global, and we are grateful for the ongoing support of our bondholders. With this incremental liquidity, we can now look forward to strengthening our brand partnerships, as well as improving inventory flow to meet customer demand and prepare for the holiday season. Simultaneously, we are continuing to execute on the already successful integration of the legacy Saks Global and Neiman Marcus Group businesses to reduce costs and drive efficiency. Together, these efforts are positioning us to create growth opportunities for our partners, drive long-term value for our stakeholders and further enhance our experience to better meet the evolving needs of our customers.”

Each of the Exchange Offer and the concurrent consent solicitation (the “Consent Solicitation“) will expire at 5:00 p.m., New York City time, on August 18, 2025, unless extended or terminated earlier (the “Expiration Time“). Subject to the tender acceptable procedures described in the Offering Memorandum, Eligible Holders who validly tender Old Notes after the Early Exchange Time and before the Expiration Time will receive the Late Exchange Consideration, as further described in the Offering Memorandum. Settlement of the Exchange Offer with respect to tenders received after the Early Exchange Time but by the Expiration Time, is expected to occur on August 20, 2025.

Each participating Eligible Holder must tender all of the Old Notes it holds. Partial tenders of Old Notes will not be accepted. No consideration will be paid for Consents in the Consent Solicitation.

The consummation of the Exchange Offer, the Consent Solicitation and the New SPV Notes Issuance (as defined in the Offering Memorandum) are subject to and conditioned upon the satisfaction or waiver by the Issuers of the Requisite Consents Condition and the General Conditions (each as defined in the Offering Memorandum).

The Exchange Offer and Consent Solicitation and offer to participate in the New SPV Notes Issuance are being made, and the SPV Notes and Saks Exchange Notes (each as defined in the Offering Memorandum) are only being offered and issued, to holders of Old Notes that are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act“) or (b) persons that are outside of the United States other than “U.S. persons” as defined in Rule 902 under the Securities Act in offshore transactions in compliance with Regulation S under the Securities Act (such holders, the “Eligible Holders“). Only Eligible Holders are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offer and Consent Solicitation.

None of the SPV Notes, the Saks Exchange Notes or the offering thereof have been or will be registered with the Securities and Exchange Commission under the Securities Act, or the securities laws of any other jurisdiction. The SPV Notes and the Saks Exchange Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

Eligible Holders are urged to carefully read the entire Offering Memorandum, including the information presented under the captions of “Forward-Looking Statements” and “Risk Factors” before making any decision with respect to the New SPV Notes Issuance, the Exchange Offer or the Consent Solicitation. None of the Issuers, any subsidiaries of Saks Global, the Exchange Agent (as defined herein), the applicable trustees and collateral agents under the indentures governing the Old Notes, SPV Notes or the Saks Exchange Notes, as applicable, or any of their respective affiliates, makes any recommendation as to whether the Eligible Holders should tender their Old Notes pursuant to the Exchange Offer or deliver consents pursuant to the Consent Solicitation. Each Eligible Holder must make its own decision as to whether to participate in the New SPV Notes Issuance and whether to tender its Old Notes and to deliver Consents.

Epiq Corporate Restructuring, LLC has been appointed as the exchange agent (in such capacity, the “Exchange Agent“) and the information agent (in such capacity, the “Information Agent“) for the Exchange Offer and Consent Solicitation. Questions concerning the Exchange Offer and Consent Solicitation may be directed to the Information Agent, in accordance with the contact details shown on the back cover of the Offering Memorandum.

About Saks Global

Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world’s most esteemed brands, Saks Global is shaping the future of luxury retail.

Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets.

For more information, follow Saks Global on LinkedIn.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote, consent or approval in any jurisdiction in connection with the New SPV Notes Issuance, the Exchange Offer, the Consent Solicitation or the Transactions (as defined in the Offering Memorandum) or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this communication is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States absent registration under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Forward-Looking Statements

Certain statements made herein are forward-looking within the meaning of applicable securities laws, including the Company’s current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments. Often, but not always, forward-looking statements can be identified by the forward-looking terminology such as the words “may,” “will,” “expect,” “believe,” “estimate,” “plan,” “could,” “should,” “would,” “anticipate,” “foresee,” “continue,” “intends,” “trends,” “indications,” “anticipates,” “predicts,” “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases.

Forward-looking statements are based on current estimates and assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that it believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct.

Many factors could cause our actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors:

• the Company’s ability to consummate the Exchange Offer and Consent Solicitation;
• the possibility that the anticipated synergies and other benefits from the recent acquisition will not be realized (partially or at all), or will not be realized within the anticipated time periods;
• the Company’s ability to successfully manage inventory levels;
• increased or new competition;
• changing consumer preferences, demand and fashion trends;
• brand image and reputational risks;
• customer concentration;
• success of the Company’s marketing and advertising programs;
• changes in spending of consumers and lower demand, including as a result of macroeconomic factors such as tariffs and inflation;
• seasonality of business;
• damage to brands and dependence on vendors;
• the Company’s ability to execute retail strategies;
• the possibility that the anticipated benefits of the Company’s partnerships with third parties will not be realized within anticipated time periods;
• reduced flexibility due to restrictive debt covenants;
• future availability of financing and limitations related to changes in the Company’s credit ratings;
• loss of or disruption in centralized distribution centers;
• civil unrest;
• extreme or unseasonable weather conditions or natural disasters;
• international operational risks, including tariffs and political risks;
• fluctuations in the U.S. dollar and other foreign currencies;
• supply disruptions;
• increase in raw material costs;
• insolvency risk of parties with whom the Company does business or their unwillingness to perform their obligations;
• risks related to privacy issues and cyber and other security breaches;
• the Company’s ability to upgrade, maintain and secure our information systems to support the Company’s needs and protect against cybersecurity threats;
• loss of intellectual property rights;
• the Company’s ability to make successful acquisitions, investments, expansions and divestitures;
• ability to maintain adequate financial and management processes and controls;
• the Company’s ability to attract and retain quality employees;
• risks related to labor costs and other challenges from a large workforce, including a deterioration in labor relations;
• the Company’s pension plan funding requirements;
• limits on insurance policies;
• exposure to changes in the real estate market;
• exposure to potential environmental liabilities relating to owned and leased real property;
• loss of flexibility with respect to properties in the real estate joint ventures;
• ability to realize the expected benefits from the real estate joint ventures or to effect a future monetization transaction with each of the real estate joint ventures;
• liabilities associated with lease guarantees and with third parties who have assumed leases from the Company;
• risks related to regulatory liability;
• inability to comply with laws and regulations that impact the Company’s business, which could lead to litigation or regulatory actions against the Company;
• tariffs, duties, border adjustment taxes, trade restrictions, sanctions, quotas and voluntary export restrictions on imposed merchandise;
• non-compliance with changing privacy regulatory environment;
• risks of product liability claims and product recalls;
• risks related to tax matters;
• changes in accounting standards and other risks inherent in the Company’s business and/or factors beyond the Company’s control which could have a material adverse effect on the Company;
• ability to manage indebtedness obligations and cash flow;
• the Company’s ability to obtain additional financing on commercially reasonable terms or at all; and
• risks related to increasing indebtedness and other contractual obligations with the Company’s strategic partnerships.

These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully.

The purpose of the forward-looking statements is to provide the reader with a description of management’s current expectations regarding the Company’s financial performance and may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements made herein. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and the Company has no intention and 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 applicable securities law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contacts

Copies of all the documents relating to the Exchange Offer and Consent Solicitation may be obtained from the Exchange Agent, subject to confirmation of eligibility through the submission of an eligibility letter, available at https://epiqworkflow.com/cases/SAKSEligibility. Alternatively, you may request the eligibility letter via email to [email protected] (please reference “Saks Global” in the subject line).

SOURCE Saks Global

•     Cash runway extended into the second half of 2026

•     Average sales price per share was over 10% higher than the June 2025 public offering price

SHELTON, Conn., Aug. 4, 2025 — Intensity Therapeutics, Inc. (Nasdaq: INTS) (“Intensity” or “the Company”), a late-stage clinical biotechnology company focused on the discovery and development of novel intratumoral cancer therapies that are designed to kill tumors and increase immune system recognition of cancers using its proprietary non-covalent conjugation technology, announces that in July 2025 the Company added $6.6 million in gross proceeds ($6.3 million net) by selling 19,868,658 shares of its common stock via its At-the-Market offering (the “ATM”) at an average price of $0.3323 per share. Following such sales of common stock pursuant to the ATM, the Company has 46,035,081 shares of common stock issued and outstanding as of July 31, 2025.

“We were able to take advantage of strong liquidity and favorable prices in our stock last month. The proceeds from these ATM sales strengthen our balance sheet considerably and allow us to continue to advance the clinical trials into the second half of 2026,” said Lewis H. Bender, President and CEO of Intensity. “We are also pleased to announce that the average price per share for these ATM sales was more than 10% higher than our recently completed June 2025 public offering, and the costs to raise this incremental capital were much lower. We will continue to be selective and strategic in the deployment of the remainder of the ATM.”

About At the Market Transactions

“At-the-Market” (ATM) offerings, also known as “ATM” programs, refer to a method where a public company sells its newly issued shares directly into the existing trading market at the prevailing market price, rather than through a traditional underwritten offering. This approach allows companies to raise capital opportunistically and incrementally, as needed, with minimal disruption to the market and typically lower costs.

About INT230-6

INT230-6, Intensity’s lead proprietary investigational product candidate, is designed for direct intratumoral injection. INT230-6 was discovered using Intensity’s proprietary DfuseRx℠ technology platform. The drug consists of two proven, potent anti-cancer agents, cisplatin and vinblastine sulfate, and a diffusion and cell penetration enhancer molecule (“SHAO”) that facilitates the dispersion of potent cytotoxic drugs throughout tumors, allowing the active agents to diffuse into cancer cells. These agents remain in the tumor, resulting in a favorable safety profile. In addition to local disease control and direct tumor killing, INT230-6 causes a release of a bolus of neoantigens specific to the malignancy, leading to immune system engagement and systemic anti-tumor effects. Importantly, these effects are mediated without immunosuppression, which often occurs with systemic chemotherapy.

About Intensity Therapeutics

Intensity is a late-stage clinical biotechnology company whose novel engineered chemistry enables aqueous cytotoxic-containing drug formulations to mix and saturate a tumor’s dense, high-fat, pressurized environment following direct intratumoral injection. As a result of the saturation, Intensity’s clinical trials have demonstrated the ability of INT230-6 to kill tumors and elicit an adaptive immune response within days of injection, representing a new approach to cancer cell death that holds the potential to shift the treatment paradigm and turn many deadly cancers into chronic diseases even for malignancies that do not respond to conventional immunotherapy. Intensity has completed two clinical studies and enrolled over 200 patients using INT230-6: a Phase 1/2 dose escalation study in metastatic cancers including sarcomas (NCT03058289), and a Phase 2 randomized control clinical trial in locally advanced breast cancer (the “INVINCIBLE-2 Study”) (NCT04781725) in women without undergoing chemotherapy prior to their surgery. The Company initiated a Phase 3 trial in soft tissue sarcoma (the “INVINCIBLE-3 Study”) (NCT06263231), testing INT230-6 as second or third-line monotherapy compared to the standard of care (“SOC”) with overall survival as an endpoint. Intensity also initiated a Phase 2 study (the “INVINCIBLE-4 Study”) (NCT06358573) in collaboration with the Swiss Cancer Group, formerly the Swiss Group for Clinical Cancer Research, SAKK, as part of a Phase 2/3 program evaluating INT230-6 followed by the SOC immunochemotherapy and the SOC alone for patients with presurgical triple-negative breast cancer. Pathological complete response (“pCR”) is the endpoint. For more information about Intensity, including publications, papers, and posters about its novel approach to cancer therapeutics, visit www.intensitytherapeutics.com.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These statements include, but are not limited to, statements relating to the Company’s expected future plans, cash runway, development activities, projected milestones, business activities or results. When or if used in this communication, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to the Company or its management, may identify forward-looking statements. The forward-looking statements contained in this press release are based on management’s current expectations and projections about future events. Nevertheless, actual results or events could differ materially from the plans, intentions, and expectations disclosed in, or implied by, the forward-looking statements. These risks and uncertainties, many of which are beyond our control, include: the initiation, timing, progress and results of future preclinical studies and clinical trials and research and development programs; the need to raise additional funding before the Company can expect to generate any revenues from product sales; plans to develop and commercialize product candidates; the timing or likelihood of regulatory filings and approvals; the ability of the Company’s research to generate and advance additional product candidates; the risk that product candidates that appear promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials; the implementation of the Company’s business model, strategic plans for the Company’s business, product candidates and technology; commercialization, marketing and manufacturing capabilities and strategy; the rate and degree of market acceptance and clinical utility of the Company’s system; the Company’s competitive position; the Company’s intellectual property position; developments and projections relating to the Company’s competitors and its industry; the Company’s ability to maintain and establish collaborations or obtain additional funding; expectations related to the use of cash and cash equivalents and investments; our potential inability to satisfy the Nasdaq Capital Market’s requirements for continued listing and be subject to delisting; estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and other risks described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent SEC filings, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.

Investor Relations Contact:
Justin Kulik
[email protected]
CORE IR
(516) 222-2560

Media Contact:
Jules Abraham
CORE IR
[email protected]

SOURCE Intensity Therapeutics Inc.