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AMESBURY, Mass. , Dec. 2, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (Nasdaq:PVBC), the holding company for BankProv (the "Bank"), today announced that its Board of Directors has adopted a new stock repurchase program. Under the repurchase program, the Company may repurchase up to 883,366 shares of its common stock, or approximately five percent of the current outstanding shares. The repurchase program was adopted following the receipt of non-objection from the Federal Reserve Bank of Boston . The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b -18 of the Securities and Exchange Commission and other applicable legal requirements. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares. About Provident Bancorp, Inc. Provident Bancorp, Inc. (NASDAQ:PVBC) is the holding company for BankProv, a full-service commercial bank headquartered in Massachusetts . With retail branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire , as well as commercial banking offices in the Manchester / Concord market in Central New Hampshire , BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. Founded in Amesbury, Massachusetts in 1828, BankProv holds the honor of being the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com . Forward-Looking Statements This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as, "expects," "subject," "believe," "will," "intends," "may," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control), and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date on which they are given). These factors include: general economic conditions; interest rates; inflation; levels of unemployment; legislative, regulatory and accounting changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve Bank; deposit flows; our ability to access cost-effective funding; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in consumer spending, borrowing and savings habits; competition; our ability to successfully shift the balance sheet to that of a traditional community bank; real estate values in the market area; loan demand; the adequacy of our level and methodology for calculating our allowance for credit losses; changes in the quality of our loan and securities portfolios; the ability of our borrowers to repay their loans; our ability to retain key employees; failures or breaches of our IT systems, including cyberattacks; the failure to maintain current technologies; the ability of the Company or the Bank to effectively manage its growth; global and national war and terrorism; the impact of the COVID-19 pandemic or any other pandemic on our operations and financial results and those of our customers; and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents that the Company files from time to time with the Securities and Exchange Commission, including Annual and Quarterly Reports on Forms 10-K and 10-Q, and Current Reports on Form 8-K. Investor contact: Joseph Reilly President and Chief Executive Officer Provident Bancorp, Inc. jreilly@bankprov.com View original content to download multimedia: https://www.prnewswire.com/news-releases/provident-bancorp-inc-adopts-stock-repurchase-program-302320082.html SOURCE Provident Bancorp, Inc.

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Taiwan said Thursday it detected 16 Chinese warships in waters around the island, one of the highest numbers this year, as Beijing intensifies military pressure on Taipei. The navy vessels, along with 34 Chinese aircraft, were spotted near Taiwan in the 24 hours to 6 a.m. Thursday, according to the defense ministry's daily tally. Beijing has been holding its biggest maritime drills in years from near the southern islands of Japan to the South China Sea, Taiwan authorities said this week. Around 90 Chinese warships and coast guard vessels have been involved in the exercises that include simulating attacks on foreign ships and practising blockading sea routes, a Taiwan security official said Wednesday. There has been no announcement by Beijing's army or Chinese state media about increased military activity in the East China Sea, Taiwan Strait, South China Sea or Western Pacific Ocean. However, a recent Pacific tour by Taiwanese President Lai Ching-te that included two stops in U.S. territory drew fury from Beijing, which claims the democratic island as part of China's territory. The security official said that China began planning the massive maritime operation in October and aimed to demonstrate it could choke off Taiwan and draw a "red line" ahead of the next US administration. The sea drills were "significantly larger" than Beijing's maritime response to then-U.S. House Speaker Nancy Pelosi's visit to Taipei in 2022, the security official said. Those war games were China's largest-ever around Taiwan. Taiwan's foreign ministry said Wednesday that China's increased military activity around the island was evidence that Beijing was a "troublemaker". But China's foreign ministry -- whose spokesperson neither confirmed nor denied that drills were taking place -- directed blame at Taiwan. The de facto U.S. embassy in Taiwan said Thursday it was monitoring "with concern" Beijing's People's Liberation Army (PLA) activity near the island and in the region. While Beijing had not announced major drills in response to Lai's trip, Chinese military activity was "elevated", which was "consistent with levels we have seen during other large exercises," a spokesperson for the American Institute in Taiwan said. James Char, an expert on China's military at Singapore's Nanyang Technological University, said Beijing's silence "serves as a way of demonstrating that the Taiwan Strait as well as the waters and airspace around the island falls under Chinese sovereignty -- hence unnecessary to announce (the drills) to the world". "This is another means by the mainland to force its position upon others," Char told AFP, though he did not rule out Chinese confirmation at a later date. Taiwan said Monday that the PLA had reserved airspace off the Chinese coast until Wednesday. Vietnam-based maritime security analyst Duan Dang told AFP Thursday that aviation data showed the airspace zones had "fully returned to normal". Taiwan lives under the constant threat of invasion by China, which has not ruled out using force to bring the island under its control. Beijing has ramped up the deployment of fighter jets and warships around the island in recent years, and also opposes any international recognition of self-ruled Taiwan -- especially when it comes to official contact between Taipei and Washington. Lai spoke last week with Republican House Speaker Mike Johnson in addition to his two recent stopovers on U.S. soil. The defense ministry's tally of Chinese warships on Thursday was the highest since May 25, when 27 navy vessels were detected during Chinese military drills held days after Lai's inauguration.

Expedia Group Names Scott Schenkel as Chief Financial OfficerBrendan Rodgers amused by talk of Celtic 'panic' as he reflects on glory yearOur community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info In a tragic turn of events, Russian actress Kamilla Belyatskaya described a picturesque beach as the "best thing I've seen in my life" in an eerie final post before being swept away by the ocean on the tourist island of Koh Sumui in Thailand. At just 24 years old, she had shared footage of herself perched on a pink foam yoga mat, enjoying the coastal views. However, she later became overpowered by the crashing waves and was seen struggling against the ocean's pull in a heartrending video clip. Her body was sadly discovered this past weekend, located two-thirds of a mile from where the devastating waves overtook her. Hailing from Novosibirsk, Russia, Kamilla was visiting the renowned location with her boyfriend and had expressed her affection for this special spot to her social media followers, dubbing Koh Sumui "home" and "the best place on earth". Her enthusiasm was palpable when she previously posted about a particularly enchanting rocky beach, sharing: "I love Samui so much. But this place, this rocky beach is the best thing I've ever seen in my life. Thank you, universe, for me being here right now. I'm very happy. I'm happy!" The young starlet had retrieved the pink mat from the boot of her car to take in the island’s sweeping vistas. Later, amidst treacherous conditions at sea, the same mat was spotted adrift. Despite rescue teams battling the ferocious seas and reaching the scene merely 15 minutes after she disappeared into the water, they were unable to save the ill-fated tourist. A witness recounted the distressing incident, saying: "We were there at that moment. It was about 1.40 pm." "A terrible tragedy," they added. "She sat on the rock for a long time. At some point, I turned away, and a second later I saw that the girl had been carried away by a wave. Her boyfriend was sitting much higher than she was. As soon as that happened, we ran to the Thais to call for help. I hoped that the girl would swim out... as soon as she was washed away she managed to swim out, screaming with the last of her strength and trying to stay on her back." Sadly, despite rescue teams reaching the scene in just 15 minutes, they couldn't save the ill-fated tourist. Her grief-stricken boyfriend and witnesses provided statements to local authorities detailing the calamity. Chaiyaporn Subprasert, head of Samui Rescue Centre, noted that warning protocols were indeed in place along the beaches. "During monsoon season, we constantly warn tourists, especially in high-risk areas like Chaweng and Lamai beaches, where red flags indicate no swimming. While the incident's location is not a swimming area but rather a viewpoint for scenery, the victim may have been caught off guard by the unexpected wave surge."WASHINGTON — On a chaotic day at the Capitol, Maryland Democrats scrambled to ensure Francis Scott Key Bridge replacement funding remained in a catch-all spending bill that — in a two-day period — was endorsed and rejected by House Republicans who announced a new deal Thursday afternoon. The new agreement contained the federal commitment sought by Maryland lawmakers to pay the full cost of replacing the Francis Scott Key Bridge following its March collapse, according to a Senate aide who requested anonymity because no announcement had been made yet. But another Maryland priority — making it easier for the NFL’s Washington Commanders to potentially move back to the District of Columbia — is not included in the new package, according to the aide. That provision was part of an agreement under which the team was to pay to redevelop the area surrounding the team’s current Prince George’s County stadium if the club left. Congress faces a Friday night deadline to pass the stopgap measure preventing a government shutdown that would disproportionately affect the state because of its thousands of federal workers. The 1,547-page measure was unveiled by House Republicans Tuesday night and promptly rejected by the GOP Wednesday after a string of critical social media posts by billionaire Elon Musk, an adviser and ally of Republican President-elect Donald Trump. Musk, citing a pay increase for Congress among other objections, called the bill “dead,” and some House Republicans appeared ready to try to unseat Speaker Mike Johnson. “The House Republicans need to get their house in order,” Democratic Maryland Sen. Chris Van Hollen told The Baltimore Sun on Thursday. “We had an agreement, and a tweet started by Elon Musk shouldn’t cause House Republicans to shake in their boots. We cannot have government by tweet.” Rep. Kweisi Mfume, a Democrat, told The Baltimore Sun the spending package, called a continuing resolution, or CR, “was a good agreement. It still is.” The measure’s rejection, Mfume quipped, “is a good look at what President Musk and Vice President Trump are up to.” But Thursday afternoon, Oklahoma Republican Rep. Tom Cole, the House Appropriations Committee chair, told reporters a new agreement had been struck. No details were immediately available, and it was uncertain if Democrats had signed off or if enough rank and file Republicans would endorse the bill to secure passage. All of Maryland’s eight U.S. House members and two senators are Democrats except for GOP Rep. Andy Harris, whose district includes Harford County and the Eastern Shore. He did not respond to messages sent to his office on Thursday. The race to keep the government funded came as the offices of retiring lawmakers — such as longtime Baltimore County Democratic Rep. C.A. Dutch Ruppersberger — had already been cleared of furniture and equipment so new members could begin preparations to move in. The exit from his Rayburn House Office Building suite — which commands a view of the Capitol — left Ruppersberger, who has held public office for nearly 40 years, working remotely. “We are working around the clock to assist constituents with open casework but are unable to open any new ones without access to our House-issued technology,” said Ruppersberger spokesperson Jaime Lennon. “I’m still calling and emailing constituents.” Sen. Ben Cardin and Maryland Reps. John Sarbanes and David Trone, all Democrats, are also stepping down although Cardin and other senators were not required to pack up yet. Their terms end when the new Congress is sworn in on Jan. 3. Cardin, who has two weeks remaining in his 18-year Senate career, joked Thursday: “I’m glad to see it’s going to be a typical end to a legislative session.” He and other Maryland lawmakers have pushed for months to ensure a federal commitment to 100% Key Bridge funding. Federal highways are generally funded with 90% federal money and 10% from the affected state. But Marylanders say a 100% federal cost share is consistent with prior federal responses to such disasters. The new bridge cost is estimated at $1.7 billion to $1.9 billion. “I don’t think this is holding up an agreement,” Cardin told The Sun of the bridge funding. “I think we still have the support network.” A government shutdown would be “a devastating blow” to federal workers and others who depend on government services, the nation’s largest union of federal employees said Thursday. Such a hit could have an outsized effect in Maryland, where roughly 160,000 civilian federal workers would be at risk of furlough or working without pay around the holidays. “The prospect of a lengthy government shutdown is nothing short of a Christmas gift to America’s adversaries and a lump of coal in the stockings of the American people,” Everett Kelley, national president of the American Federation of Government Employees, said in a statement. The union represents about 30,000 workers in Maryland, Virginia, North Carolina and West Virginia. It represents thousands more who work elsewhere but are employed by agencies headquartered in Maryland, like the Social Security Administration and the Centers for Medicare and Medicaid Services. A shutdown, Mayor Brandon Scott said Thursday, would affect the Key Bridge “but will also impact the people who live in Baltimore who work for the federal government, and their families’ ability to get food. It will impact people’s ability to get services.” Maryland lawmakers also sought — unsuccessfully, the Senate aide added — to preserve language relating to the Commanders’ potential relocation. The Commanders and Washington elected officials have long expressed interest in the team returning to the RFK Stadium site where it played until moving to Landover in 1997. Because the RFK Stadium site is under federal control, legislation would be needed to allow the land to be developed with a new stadium and other projects. On Wednesday, Musk reposted a message falsely alleging — until it was edited — that the spending package contained billions of dollars for a new Commanders stadium. The measure does not include stadium funding. Maryland lawmakers also hope to preserve language granting its request to receive one of Washington’s two Air National Guard squadrons. The Senate aide that language was not contained in the latest agreement. Maryland has been trying to persuade the Air Force to preserve a flight mission in the state because the military is phasing out its A-10 “Warthog” attack aircraft, and no aircraft was designated to replace them. (Sam Janesch and Carson Swick contributed to this article.) ©2024 Baltimore Sun. Visit baltimoresun.com . Distributed by Tribune Content Agency, LLC.

Aadi Enters into Exclusive License for Three-Asset ADC Portfolio Developed through a Collaboration between WuXi Biologics and HANGZHOU DAC Aadi Enters Agreement to Sell FYARRO ® and Associated Infrastructure to KAKEN Pharmaceutical for $100M ; Announces PIPE Financing of $100M Cumulative Capital Expected to Fund Operations into Late 2028, Including Anticipated Clinical Data for the ADC Portfolio Co-Founder and Former CEO of ProfoundBio, Baiteng Zhao, Appointed to Aadi Board of Directors Aadi to Hold Webcast and Conference Call on December 20 at 8:00 AM EST LOS ANGELES , Dec. 19, 2024 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI) today announced it has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates (ADCs), in collaboration with WuXi Biologics (2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. ( HANGZHOU DAC), a global leader in ADC innovation. Per the terms of the license agreement, Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging HANGZHOU DAC's CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 (PTK7), Mucin-16 (MUC16) and Seizure Related 6 Homolog (SEZ6). Aadi will pay aggregate upfront payments of $44 million for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265 million , cumulative commercial milestone payments of up to $540 million and single-digit royalties of sales. To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $100 million , before deducting placement agent fees and other offering expenses. The Company is selling an aggregate of 21,592,000 shares of its common stock ("Common Stock") at a price of $2.40 per share, representing a premium of approximately 3.4% to the closing price on December 19, 2024 on Nasdaq, and pre-funded warrants ("Pre-Funded Warrants") to purchase up to an aggregate of 20,076,500 shares of Common Stock at a purchase price of $2.3999 per Pre-Funded Warrant share. The syndicate was led by Ally Bridge Group, with participation from new investors OrbiMed, Invus, Kalehua Capital and other accredited investors, Tae Han co-founder of ProfoundBio, as well as existing investors, including Avoro Capital, KVP Capital and Acuta Capital Partners. The PIPE financing is expected to close in the first half of 2025, subject to stockholder vote and satisfaction of customary closing conditions. "I'm thrilled to announce our partnership with WuXi Biologics and HANGZHOU DAC to bring forward this thoughtfully selected ADC portfolio. We were deliberate in identifying broadly expressed tumor targets where first-generation ADCs have already shown proof of concept. With our next wave ADC portfolio, we aim to build upon these earlier therapies to deliver improved outcomes for people living with cancer," said David Lennon , PhD, President and CEO of Aadi Bioscience. "The financing underscores the confidence our investors have in both the potential of this portfolio and the strength of Aadi's management team." About the ADC Portfolio Each of the three ADC assets utilizes HANGZHOU DAC's CPT113 ADC platform, which consists of a highly stable yet cleavable linker that delivers a Topoisomerase I (TOPO1) inhibitor payload. The CPT113 platform's linker stability and novel payload has the potential to be highly competitive among the next generation ADC platforms. To effectively leverage the CPT113 platform, Aadi selected tumor targets that are upregulated in high-potential cancer indications and where clinical efficacy has been demonstrated by first-generation ADCs. These assets were discovered through the collaborative efforts of WuXi Biologics and HANGZHOU DAC, utilizing the innovative antibody discovery platform provided by WuXi Biologics and advanced linker-payload technology provided by HANGZHOU DAC. "Leveraging our advanced antibody discovery service, we're glad to enable Aadi to accelerate the discovery of precision therapies targeting some of the most challenging cancers," said Dr. Chris Chen , CEO of WuXi Biologics. "This collaboration underscores our wide recognition as an industry leader in discovery service solutions, and further validates our ability to provide integrated discovery technology platforms for global partners to develop next-generation modalities. We look forward to partnering with Aadi and HANGZHOU DAC to expeditiously move these assets forward into clinical development and benefit patients worldwide." " HANGZHOU DAC's CPT-ADC platform is designed to enable next wave ADC capabilities that surpass first-generation technologies, including two programs already in clinical development in China ," said Dr. Robert Y. Zhao , President and CEO of HANGZHOU DAC Biotechnology. "As a global leader in ADC innovation, we are excited to partner with Aadi and WuXi Biologics to deliver this promising portfolio to patients." Aadi to Sell FYARRO for $100 Million , Cumulative Capital Expected to Fund Operations into Late 2028 In a separate agreement, KAKEN Pharmaceutical Co., Ltd., an R&D driven pharmaceutical company in Japan , has entered into a stock purchase agreement under which KAKEN will acquire Aadi Subsidiary, Inc. and all of its assets, including FYARRO ® (sirolimus protein-bound particles for injectable suspension) (albumin-bound) and associated infrastructure, including the majority of Aadi employees who support the FYARRO ® business. FYARRO is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa), with cumulative revenue of $25.2 million reported over the prior four quarters ended September 30, 2024 . Per the terms of the agreement, Kaken will pay Aadi $100 million in cash at closing, subject to certain adjustments. The transaction is expected to close in the first half of 2025, subject to Aadi stockholder approval and certain closing conditions. Upon the closing of this transaction, KAKEN will also acquire the rights to the Aadi name and trademark. "We are enormously proud of the impact FYARRO has had for people with PEComa, and Kaken's capabilities, coupled with the proven track record of the Aadi team, ensures physicians and patients will continue to have access to this critical treatment," said Lennon. The net proceeds from the PIPE financing and the sale of FYARRO, together with the Company's existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio. Baiteng Zhao Appointed to the Board of Directors, Brings Significant ADC Expertise Baiteng Zhao, PhD, joins Aadi's board of directors. Zhao co-founded ProfoundBio, a clinical stage next-gen ADC developer, in 2018 and served as the Chairman and CEO of the company until it was acquired by Genmab for $1.8 billion in May 2024 . Prior to ProfoundBio, Dr. Zhao worked at Seagen (now part of Pfizer) for more than eight years and was responsible for the modeling and simulation strategies for the development pipeline and supported preclinical and clinical development of ADC drug candidates. "We are delighted to welcome Baiteng to our Board. His deep expertise and successful track record in ADC development will be instrumental as we tenaciously move this exciting portfolio forward," said Caley Castelein , MD, Chair of the Board of Directors of Aadi Bioscience. "I am thrilled to join the Board at this pivotal moment for Aadi," said Baiteng Zhao, PhD, Board of Directors of Aadi Bioscience and co-founder of ProfoundBio. "PTK7, MUC16 and SEZ6 represent highly promising targets that are commonly overexpressed in cancers with significant unmet therapeutic needs. Coupled with an advanced linker-payload platform that has the potential to enable next-gen ADCs, I believe Aadi is uniquely positioned to make a meaningful impact on patient outcomes. I look forward to collaborating with the leadership team and fellow Board directors to advance these innovative programs and drive transformative progress for patients." Advisors Leerink Partners is serving as financial advisor to Aadi on the sale of FYARRO and the licensing of the ADC portfolio. Jefferies LLC is acting as exclusive placement agent for the PIPE financing. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal counsel to Aadi. McDermott Will & Emery LLP is serving as legal counsel to Kaken. Cooley LLP is serving as legal counsel to Jefferies LLC. Nomura Securities Co., Ltd. is serving as financial advisor to KAKEN. Conference Call Information The Aadi management team is hosting a conference call and webcast tomorrow, Friday, December 20 th at 8:00 AM EST ( 5:00 AM PST ) to discuss these updates. Participants may access a live webcast of the call and the associated slide presentation on these data through the "Investors & News" page of the Aadi Bioscience website at aadibio.com . To participate via telephone, please register in advance at this link . Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days. Additional Information for Stockholders This communication relates to the proposed sale of FYARRO and the proposed PIPE financing and may be deemed to be solicitation material in respect of such transactions. In connection with these proposed transactions, Aadi will file a Proxy Statement with the SEC. This communication is not a substitute for the Proxy Statement or any other documents that Aadi may file with the SEC or send to Aadi stockholders in connection with the proposed transactions. Before making any voting decision, investors and securityholders are urged to read the Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transactions as they become available because they will contain important information about the proposed transactions and related matters. Stockholders may obtain a copy of the Proxy Statement and other documents the Company files with the SEC (when they are available) through the website maintained by the SEC at www.sec.gov , as well as on the Investor and News section of Aadi's website at www.aadibio.com . Certain stockholders of Aadi holding approximately 36% of Aadi's outstanding shares, as of the date hereof, including members of its board of directors and related entities, have entered into voting and support agreements in favor of KAKEN Pharmaceutical and Aadi, pursuant to which such stockholders have agreed to vote in favor of the stock purchase transaction with KAKEN Pharmaceutical and the other transactions described above. Participants in the Solicitation Aadi and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Aadi in connection with the proposed transactions. Information about Aadi's directors and executive officers is set forth in Aadi's definitive proxy statement filed with the SEC on April 26, 2024 , and in subsequent filings made by Aadi with the SEC. Other information regarding the interests of such individuals, as well as information regarding Aadi's directors and executive officers and other persons who may be deemed participants in the proposed transactions, will be set forth in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph. No Offer or Solicitation This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor a solicitation of any vote or approval with respect to the proposed transactions or otherwise, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offer and sale of securities of Aadi described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the execution of the subscription agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file, following the closing of the PIPE financing, a registration statement with the SEC registering the resale of the shares of Common Stock and the shares of Common Stock underlying the Pre-Funded Warrants sold in the PIPE financing. About Aadi Bioscience Aadi is a precision oncology company with a vision to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. More information on the Company is available on the Aadi website at www.aadibio.com and connect with us on LinkedIn. Forward-Looking Statements This press release contains certain forward-looking statements regarding the business of Aadi Bioscience that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the timing and completion of the proposed sale of FYARRO to Kaken Pharmaceuticals and the anticipated timing of the closing of the transaction; expectations regarding the timing, closing and completion of the PIPE financing; Aadi's expected cash position at the closing and cash runway of the company following the sale of FYARRO and PIPE financing; the future operations of Aadi; the development and potential benefits of any of Aadi's product candidates, including the preclinical ADC assets proposed to be licensed from WuXi; anticipated preclinical and clinical development activities and related timelines, including the expected timing for announcement of data and other preclinical and clinical results and potential submission of IND filings for one or more product candidates; and other statements that are not historical fact. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with (i) the risk that the conditions to the closing of the proposed sale of FYARRO or the PIPE financing are not satisfied, including the failure to timely obtain stockholder approval for the transactions, if at all; (ii) uncertainties as to the timing of the consummation of the proposed transactions and the ability of each of Kaken and Aadi to consummate the proposed sale of FYARRO; (iii) risks related to Aadi's ability to manage its operating expenses and its expenses associated with the proposed transactions pending the closing; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed transactions; (v) unexpected costs, charges or expenses resulting from the transactions; (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed sale of FYARRO or the proposed PIPE financing; (vii) the uncertainties associated with Aadi's product candidates, as well as risks associated with the preclinical and clinical development and regulatory approval of product candidates, including potential delays in the completion of preclinical studies and clinical trials; (viii) risks related to the inability of Aadi to obtain sufficient additional capital to continue to advance these product candidates; (ix) uncertainties in obtaining successful preclinical and clinical results for product candidates and unexpected costs that may result therefrom; (x) risks related to the failure to realize any value from product candidates being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and (xi) risks associated with the possible failure to realize certain anticipated benefits of the proposed sale of FYARRO or the proposed PIPE financing, including with respect to future financial and operating results. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , including under the caption "Item 1A. Risk Factors," and in Aadi's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Aadi's reports and other documents that Aadi has filed, or will file, with the SEC from time to time and available at www.sec.gov . All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Aadi undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Contact: IR@aadibio.com View original content to download multimedia: https://www.prnewswire.com/news-releases/aadi-bioscience-transforms-with-in-licensing-of-novel-adc-portfolio-100-million-sale-of-fyarro-and-100-million-pipe-financing-302336743.html SOURCE Aadi Bioscience

FEMA under investigation over Trump supporter discrimination

NEW YORK (AP) — U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way. The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago. The Dow Jones Industrial Average added 440 points, or 1%, to its own record set on Friday, while the Nasdaq composite rose 0.3%. Treasury yields also eased in the bond market amid what some analysts called a “Bessent bounce” after President-elect Donald Trump said he wants Scott Bessent , a hedge fund manager, to be his Treasury Secretary. Bessent has argued for reducing the U.S. government’s deficit, which is how much more it spends than it takes in through taxes and other revenue. Such an approach could soothe worries on Wall Street that Trump’s policies may lead to a much bigger deficit, which in turn would put upward pressure on Treasury yields. After climbing above 4.44% immediately after Trump’s election, the yield on the 10-year Treasury fell back to 4.26% Monday, down from 4.41% late Friday. That’s a notable move, and lower yields make it cheaper for all kinds of companies and households to borrow money. They also give a boost to prices for stocks and other investments. That helped stocks of smaller companies lead the way, and the Russell 2000 index of smaller stocks jumped 1.5%. It finished just shy of its all-time high, which was set three years ago. Smaller companies can feel bigger boosts from lower borrowing costs because of the need for many to borrow to grow. The two-year Treasury yield, which more closely tracks the market’s expectations for what the Federal Reserve will do with overnight interest rates, also eased sharply. The Fed began cutting its main interest rate just a couple months ago from a two-decade high, hoping to keep the job market humming after bringing inflation nearly all the way down to its 2% target. But immediately after Trump’s victory, traders had reduced bets for how many cuts the Fed may deliver next year. They were worried Trump’s preference for lower tax rates and higher spending on the border would balloon the national debt. A report coming on Wednesday could influence how much the Fed may cut rates. Economists expect it to show that an underlying inflation trend the Fed prefers to use accelerated to 2.8% last month from 2.7% in September. Higher inflation would make the Fed more reluctant to cut rates as deeply or as quickly as it would otherwise. Goldman Sachs economist David Mericle expects that to slow by the end of next year to 2.4%, but he said inflation would be even lower if not for expected tariff increases on imports from China and autos favored by Trump. In the stock market, Bath & Body Works jumped 16.5% after delivering stronger profit for the latest quarter than analysts expected. The seller of personal care products and home fragrances also raised its financial forecasts for the full year, even though it still sees a “volatile retail environment” and a shorter holiday shopping season this year. Much focus has been on how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. Last week, two major retailers sent mixed messages. Target tumbled after giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Another big retailer, Macy’s, said Monday its sales for the latest quarter were in line with its expectations, but it will delay the release of its full financial results. It found a single employee had intentionally hid up to $154 million in delivery expenses, and it needs more time to complete its investigation. Macy’s stock fell 2.2%. Among the market’s leaders were several companies related to the housing industry. Monday’s drop in Treasury yields could translate into easier mortgage rates, which could spur activity for housing. Builders FirstSource, a supplier or building materials, rose 5.9%. Homebuilders, D.R. Horton, PulteGroup and Lennar all rose at least 5.6%. All told, the S&P 500 rose 18.03 points to 5,987.37. The Dow Jones Industrial Average jumped 440.06 to 44,736.57, and the Nasdaq composite gained 51.18 to 19,054.84. In stock markets abroad, indexes moved modestly across much of Europe after finishing mixed in Asia. In the crypto market, bitcoin was trading below $95,000 after threatening to hit $100,000 late last week for the first time. AP Business Writer Elaine Kurtenbach contributed.

(CNN) — President-elect Donald Trump has chosen Ed Martin, a hardline, socially conservative activist and commentator, to serve as the next chief of staff at the Office of Management and Budget (OMB). As CNN first reported in July, Martin has publicly advocated for a national abortion ban without exceptions for rape or incest and has raised imposing criminal penalties on women and doctors involved in abortions. Martin is a former chair of the Missouri Republican Party chair and former radio host, and served as one of the leaders of the 2024 Republican National Convention’s platform committee, which shaped the party’s official stance on key issues. He is the current president of socially conservative group Phyllis Schlafly Eagles. The OMB plays a key role in shaping the president’s economic and legislative agenda by reviewing funding proposals and ensuring they align with the administration’s policy priorities. Martin’s role at OMB could have a potential impact on how federal funds are allocated for programs related to women’s health or reproductive rights. CNN first reported Martin’s comments about potentially jailing women for abortions when he was named deputy policy director for the Republican National Convention’s platform committee. Ultimately, at Trump’s request , the platform softened its language on abortion to remove support for a national ban. A Pew Research Center survey from May 2024 showed that 63% of US adults believe abortion should be legal in all or most cases. Martin didn’t respond to CNN’s requests for comment on the initial story or this one. During his radio show in May 2022, Martin repeatedly discussed the prospect of imprisoning women who undergo abortions, stating, “If you believe it’s a baby – I do – then you have to do something to protect the baby.” Martin has also urged anti-abortion activists to frame the debate in terms of protecting the unborn rather than adopting the framing used by abortion rights advocates about being about a women’s choice. He argued that if the discussion focuses on a woman’s right to choose, it becomes politically difficult to justify criminal penalties for women who get abortions. However, by shifting the argument to focus on the life of the baby, the possibility of punitive measures for women and doctors becomes open. “The late Phyllis Schlafly, whom I worked so closely with, used to say, ‘If you get to claim and frame the argument, you almost certainly get to win,’” Martin said. “In other words, if you take their framing, it’s a woman’s right. Are you gonna put women in jail? No. It’s about a baby. Now, what do we do? Frame the argument. Own the argument.” At the OMB, Martin will report to incoming director Russell Vought, another staunch conservative who previously served in the role during Trump’s first term. Martin and Vought also served together on the platform committee. In the days after a draft opinion striking down Roe v. Wade was leaked in May 2022, Martin first discussed on his radio show possible prison sentences for women and doctors who perform abortions. “If you ban abortion in Louisiana, is a doctor who has an abortion breaking the law? Yes. Should he be punished? Yes – I think that seems obvious. What is the punishment? Not sure yet. Could be criminal, could be a jail sentence, I suppose,” he said. Trump praised Martin in a Truth Social post announcing the selection, writing, “Ed is a winner who will help Make America Great Again!” Martin has also opposed exceptions for abortions to save the life of the mother, calling it “an absolute scientific fact that no abortion is ever performed to save the life of the mother. None, zero, zilch.” According to the American College of Obstetricians and Gynecologists , complications during pregnancy can pose life-threatening risks, sometimes requiring an abortion to preserve the mother’s life. Abortions may be necessary to save the life of the mother suffering from pregnancy complications, such as preeclampsia or an ectopic pregnancy. “The true bane of the pro-life movement is the faction of fake pro-lifers who claim to believe in the sanctity of human life but are only willing to vote that way with a list of exceptions,” Martin said on another radio show in June 2022 – days after Roe v. Wade was struck down. His hardline views contrast with Trump’s recent efforts to moderate his rhetoric on abortion, as the issue has become politically challenging for Republicans following the overturning of Roe v. Wade . Trump has advocated for exceptions in cases of rape, incest, and the health of the mother and said that the issue of abortion should largely be left to the states. Still, Martin has continued to push for absolute restrictions on abortion, rejecting exceptions of any kind, including, as he said in July 2022, the rape of a 10-year-old Ohio girl. “Don’t tell me to stop talking about abortion,” Martin said in April 2024 on his radio show. “Don’t tell me that because you don’t think it’s a winner politically, I’m supposed to stop talking about abortion.” The-CNN-Wire TM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.FMC Corporation announces election of Anthony DiSilvestro to Board of Directors