Category: 3. Business

  • DLA Piper strengthens global Private Equity team with strategic appointment of Chris Field

    DLA Piper has appointed private equity veteran Chris Field to its Corporate practice, effective September 2025, in a strategic hire to bolster its global offering.

    Dual qualified in England & Wales and South Africa, Chris, who will be based in the firm’s London office, is a highly respected practitioner advising a range of global and national PE houses, Sovereign Wealth Funds and investors on all aspects of their PE and M&A activities across the UK and Europe. Listed in the IFLR 1000 for PE and M&A, Chris’s work allows him to collaborate with other practice groups, including Tax, Finance, Employment and Real Estate.

    Jon Kenworthy, Global Co-Chair of DLA Piper’s Corporate Group, commented: “Our global private equity and M&A teams are recognised as some of the industry’s most active, and with Chris’s appointment, we aim to continue to increase our market presence in line with our strategic growth strategy. With Chris’s cross-border and sector skillset, our teams will continue to be well-positioned to help our clients with their most complex and important transactions and afford them access to the benefits of our global platform.”

    In the last 12 months, DLA Piper’s private equity and M&A teams have advised on some of the largest deals, including:

    • Supporting Grant Thornton UK’s majority investment in the firm by International private equity firm, Cinven.
    • Advising AirTrunk on its AUD24 billion sale to Blackstone, the largest data centre transaction to date, and the largest transaction in Australia for 2024.
    • Assisting Global IBO Group Ltd on its business combination with Bukit Jalil Global Acquisition 1 Ltd, a publicly-traded special purpose acquisition company. The combined company, GIBO Holdings Limited, commenced trading on the Nasdaq Global Market on May 9, 2025, under the ticker symbol “GIBO”.
    • Advising MidEuropa on the acquisition of a controlling stake in FAMAR, a well-established pharmaceutical contract development and manufacturing organisation from ECM Partners and Metric Capital Partners.

    The firm has the strongest M&A practice in the world and has been cited as the highest-ranked legal advisor for M&A (by volume) for the 15th consecutive year by Mergermarket, and the most active legal advisor for European PE for the seventh consecutive year by PitchBook.

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  • H1 2025: Škoda Auto posts solid financial results and becomes Europe’s third best-selling car brand

    H1 2025: Škoda Auto posts solid financial results and becomes Europe’s third best-selling car brand

    The strong sales are also reflected in the company’s financial results: revenue rose to €15.070 bn (+10.4%), operating profit reached €1.285 bn (+11.8%) and net cash flow stood at €1.453 bn (+3.2%). The return on sales remained robust at 8.5% (8.4%). Škoda also reached a historic milestone by becoming the third best-selling car brand in Europe (EU-27 plus the United Kingdom, Switzerland, Norway and Iceland). The Czech manufacturer aims to secure a permanent place among the top three brands in Europe by the end of the decade. On the European market, Škoda delivered 409,100 vehicles to customers (+10.5%), significantly outperforming the overall market. Strong demand for electric and plug-in-hybrid models played a key role in this success. In Europe, Škoda supplied customers with 72,000 electric vehicles and 21,400 plug-in hybrids, together accounting for 22.8% of deliveries. Škoda Auto also significantly strengthened its presence in Asia, delivering 33,300 vehicles to customers in India. This achievement set a new record for the brand in its 25th year on the subcontinent, marking year-on-year growth of 107.7%. In Vietnam, sales began of the first locally produced Škoda model – the Kushaq SUV.

    “Škoda Auto is thriving, delivering solid financial results for the first half of 2025 despite significant challenges across our industry. Once again, we have achieved growth across our core KPIs and demonstrated that we are one of the most profitable automotive brands in the volume segment. These fantastic results are a testament to a resilient business model. It is notable that our success in the first six months has been spread across powertrains, confirming we are on the right course by offering freedom of choice in this era of transition. And our order numbers prove, that our EV strategy is also on track: More than 120,000 orders for our all-electric new Enyaq and Elroq models were made by end of June. This is how we’ve risen to become the third best-selling car brand in Europe from tenth place just a few years ago, as we grow European deliveries faster than the overall industry. I’m deeply grateful for the positive response from customers and to our suppliers and dealer partners for their crucial contributions. Škodians are performing at the top of their league. We go into the second half of the year in peak form while always remaining focused and vigilant.” – Klaus Zellmer, CEO of Škoda Auto

    “Our key financial indicators remain very solid as we build on 2024 – the best financial year in our history. The growth in operating profit and consistently high return on sales reflect disciplined cost management combined with strong customer demand, placing us among the leading volume brands. The Next Level Efficiency+ programme is already delivering tangible results, particularly by optimising our cost structure and production processes. Looking ahead, synergies within the Brand Group Core continue to leverage significant economies of scale. We are also taking proactive steps to future-proof our business by enhancing our data management capabilities, laying the foundation for expanded AI integration and greater operational efficiency. These solid results and our robust business model allow us to navigate the upcoming challenges of this transformative period from a position of strength.” – Holger Peters, Škoda Auto Board Member for Finance, IT, and Legal Affairs

    „By introducing the RS sports versions of the new Enyaq and Elroq in the first half of 2025, we are further enhancing our brand’s emotional appeal and expanding our range of all-electric vehicles in key markets. These models are cornerstones of our electrification strategy, which is progressing rapidly across Europe. Overall, we have achieved record market shares in several countries, including Germany, Austria, Sweden and France. Our internationalisation strategy is also gathering pace – in Türkiye, we achieved our highest ever number of deliveries to customers. In India, the Kylaq is enjoying exceptional success, with sales up by almost 108% to an all time high. Another milestone is the launch of the Kushaq in Vietnam, produced at the new local plant in partnership with the Thanh Cong Group.” – Martin Jahn, Škoda Auto Board Member for Sales and Marketing

    Škoda Auto celebrates 130th anniversary with record results in Europe and beyond
    In the first half of 2025, Škoda Auto achieved solid results globally, delivering 509,400 vehicles to customers – a year-on-year increase of 13.6%. This growth was driven by rising sales in key markets across Europe and India, as well as by Škoda’s broadest and most advanced model range to date, offering all major powertrains.

    For the first time in its 130-year history, Škoda became the third best-selling brand in Europe (EU-27 plus the United Kingdom, Switzerland, Norway and Iceland). Deliveries in this region reached 409,100 vehicles, up 10.5% on the same period last year. This includes Škoda’s largest single market, Germany, where 100,700 vehicles were delivered – a 10.5% year-on-year increase. Other major gains were posted in the United Kingdom (43,800 vehicles; +16.5%), Spain (21,100 vehicles; +20.3%), Austria (15,200 vehicles; +25.7%), Sweden (8,500 vehicles; +54.0%) and France (24,400 vehicles; +13.5%). The Czech Republic and Denmark also made significant contributions to this success.
    This growth in deliveries meant that the brand outperformed the overall EU market, achieving strong market shares in several Western European countries, including Austria (10.64%), Denmark (10.21%), and Germany (7.18%).

    Robust financial results: revenue and profit growth with a solid return
    In the first half of 2025, Škoda Auto reported revenues of €15.07 bn (+10.4%), with operating profit rising to €1.285 bn (+11.8%) and net cash flow reaching €1.453 bn, an increase of 3.2% year-on-year. The return on sales remained strong at 8.5% (2024: 8.4%). These results were driven not only by strong customer demand but also by strict cost discipline. The continuous revenue growth in recent years demonstrates the effectiveness of Škoda Auto’s strategy and business model, even under challenging market conditions.

    Electrification accelerates rapidly: new Enyaq and Elroq models top the rankings
    Škoda’s electric models remain popular, with the company delivering 72,000 electric vehicles and 21,400 plug-in hybrids to customers in Europe. Together, these accounted for 22.8% of deliveries (H1 2024: 9.4%). Nearly one in four Škoda vehicles sold in Europe now features an electrified powertrain. This performance was driven by strong demand for the all-electric Enyaq and Elroq models, as well as the latest-generation Superb and Kodiaq plug-in hybrids – both offering an electric range of over 100 km – highlighting Škoda’s successful transformation towards sustainable mobility.

    The Elroq enjoyed considerable success in the first half of the year, taking the top spots among electric vehicles in the European market in April, May and June. In both the Czech Republic and Denmark, it was the best-selling BEV during the first six months of 2025. The new Enyaq also continues to perform strongly, ranking second in Switzerland’s BEV segment over the same period.

    Overall, the Octavia remains Škoda’s most popular model, with 97,500 deliveries to customers, followed by the Kodiaq and Kamiq.

    International milestones: growth in India and the launch of the Kushaq in Vietnam
    Škoda achieved its best-ever result in India, delivering around 33,300 vehicles – a year-on-year increase of 107.7%. The newly introduced Kylaq made a significant contribution to this success, with over 20,000 customers taking delivery by the end of June. These results are bolstering Škoda’s position among the seven leading automotive brands in India.

    In March 2025, Škoda Auto Volkswagen India Private Limited (ŠAVWIPL) surpassed the milestone of 500,000 engines produced at its Pune plant.

    In Vietnam, sales of the Kushaq – manufactured locally in partnership with the Thanh Cong Group – have begun. Škoda is leveraging synergies with India by importing completely knocked-down (CKD) kits for final assembly. Alongside the Kushaq, Škoda’s Vietnamese line-up already includes the Karoq and Kodiaq SUVs, which are imported from Europe. In the coming months, the range will be expanded to include the Slavia saloon, which will also be assembled locally from CKD kits manufactured in India.

    Škoda Auto Group1) – Comparison of key figures, H1 2025 vs H1 20242)

        H1 2025 H1 2024 Change (%) 
    Deliveries to customers cars 509,400 448,600 +13.6
    Production3) cars 572,900 547,400 +4.7
    Sales4) cars 582,000 547,700 +6.3
    Sales revenue € million 15,070 13,652 +10.4
    Operating profit € million 1,285 1,149 +11.8
    Return on sales % 8.5 8.4
    Investments  € million 783 823 -4.9
    Net cash flow € million 1,453 1,408 +3.2

    1) Škoda Auto Group comprises Škoda Auto a.s, Škoda Auto Slovensko s.r.o., Škoda Auto Deutschland GmbH, Škoda Auto Volkswagen India Pvt. Ltd.
    2) Percentage deviations are calculated from non-rounded figures.
    3) Comprises production in the Škoda Auto Group, excluding production at partner assembly plants in China and Slovakia, but including other Group brands such as SEAT, VW and Audi; vehicle production excluding part/complete kits.
    4) Comprises Škoda Auto Group sales to distribution companies, including other Group brands including Seat, VW, Audi, Porsche and Lamborghini.

    Global vehicle deliveries in H1 2025 by selected sales regions:

    Sales region     H1 2025 H1 2024 Change (%)
    Western Europe     293,200 260,100 +12.7
    Germany (largest market)     100,700 91,100 +10.5
    Central Europe     101,500 95,800 +6.0
    Czech Republic     45,800 41,300 +10.9
    Eastern Europe     25,100 24,400 +3.1
    China     7,300 7,100 +2.2
    India     33,300 16,000 +107.7
    Rest of the World     49,000 45,200 +8.4
    Total worldwide     509,400 448,600 +13.6

    Škoda vehicle deliveries to customers in H1 2025
    (in units, rounded, listed by model; percentage change compared to H1 2024):

    Model H1 2025 Change (%)
    Škoda Octavia 97,500 −19.6
    Škoda Kodiaq 64,800 +26.7
    Škoda Kamiq 64,100 +4.9
    Škoda Fabia 60,400 +6.4
    Škoda Karoq 52,200 −1.7
    Škoda Enyaq 38,700 +31.3
    Škoda Superb  36,600 +19.7
    Škoda Elroq 34,300
    Škoda Scala 27,200 −6.4
    Škoda Kylaq 20,100
    Škoda Kushaq 6,800 −18.3
    Škoda Slavia 6.700 −5.0

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  • US Copper Tariff Impact Over the Next Decade

    US Copper Tariff Impact Over the Next Decade

    The US would need at least a decade to achieve copper self-sufficiency through domestic production and processing, meaning continued reliance on imports in the short and medium term despite a 50% import tariff set to begin on August 1, according to Pedro Pablo Lavín, a former commercial executive at Chilean mining company Enami. “Mines take too long to develop for this to be achieved in less than a 10-year time horizon,” Jefferies analysts wrote on July 8, echoing the sentiments and timeline of many major participants in the industry over the last few years.  

    US copper tariff highlights supply gap as imports fill domestic shortfall

    This long lead time matters because US copper consumption currently stands around 1.6 million tonnes per year, while domestic mine production covers only about 1.1 million tpy — leaving the country reliant on imports for roughly 500,000 tpy, or over 30% of its needs, according to the US Geological Survey (USGS).

    Without accelerated investment in mining, smelting and refining infrastructure, the Section 232 tariffs may amplify price pressures without meaningfully reducing dependency on foreign supply in the near term.

    The arbitrage between the London Metal Exchange (LME) and Chicago Mercantile Exchange (COMEX) has already seen historic shifts since the tariff investigation was first announced. In the short term, the tariff could trigger arbitrage spikes as US importers seek to front-run the policy shift, Lavín said.

    As of Monday July 21, the COMEX premium reached fresh record highs around $2,600 per tonne, with the COMEX copper M1 (July 25) settling at $5.6105 per lb versus the LME copper cash official at $4.4330 per lb, representing a spread of $1.18 per lb, or $2,596 per tonne (26.6%). This compares to spreads of around $1,050-$1,300 per tonne seen in late June and early July before the tariff announcement on July 8.

    US 50% tariffs “a kneejerk reaction”

    Long-awaited news on the Section 232 tariff came when US President Donald Trump said, “I believe the tariff on copper, we’re going to make it 50%,” during a Cabinet meeting on July 8. Later that day, US Commerce Secretary Howard Lutnick said the tariffs would be in place by August 1.

    Market reaction was quick and steeped in uncertainty as the COMEX went “ballistic,” in Fastmarkets analyst Andy Farida’s words. Analysts believe the tariff announcement was a kneejerk reaction to the LME copper price, which breached the psychologically significant $10,000 per tonne mark on July 1, Farida said.

    “Do we take Trump seriously; do we take him literally? Will he change his mind this afternoon or tomorrow morning? For a market that is import-dependent, is this really going to kick in on August 1?” a US-based trader said earlier this month.

    For months, Fastmarkets has heard from market participants that the historic and hard-to-predict arbitrage has distorted the US market since the first quarter of 2025, creating an unusual situation where spreads in the US premium have been extremely wide and, at the same time, difficult to pinpoint.

    “There is no number” has been the mentality of some sources since April as market participants awaited Trump’s announcement and kept watch over the arbitrage.

    US importers have been accumulating inventory to front-run the tariff implementation, with an estimated 600,000 tonnes of cathode stockpiled ahead of the August 1 deadline, according to Lavín.

    “Too much copper has been imported in the first quarter and will need time to be consumed,” a trader told Fastmarkets last quarter.

    “This [stockpiling] has been carried out by North American importers for several months,” Lavín said, adding that this inventory build could result in significantly reduced imports from August through December 2025, which “should cause the COMEX price to decrease as well.”

    Plugging the scrap outflow

    Since November, and the results of the 2024 US presidential election, market sources have been pessimistic regarding the impact on copper scrap markets.

    US copper scrap exports reached a five-year high in 2024, totaling 1,057,499 short tons, up by 9.17% from 2023, according to data from the US Department of Commerce.

    Of those tonnes, the US shipped 41.35% to China, and China increasingly asserted its position as the top importer of copper scrap, with market share growing considerably since 2020 alongside the loosening of import restrictions on recycled material.

    But in 2025, these exports to China have fallen considerably, in line withs source expectations following new tariff announcements. US exports of copper scrap to China fell 53.41% in January-May 2025 compared with the same 2024 period, and with market share down to 20.70% over the first five months of 2025.

    However, overall US copper scrap exports have only fallen 2.61%, with one source saying, “it seems everyone else in Southeast Asia is picking up the slack” left from China’s pullback from the US market.

    Though Fastmarkets principal analyst Andy Cole highlighted the growing momentum on the recycling front: “Existing secondary smelters are only operating at about 21% of their capacity” — a clear indicator that “a lot of secondary refined copper production growth could be achieved just by utilizing this capacity that already exists.”

    He added that several new US recycling plants are coming on line: Aurubis is building its  90,000 tpy Richmond, Georgia, multimetal recycling smelter (commissioning expected in the first half of 2024), Wieland is ramping up its Shelbyville, Kentucky, plant (groundbreaking in mid-2022 with operations due late 2023), and Exurban is planning a $340 million e-scrap smelter in Indiana with a feedstock capacity of 45,000 tpy — expected to come on line in the mid-2020s.

    These announcements show that, even before long-lead new primary smelters arrive, there is meaningful room to boost domestic refined copper production via underutilized secondary capacity — so long as investments are realized in a timely fashion.

    Market participants have noted differing views of the US reliance on exports, with some acknowledging the reliance built into the system and others pushing more for the resurgence of US copper refining.

    “The increase in local copper price due to the tariff increase will be a magnificent incentive to develop internal recycling capacity and reprocess the scrap generated in the US instead of exporting it,” Lavín said. However, he noted that “the investments required need time to be developed, so their effect would be in the medium and, primarily, long term.”

    Copper scrap sources throughout 2025 have noted an uptick in domestic material, with supply outstripping demand, keeping the market in a state of imbalance.

    “I think it is great that… the copper can be kept domestically, but at what long-term cost?” a second copper scrap source said.

    Copper scrap is part of the Section 232 investigation; authorities will assess whether dependence on imported scrap weakens national resilience. However, Cole pointed out that the US is a significant exporter of copper scrap.

    “A strategy to tax imports in order to promote greater domestic production could be supercharged by an export tax or export ban,” he said, highlighting Section 232’s oversight on exports of copper raw materials.

    Stay ahead of the curve—explore the latest US scrap trends in our in-depth market outlook. Gain exclusive insights from industry participants and discover what’s shaping the month ahead.

    US-linked copper projects advance; long road ahead

    Current domestic processing capacity in the US falls far short of consumption needs. The US currently operates just two primary copper smelters — in Arizona (Grupo Mexico/Asarco) and Utah (Rio Tinto/Kennecott) — with rumours of a third facility (Asarco’s Hayden smelter in Arizona) being restarted after multi-year downtime. Fastmarkets reached out to Asarco, but did not receive a response at the time of publication. 

    “Made in America” has been a topic of growing importance since Trump took office in January. And while there is currently an oversupply of imported copper — enough to accommodate US physical demand for a few months, according to sources — the US does import almost half of its copper, nearly 1 million tpy, with the majority of imports coming from Chile, Canada and Peru, according to the USGS.

    Speaking at the Recycled Materials Association national convention in May, Copper Development Association president and chief executive officer Adam Estelle noted that “on average” it takes “29 years” in the US “from the point of discovery for a mine to start producing,” calling it the “second largest timeline in the world.”

    The tariff could provide new momentum for Antofagasta’s Twin Metals copper-nickel project in Minnesota, which remains in legal limbo after a federal court dismissed the company’s lawsuit challenging the Biden administration’s cancellation of its mineral leases — a decision now under appeal. Despite federal obstacles, the Minnesota Department of Natural Resources approved an exploration plan in April 2024, allowing limited groundwork to proceed.

    Meanwhile, Rio Tinto’s Kennecott operation in Utah represents a significant domestic expansion opportunity, with the company announcing major investments including $920 million for the North Rim Skarn underground mine development, according to Rio Tinto’s second-quarter 2024 report, and $1.5 billion for open-pit extension from 2026 to 2032.

    Several other copper companies have recently announced new US-based endeavors and/or provided updates on upcoming made-in-America copper projects, including Hudbay Minerals’ Copper World and Gunnison Copper’s Johnson Camp Mine and Gunnison Project.

    Other potential new mining projects of note include Resolution Copper, a joint venture owned by Rio Tinto and BHP; Northern Dynasty Minerals’ Pebble Mine in Alaska; and Kinterra Capital’s Pumpkin Hollow mine in Nevada.

    “[This copper] is going to go straight into the domestic supply chain, to be sold and consumed only in America to domestic industries in the defense, manufacturing and energy sectors,” CEO Stephen Twyerould said during Gunnison Copper’s second-quarter earnings call in May.

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  • Total Glucosides of Paeony (TGP) Alleviates Acute Gouty Arthritis Thro

    Total Glucosides of Paeony (TGP) Alleviates Acute Gouty Arthritis Thro

    Introduction

    Acute gouty arthritis (AGA) is an inflammatory joint disorder triggered by monosodium urate (MSU) crystals deposition.1 Clinical manifestations include localized erythema, severe pain, and joint swelling, which may progress to irreversible cartilage damage and renal impairment if inadequately managed.2 Current pharmacotherapies—colchicine, glucocorticoids, and non-steroidal anti-inflammatory drugs (NSAIDs)—exhibit limited clinical utility due to adverse effects and poor target specificity.3,4

    AGA pathogenesis initiates with periarticular MSU crystal deposition, stimulating macrophage activation of the NOD-like receptor family pyrin domain-containing 3 (NLRP3) inflammasome. Inflammasome assembly activates caspase-1, catalyzing maturation and secretion of interleukin (IL)-1β and other pro-inflammatory cytokines. These mediators recruit monocytes and neutrophils, amplifying the inflammatory cascade.5,6 Reactive oxygen species (ROS) generation critically regulates NLRP3 inflammasome activation.7

    Paeonia lactiflora Pall., documented in classical texts including Treatise on Cold Pathogenic and Miscellaneous diseases and Synopsis of Golden Chamber, possesses traditional indications for analgesia, spasmolysis, and hepatic nourishment.8 Total glucosides of paeony (TGP), which is extracted from the plant Paeonia lactiflora Pall., exhibit favourable anti-inflammatory, analgesic, and immunomodulatory properties, with paeoniflorin (PF) identified as the primary active ingredient.9,10 TGP has demonstrated clinical efficacy in rheumatoid arthritis and Sjögren’s syndrome (SS).8,11 Recent evidence indicates TGP suppresses NLRP3 inflammasome activation, ameliorating SS via inflammasome inhibition in submandibular glands12 and attenuating neuroinflammation in depression models through mitochondrial protection, ROS reduction, and NLRP3 suppression.13,14 In vitro studies by Meng et al. revealed TGP significantly inhibits MSU-induced inflammation in THP-1 macrophages via the MALAT1/miR-876-5p/NLRP3 axis, suggesting therapeutic potential for AGA.15 However, in vivo evidence supporting TGP’s efficacy in AGA remains limited.

    This study investigates the therapeutic efficacy of TGP in MSU-induced AGA mice and elucidates its anti-inflammatory mechanism by suppressing NLRP3-mediated inflammatory response.

    Material and Methods

    Mice

    One hundred and forty-four male 6–8 week old C57BL/6J mice (NO.202276910) were purchased from Jiangsu Huachuang Sino Medicine Technology Co., Ltd (Taizhou, China). All mice were maintained in SPF environment, with a temperature range of 22–24°C and a relative humidity of 40%-60%. The mice were acclimatized to the laboratory environment for a period of one week prior to the commencement of the experiment. The experimental protocols were conducted under the Guidelines for the Care and Use of Laboratory Animals of China Pharmaceutical University and were approved by the Ethics Committee (Approval No: 2022-12-023).

    TGP Extraction and High Performance Liquid Chromatography (HPLC) Analysis

    TGP capsules (#220319, Ningbo Liwah Pharmaceutical Co., Ltd, Ningbo, China) were prepared from the Chinese medicine Paeonia lactiflora Pall. (Bozhou, Anhui) through the following pharmaceutical process. The dried root slices underwent triple ethanol extraction using 75% (v/v) ethanol in a reflux apparatus. The filtrates were combined and concentrated to obtain an ethanolic extract, which was subsequently adjusted to neutral pH (7.0 ± 0.2) with sodium bicarbonate. Liquid-liquid extraction of the pH-adjusted solution was carried out with an ethyl acetate-n-butanol (3:1, v/v) solvent system, and a hygroscopic brown powder was obtained by vacuum concentration and lyophilization.

    HPLC analysis was conducted on a Chrom core AR C18 column (4.6×250 mm, 5 μm) with a mobile phase of phosphate buffer-methanol (65:35, v/v) delivered at 1.0 mL/min. Detection was performed at 230 nm using a UV detector. The injection volume was 20 μL, and the total run time was 10 minutes per analysis.16 10 mg of TGP was quantitatively transferred to a 10 mL volumetric flask and dissolved in 50% (v/v) methanol, and chromatographic runs were performed on a Shimadzu LC-20AD system (Japan). The results showed that there were two major peaks, which were albiflorin and PF, respectively (Figure 1).

    Figure 1 The HPLC chromatogram of TGP. There are two major peaks, albiflorin (a) and PF (b).

    Formation of MSU Crystals

    MSU crystals preparation made reference to the pertinent article, incorporating minor modifications.17 A solution of uric acid sodium salt (#U2875, Sigma-Aldrich, USA) was generated by dissolving the salt (1 g) in 200 mL of 0.03 M sodium hydroxide. The pH of the solution was adjusted to 7.2 using 1 M hydrochloric acid. It was then cooled with stirring at room temperature and stored at 4°C overnight. The precipitate was filtered and subsequently dried the following day, resulting in the formation of needle-like MSU crystals. The prepared crystals were stored in a refrigerator at 4°C for future use.

    MSU-Induced AGA in Mice and TGP Treatment

    The AGA model was prepared in accordance with the previously established protocol.18 A suspension of MSU crystals in sterile saline was prepared at a concentration of 50 mg/mL. The right ankle joint was injected with 30 μL of sterile MSU suspension, and the formation of an ankle joint swelling was indicative of the success of the model. The control group was administered an equal volume of sterile saline.

    Single-dose and multiple-dose were performed to evaluate the therapeutic effect of TGP against AGA, and each protocol encompassed 72 mice which were randomly allocated to six groups. Each group was given saline, Colchicine (#20220605, Guangdong Pidi Pharmaceutical Co., Ltd, Kaiping, China), and three different doses of TGP by gavage. The specific scheme is as follows.

    Single-dose experiment: Mice were intragastric (i.g.) administrated with saline, Colchicine (1 mg/kg), TGP (360, 540, and 720 mg/kg) respectively immediately after MSU was injection.

    Multiple-dose experiment: Mice were administrated i.g. with saline, Colchicine (0.1 mg/kg), TGP (360, 540, and 720 mg/kg) for consecutive 4 weeks. MSU was injected immediately after last administration.

    Cell Culture and Stimulation

    Bone marrow-derived macrophages (BMDMs) were obtained as previously described.19 The cells were isolated from the bone marrow of mice and subsequently cultured in induction medium (comprising 10% FBS, 30% L929 cell supernatant and 60% Dulbecco’s Modified Eagle Medium (DMEM, #KGL1206-500, KeyGEN BioTECH, Nanjing, China)) for 7 d.20,21 The purity of the BMDMs was verified by flow cytometry using conjugated F4/80 and CD11b antibodies.

    L929 cells were cultured in high-glucose DMEM supplemented with 10% FBS for 5 d-7 d. The cell supernatant was collected and stored at −80°C by filtration through a 0.22 μm filter. BMDMs were incubated with PF (25 μg/mL, #23180-57-6, Shanghai Stende Standard Technical Service Co., Ltd, Shanghai, China), or TGP (30 μg/mL or 60 μg/mL) for 24 h. Lipopolysaccharide (LPS, 1 μg/mL, #BS904, Biosharp, Hefei, China) was pre-treated for 1 h and stimulated with MSU (300 μg/mL) for 6 h.

    Determination of Ankle Swelling

    The diameters of the right ankle joints of mice in each group were measured by a specialized individual using vernier calliper at presurgical and 2, 4, 8, 12, and 24 h post-MSU injection. The ankle joint swelling was calculated according to the following formula.

    Ankle joint swelling (mm) = the diameter of the ankle joint following the injection – the diameter of the ankle joint prior to the injection.

    Fifty Percent Paw Withdrawal Threshold (PWT) Test

    The 50% PWT in mice was determined before and 24 h after modeling using von Frey fibre filaments (Stoelting, USA), and the assay was conducted in accordance with the methodology previously described in the literature.22

    Bipedal Support Test

    Following a 24-hour period of MSU injection, the mice were placed within a single channel of the YLS-11A channel mouse foot support force measuring instrument (Zhongshi Science&Technology, Beijing, China) and subjected to a 60° climbing experiment. The difference in support force between the left and right hind legs of the mice while standing was recorded.

    H&E and Immunohistochemistry Staining

    The right ankle joint tissue of mice was fixed in 4% paraformaldehyde (#22097198, Biosharp, Hefei, China), decalcified after 72 h of fixation, dehydrated in gradient alcohol, embedded in paraffin, and sectioned. The paraffin sections were deparaffinised, stained with hematoxylin for 15 min, stained with 0.5% eosin solution for 3 min, and rinsed with double-distilled water. The sections were sealed with neutral gum and observed under the microscope. The pathological features of ankle joint are synovial edema, vascular injury and inflammatory cell infiltration.

    The above paraffin sections were deparaffinized in xylene and subsequently rehydrated with varying concentrations of ethanol. The sections were incubated with the primary antibody (anti-F4/80 monoclonal antibody (#29414-1-AP, Proteintech, Wuhan, China)) overnight at 4°C. They were then washed with PBS and incubated with the enzyme-labelled secondary antibody for 20 min. Staining was performed using a freshly prepared DAB solution and counterstained with haematoxylin. The sections were observed under a microscope and the rate of positive cells in the field of view was analyzed using ImageJ.

    ELISA Assay

    The concentrations of IL-1β (#ml098416), IL-6 (#ml063159), IL-8 (#ml063162), IL-18 (#ml002294) and TNF-α (#ml002098) in serum and cell culture supernatants were determined using ELISA kits (Shanghai Enzyme-linked Biotechnology Co., Ltd, Shanghai, China).

    ATP Content Assay

    ATP content was measured with the Enhanced ATP Assay Kit (#S0027, Beyotime, Shanghai, China) in accordance with the manufacturer’s instructions.

    Reverse Transcription Quantitative Real-Time PCR (RT-qPCR)

    Total RNA was extracted from BMDMs using the Trizol method. cDNA was reverse-transcribed from RNA using HiScript II Reverse Transcriptase Reagent (#R223, Vazyme, Nanjing, China). Amplification reactions were carried out by gene-specific primers (Table 1) from GENEWIZ (Suzhou, China). The mRNA levels of the target genes were quantified using SYBR Master Mix (#Q331, Vazyme, Nanjing, China) and the 2−ΔΔCt method, with β-actin serving as the internal reference.

    Table 1 Gene-Specific Primer Sequences

    Western Blotting

    The cells were lysed with RIPA buffer, supplemented with PMSF, and the protein concentration was determined using the BCA method. Equal aliquots of protein were subjected to 10%-15% sodium dodecyl sulfate-polyacrylamide gel electrophoresis (SDS-PAGE) and subsequently transferred to a 0.45 μm PVDF membrane. The strips were incubated with rapid containment solution for 10 min at room temperature, after which incubation of primary antibodies (anti-NLRP3 (1:1000, #YT5382, Immunoway, USA), anti-Caspase-1 (1:1000, #YT5743, Immunoway, USA), anti-IL-1β (1:1000, #ab254360, Abcam, USA), anti-pro-IL-1β (1:1000, #WL02257, Wanleibio, Shenyang, China), and anti-β-actin (1:1000, #AC038, ABclonal, Wuhan, China)) was undertaken overnight at 4°C. TBST washes were performed on three occasions, then the samples were incubated with peroxidase-coupled goat anti-rabbit IgG (1:100,000, #HA1001, HuaBio, Hangzhou, China) for 1 h. Finally, the protein bands are visualized within the imaging system utilising SuperKine™ Ultrasensitive ECL Luminescent Solution (#BMU102, Abbkine, Wuhan, China). Quantitative analysis was conducted using the ImageJ software, with the target protein to β-actin ratio serving as an indicator of protein expression levels.

    Intracellular and Mitochondrial ROS Detection

    Intracellular ROS were measured using the Reactive Oxygen Detection Kit (#S0033S, Beyotime, Shanghai, China). Cells were inoculated in 6-well plates and treated with the fluorescent probe dichloro-dihydrofluorescein diacetate (DCFH-DA) for 30 min, whereupon a further detection step was performed using flow cytometry.

    MitoSOX Red (#BB-441152, BestBio, Shanghai, China), Mito-Tracker Green (#C1048, Beyotime, Shanghai, China) and Hoechst 33342 (#C1022, Beyotime, Shanghai, China) were co-stained in order to label mitochondrial ROS. The resulting cell images were then observed via the utilization of fluorescence microscopy.

    Statistical Analysis

    All data were presented as mean ± standard error of the mean (SEM). Statistical analyses were performed using SPSS 27.0, and one-way analysis of variance (ANOVA) was used to test for differences between groups. Normality and homogeneity of variance were assessed with the Shapiro–Wilk test and Levene’s test (both at α=0.05). When homogeneity of variance was confirmed, the LSD test was selected; otherwise, the Games-Howell test was employed. p < 0.05 was regarded as statistically significant.

    Results

    Only 720 mg/kg TGP with Single-Dose Relieves Pain and Swelling in AGA Mice

    Pain and joint swelling constitute the hallmark clinical manifestations of gout flares. Joint swelling was indicated by the diameter of the ankle. The results demonstrated that the swelling index peaked at 12 h following MSU injection, at which time all TGP dosage regimens significantly attenuated this phenomenon (Figure 2A). Only the high-dose TGP (720 mg/kg) group showed a marked reduction in ankle swelling at 24 h post-injection in comparison with the vehicle group (Figure 2A). Pain is another feature that responds to the severity of AGA. The 50% PWT obtained by using the up and down method is widely regarded as the gold standard for the assessment of mechanical pain, and thresholds are inversely proportional to pain intensity. No significant threshold improvements were observed in any treatment group at 24 h post-induction (Figure 2B). The test of the bipedal support provided complementary pain assessment, effectively controlling for confounding behavioral factors like anxiety to accurately reflect analgesic efficacy. The difference was considerably higher in the vehicle group of mice but was only reduced by TGP (720 mg/kg) (Figure 2C). The above results demonstrated that only a single dose of 720 mg/kg TGP relieved pain and swelling in AGA mice.

    Figure 2 Effect of a single-dose administration of TGP on MSU-induced AGA in mice. (A) Changes in ankle swelling at different time points after MSU injection; (B and C) Mechanical pain threshold and difference in bipedal support were determined in each group of mice at 24 h post-MSU injection. Data are expressed as mean ± SEM, n = 12. *P < 0.05, **P < 0.01 vs Vehicle group.

    Multiple-Dose of TGP Remarkably Alleviates Pathological Symptoms of AGA Mice

    As shown in Figure 3, four-week intragastric administration of TGP (360, 540, and 720 mg/kg) significantly attenuated ankle swelling and reduced the difference of bipedal support relative to the vehicle group (Figure 3A and C). Subsequently, TGP treatment resulted in a pronounced enhancement of the pain threshold (Figure 3B). Histopathological analysis via H&E staining confirmed TGP-mediated mitigation of ankle joint pathology, effectively ameliorating MSU-induced synovial edema, vasodilation, and inflammatory cell infiltration (Figure 3D). Based on these findings, the multiple-dose TGP regimen was employed in subsequent in vivo experiments.

    Figure 3 Multiple-dose of TGP administration effectively alleviates MSU-induced AGA in mice. (A) Changes in ankle joint swelling at different time points after MSU injection; (B and C) Mechanical pain threshold and difference in bipedal support were measured in each group of mice at 24 h after MSU injection; (D) Representative H&E staining images of ankle joints, and arrows indicate infiltrating inflammatory cells. Data are shown as mean ± SEM, n = 12. *P < 0.05, **P < 0.01 vs Vehicle group.

    TGP Treatment Suppresses Systemic Inflammatory Responses and Reduces Macrophages Infiltration

    Serum inflammatory factor levels in mice were measured by ELISA. Pro-inflammatory factor, TNF-α, was significantly decreased following TGP treatment (Figure 4A). Inflammatory cytokines associated with NLRP3 inflammasome activation (IL-1β, IL-6, IL-8, and IL-18) were elevated post-MSU injection. All TGP dosages reduced these cytokine levels (Figure 4B–E). Furthermore, MSU stimulation induced substantial macrophage infiltration in the joint during the acute phase, as evidenced by increased F4/80-positive cells. This infiltration was attenuated by TGP administration at 540 or 720 mg/kg (Figure 5A and B).

    Figure 4 TGP suppresses systemic inflammatory responses in mice. (AE) ELISA was performed to detect serum TNF-α, IL-1β, IL-6, IL-8 and IL-18 contents (n = 12). Data are expressed as mean ± SEM. **P < 0.01 vs Vehicle group.

    Figure 5 TGP reduces local inflammation in mice. (A) Representative image of immunohistochemical staining, arrows indicate F4/80-positive cells; (B) Statistical analysis of F4/80 positive cells (n = 6). Data are expressed as mean ± SEM. **P < 0.01 vs Vehicle group.

    TGP Reduces IL-1β Production and NLRP3 Inflammasome Activation in MSU+LPS Stimulated BMDMs

    Numerous studies have shown that the inflammatory response in gout can be attributed to the activation of NLRP3 inflammasome and the subsequent secretion of IL-1β.23,24 RT-qPCR and Western blotting analysis showed that incubation with TGP notably suppressed the IL-1β, NLRP3, and caspase-1 mRNA expression (Figure 6A–C), and IL-1β, pro-IL-1β, NLRP3, caspase-1, and cleaved caspase-1 proteins expression (Figure 7A–F). TNF-α, IL-1β, and IL-18 secretion after MSU+LPS stimulation were found to be significantly elevated in comparison to untreated cells, as determined by ELISA. Furthermore, these levels declined substantially following treatment with TGP (Figure 6D–F).

    Figure 6 TGP reduces IL-1β production and NLRP3 inflammasome activation in MSU+LPS stimulated BMDMs. BMDMs were treated with or without TGP or PF for 24 h, then stimulated with LPS (1 μg/mL) for 1 h and MSU (300 μg/mL) for 6 h. (AC) The mRNA levels of IL-1β, NLRP3, and caspase-1 were analyzed by RT-qPCR (n = 4); (D–F) ELISA was performed to detect the levels of secreted TNF-α, IL-1β and IL-18 in the cell culture supernatant (n = 6). Data are expressed as mean ± SEM. **P < 0.01 vs Vehicle group.

    Figure 7 TGP suppresses expression of key NLRP3 inflammasome components. BMDMs were treated with or without TGP or PF for 24 h, then stimulated with LPS (1 μg/mL) for 1 h and MSU (300 μg/mL) for 6 h. (AF) Western blotting was used to determine the NLRP3, caspase-1, cleaved caspase-1, IL-1β, and pro-IL-1β protein expression levels. Data are expressed as mean ± SEM, n = 4. *P < 0.05, **P < 0.01 vs Vehicle group.

    TGP Alleviates Mitochondrial Dysfunction and ROS Generation in MSU+LPS Stimulated BMDMs

    ROS was an upstream signal of NLRP3 inflammasomes, which could be detected by flow cytometry using DCFH-DA staining in live cells. Stimulation with MSU+LPS significantly increased intracellular ROS production (52.8%), which was significantly inhibited by TGP (41.2% and 25.2%; Figure 8A and B). Furthermore, mitochondrial ROS and mitochondria were labeled using MitoSOX Red and MitoTracker Green, respectively. MSU+LPS stimulation markedly elevated fluorescence intensity, indicating mitochondrial oxidative stress, while TGP incubation significantly suppressed this response and attenuated mitochondrial dysfunction (Figure 8C and D). Consistent with mitochondrial damage, ATP levels decreased substantially post-MSU+LPS stimulation but were restored by TGP treatment (Figure 8E).

    Figure 8 TGP alleviates mitochondrial dysfunction and ROS production in MSU+LPS stimulated BMDMs. BMDMs were treated with or without TGP or PF for 24 h, then stimulated with LPS (1 μg/mL) for 1 h and MSU (300 μg/mL) for 6 h. (A and B) Flow cytometry detection of DCFH-DA to assess intracellular ROS levels; (C and D) For analysis of mitochondrial ROS, cells were stained with MitoSOX Red and MitoTracker Green, and fluorescence images were obtained by fluorescence microscopy and analyzed by Image J; (E) The ATP content was read using fluorescence microplate reader. Data are expressed as mean ± SEM, n = 4. **P < 0.01 vs Vehicle group.

    Discussion

    In this study, TGP with multiple-dose demonstrated efficacy in reducing ankle joint swelling and pain in AGA mice, while attenuating histopathological damage. Furthermore, a substantial reduction in the serum levels of inflammatory factors TNF-α, IL-1β, IL-6, IL-8, and IL-18 was observed, along with the inhibition of macrophage infiltration. Mechanistically, TGP suppressed NLRP3 inflammasome activation by decreasing ROS production and ameliorating mitochondrial dysfunction, thereby reducing expression and secretion of NLRP3, caspase-1, and IL-1β.

    TGP has been clinically approved for the treatment of immunological diseases such as rheumatoid arthritis due to its anti-inflammatory, analgesic, and immunomodulatory effects.9,11 However, its therapeutic potential in gout remains incompletely characterized. Gout flares manifest from excessive MSU deposition, triggering intra-articular inflammation. Consistent with this pathogenesis, MSU injections induced acute inflammatory reactions in our model. TGP with multiple-dose was more effective than single-dose in the treatment of AGA mice as our results indicate may related to the pharmacological characteristic of TGP. The immunomodulatory effects of TGP on immune cells (including macrophages, Th17 cells, Treg, and dendritic cells) require cumulative exposure for full activation.25,26 Long-term administration of TGP has been utilized in studies pertaining to its treatment of rheumatoid arthritis, lupus nephritis, and SS.27,28 Notably, while multiple studies employ 8-week regimens, evidence indicates significant efficacy after 4-week treatment. Considering clinical compliance and experimental feasibility, we implemented a 4-week intervention.12,29 As anticipated, ankle swelling was obviously reduced in AGA mice after TGP multiple-dose treatment. A decrease in the difference of bipedal support and an increase in 50% PWT indicated a significant reduction in pain in mice. Histopathological amelioration of joint damage, decreased inflammatory cell infiltration, and reduced serum inflammatory cytokine levels further substantiate TGP’s efficacy against AGA.

    Macrophages play an important role in the initiation of gout inflammation. The prevailing perspective suggests that gout flares commence with MSU-induced NLRP3 inflammasome activation in macrophages, triggering downstream inflammatory cascades.30 Immunohistochemistry revealed substantial macrophage infiltration in joints post-MSU stimulation, which was significantly attenuated by TGP treatment, indicating macrophage-mediated anti-inflammatory effects. For subsequent in vitro experiments, BMDMs were selected due to their phenotypic relevance to murine physiology. MSU synergizes with LPS to nucleate the NLRP3 inflammasome complex, activating caspase-1. This protease catalyzes cleavage of pro-IL-1β and pro-IL-18 into mature effector cytokines, enabling extracellular secretion and inflammatory amplification.31,32 TGP treatment significantly suppressed NLRP3 and caspase-1 expression at mRNA and protein levels, inhibiting inflammasome activation. Consequently, TNF-α, IL-1β, and IL-18 secretion diminished, markedly attenuating the inflammatory response.

    ROS primarily originate from mitochondrial oxidative phosphorylation. Under physiological conditions, ROS serve as essential defense molecules against pathogens. However, external stimuli can significantly increase ROS production.33 High concentrations of ROS induce oxidative stress, causing macromolecular damage and contributing to pathologies including malignancies and arthritis.34 It has been previously reported that ROS production is an important upstream signal for activation of NLRP3 inflammasomes.7,35,36 We found that MSU stimulation caused cells to undergo oxidative stress, and TGP treatment effectively inhibited intracellular and mitochondrial ROS production to exert antioxidant effects. Excessive ROS promote mitochondrial dysfunction through respiratory chain inhibition and impaired energy metabolism.37 TGP administration restored diminished ATP levels, indicating partial recovery of mitochondrial function. Collectively, our results establish that TGP modulates ROS production to regulate NLRP3-mediated anti-inflammatory responses. This finding parallels the mechanism reported by Wang et al. wherein tetrahydropalmatine alleviates gout by suppressing ROS-mediated NLRP3 inflammasome activation.38 However, our investigation extended beyond intracellular ROS quantification to specifically focus on mtROS as a pivotal mediator. We established a direct correlation between ROS suppression and restoration of mitochondrial function, thereby providing compelling experimental evidence for TGP’s mitochondrial protection and attenuation of oxidative stress damage. In contrast, Jiang et al. demonstrated that PF, an active constituent of TGP, inhibits NLRP3 inflammasome activation in submandibular glands of SS mice through modulation of the Nrf2/HO-1 axis.39 While this offers valuable insights into TGP’s mechanism in SS, it does not address the interplay among ROS, energy metabolism, and inflammasome activation.

    Collectively, this study systematically elucidates the therapeutic effect of TGP in AGA model by suppressing macrophage infiltration and NLRP3-mediated inflammatory response, while further revealing its protective role in mitochondrial function. These findings not only extend our understanding of TGP’s anti-inflammatory mechanisms but also establish a solid experimental foundation for its clinical application in AGA management. There are some limitations in current research. Firstly, in vitro findings could not be validated in vivo due to decalcification and fixation protocols applied to murine ankle joints post-resection, which precluded assessment of ROS and NLRP3 inflammasome activation markers. Secondly, the diverse and complex composition of TGP prevented analysis of individual monomer contributions. Additionally, the mechanism study was not in-depth enough, and further exploration of the epigenetic regulation is on going in our lab.

    Conclusion

    In summary, TGP exerts therapeutic effects on AGA mice by reducing macrophage infiltration and suppressing the NLRP3-mediated inflammatory response.

    Abbreviations

    NLRP3, NOD-like receptor family pyrin domain containing 3; MSU, monosodium urate; AGA, acute gouty arthritis; TGP, total glucosides of paeony; SS, Sjögren’s syndrome; HPLC, high performance liquid chromatography; BMDMs, bone marrow-derived macrophages; LPS, lipopolysaccharide; PWT, paw withdrawal threshold; IL, interleukin; ROS, reactive oxygen species; NSAIDs, nonsteroidal anti-inflammatory drugs; PF, paeoniflorin; DMEM, Dulbecco’s Modified Eagle Medium; SDS-PAGE, sodium dodecyl sulfate-polyacrylamide gel electrophoresis; DCFH-DA, dichloro-dihydrofluorescein diacetate; SEM, standard error of the mean; ANOVA, analysis of variance.

    Ethics Approval and Informed Consent

    The experimental protocols of this study were conducted under the Guidelines for the Care and Use of Laboratory Animals of China Pharmaceutical University and were approved by the Ethics Committee (Approval No: 2022-12-023).

    Consent for Publication

    All authors approved the publication of this manuscript.

    Acknowledgments

    We sincerely appreciate all participants for their invaluable contributions to this study. We are grateful to China Pharmaceutical University for providing advanced instrumentation and laboratory facilities, as well as to Ningbo Lihua Pharmaceutical Co., Ltd. for technical and financial support. Finally, we acknowledge the dedication of all researchers who participated in data collection and analysis throughout this project. The successful completion of this study could not have been achieved without the collective efforts of every individual involved.

    Author Contributions

    All authors made a significant contribution to the work reported, whether that is in the conception, study design, execution, acquisition of data, analysis and interpretation, or in all these areas; took part in drafting, revising or critically reviewing the article; gave final approval of the version to be published; have agreed on the journal to which the article has been submitted; and agree to be accountable for all aspects of the work.

    Funding

    This work was supported by National Natural Science Foundation of China [grant number 82174051] and Ningbo Key Research and Development Program [2023Z205].

    Disclosure

    The authors report no conflicts of interest in this work.

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  • Enhancing Emergency Medical Services with Smart Glasses Technology for

    Enhancing Emergency Medical Services with Smart Glasses Technology for

    Introduction

    Emergency Medical Services (EMS) face critical challenges in optimizing ambulance positioning during patient care, where every second impacts patient outcomes.1–3 The strategic placement of ambulances at emergency scenes represents a fundamental yet often overlooked aspect of prehospital care delivery. In our routine practice, EMS personnel typically depend predominantly on experience and intuition rather than evidence-based protocols when assessing ambulance positioning in relation to patients needing urgent medical care. This positioning decision is particularly consequential in time-sensitive emergencies such as cardiac arrest, major trauma, and stroke, where treatment delays of even minutes can significantly affect survival and recovery.4–7

    In Chemical, Biological, Radiological, Nuclear, and Explosive (CBRNE) incidents, accurate ambulance placement is essential for the safety of responders and the efficacy of patient care. The Emergency Response Guidebook (ERG) delineates minimum safe distances between 100 and over 800 meters, contingent upon the hazardous material involved.8,9 Furthermore, in standard emergency responses, the placement of ambulances greatly influences operational efficiency and safety results. Research on traffic safety reveals that inadequately placed emergency vehicles lead to secondary accidents, resulting in emergency responders experiencing a fivefold heightened risk of traffic-related injuries relative to the general population.10,11

    EMS services in Thailand begin with a call to the emergency number 1669. The dispatcher gathers a history and assesses initial symptoms, then triages the case according to the standards of the Thailand National Institute of Emergency Medicine.12–14 Emergency cases are classified into three severity levels: red, yellow, and green. Based on this classification, the dispatcher assigns the nearest and most appropriate emergency medical operations unit. Upon arrival at the scene, EMS personnel must determine a suitable ambulance parking location. When dealing with extra threats like chemical spills, fires, or gas explosions, when keeping a suitable distance from the scene necessitates careful evaluation, this choice is particularly crucial.

    Smart glasses, which are wearable gadgets with wireless networking, cameras, and heads-up displays, have fascinating uses in a variety of healthcare applications. These gadgets have been effective in surgical guiding, telemedicine, and medical education,15,16 their potential to enhance emergency scene management remains largely unexplored. Integrating smart glasses into EMS protocols could provide real-time visual guidance, augmented reality overlays of optimal positioning patterns, and performance metrics that support both operational decision-making and subsequent training.17

    The integration of smart glasses with distance measuring constitutes a unique approach that assists EMS personnel optimize ambulance location. The results of this study may have implications that extend beyond immediate enhancements for EMS systems. Insights obtained may guide the formulation of standardized positioning techniques, improve EMS education courses, and augment the existing literature on technology integration in emergency care. Furthermore, this research addresses the multidisciplinary intersection of emergency medicine, health informatics, human factors engineering, and patient safety, domains central to contemporary healthcare delivery models focused on optimizing outcomes through evidence-based practices and technological innovation.

    The primary objective of this study was to investigate the efficacy of smart glasses technology in improving ambulance positioning during simulated critical care scenarios. We aimed to establish evidence-based parameters for optimal positioning.

    Materials and Methods

    A database of closed-circuit video recordings and assessment record forms documenting the determination of optimal ambulance placement was used in this single-center, retrospective field exercise study. The study was conducted at Srinagarind Hospital, Faculty of Medicine, Khon Kaen University, Thailand, between December 1 and December 31, 2024.

    Data Collection

    This study included all EMS personnel, including advanced emergency medical technicians (AEMTs), registered nurses (RNs), emergency physicians (EPs), and emergency nurse practitioners (ENPs). Individuals who experienced dizziness, vertigo, and disequilibrium, or who had prior experience with augmented reality technology, such as smart glasses, were excluded from this study.

    The 30-simulated scenario was carried out by a multidisciplinary expert panel made up of three subject matter experts: Senior EMS personnel with field operations experience, Board-certified Emergency Medicine professionals with five to ten years of clinical experience, and HAZMAT specialists certified in emergency response protocols. Thirty simulated emergency scenarios were initially created based on real-world incident reports from regional emergency databases, international emergency response guidelines, and local hazard vulnerability assessments. An expert panel conducted an independent evaluation of all scenarios for clinical precision, realness, and educational usefulness. The Modified Delphi process attained consensus (≥80% agreement) regarding the appropriateness of the scenario. Conclusive verification of optimal positioning solutions utilizing established safety distance protocols. The final scenarios were categorized as CBRNE scenarios (n=15): Chemical spills, radiological incidents, and biological hazards; Non-CBRNE scenarios (n=15): Traffic accidents, cardiac arrest, and medical emergencies.

    Participants were tested in two rounds, with a total of 30 scenarios per individual, conducted on the days of the field exercise. In the first round, participants performed a self-assessment to determine optimal ambulance positioning in simulated critical patient care scenarios. During the self-assessment phase, participants utilized their clinical experience and visual estimation to ascertain the optimal positioning of ambulances. In the second round, they used smart glasses.

    After completing the self-assessment evaluation, participants underwent a 120-minute training session on the use of smart glasses. The training session covered the following topics: Introduction to smart glass technology (15 minutes), Measure AR application tutorial and practice (45 minutes), hands-on device familiarization and basic operation (30 minutes), and simulated positioning exercises with feedback (30 minutes). Following each test, participants were immediately removed from the testing area to prevent discussion among participants. The flow of this study is illustrated in Figure 1.

    Figure 1 The study flow diagram.

    The HMT-1 model of smart glasses17 from RealWear Inc. (Vancouver, Washington, USA) was used in this study. The device operated on Android 10.0 and featured a 2.0 GHz, 8-core Qualcomm CPU. It supported Wi-Fi (2.4 GHz and 5 GHz) and Bluetooth Low Energy 4.1.

    The Measure AR (Xreal) application (Bacau, Romania) was installed on the smart glasses for measuring distances from the emergency scene to the optimal ambulance position in simulated critical care scenarios. This smart augmented reality measuring tool could measure vertical or horizontal distances in real-time, with an accurate margin of 1.5 cm.

    The test’s accuracy was assessed in CBRNE scenarios based on adherence to the Emergency Response Guidebook (ERG)9 and in non-CBRNE scenarios included standard emergency situations such as cardiac arrest, trauma, and medical emergencies which was validated based on compliance with Thai Emergency Ambulance Safety guidelines, as outlined in the National Standard Curriculum for Emergency Vehicle Operator (Ambulance) Training Course.18 Trained research assistants, who were EMS professionals, measured the distance of the ambulance’s position using a tape measure and documented the accuracy of the measurements. Then, independent experienced Emergency Physicians (EPs) assessed these measurements against predetermined criteria.

    The EPs who participated as assessors in our study were Board-certified in Emergency Medicine, possessing 5–10 years of clinical experience, regular engagement in hospital-based emergency response coordination, and expertise in medical oversight of regional EMS operations via hospital emergency department protocols. The data was retrieved and evaluated, encompassing each participant’s precision in determining optimal ambulance placement. The data from the second round were subsequently entered. In instances of discrepancies, a senior EP with over 10 years of experience was consulted to verify and authenticate the data.

    Sample Size

    A standard normal value of 1.96 and an expected prevalence of 0.31 were used to determine the sample size required for estimating a proportion in an infinite population. An alpha level of 0.05 and an absolute precision of 0.10 were applied for the power analysis. Based on these parameters, the authors calculated that a sample size of 82 participants would be required.

    Statistical Analysis

    The statistical analysis was conducted using IBM SPSS for Windows, version 27.0, licensed by Khon Kaen University (Khon Kaen, Thailand) (IBM Corp., Armonk, New York, USA). Categorical data were expressed as frequencies and percentages, whereas continuous data were reported as median and interquartile range for non-normally distributed distributions. In the case of a normal distribution, we presented the means and standard deviations (SD). Pearson’s chi-square test of independence was utilized to assess the association between categorical variables. All anticipated cell frequencies were ≥5, fulfilling the chi-square test criterion. The categorical nature of the outcome variables (accurate versus inaccurate positioning) was suitable for chi-square analysis. Comparing the positioning accuracy (correct/incorrect) of smart glasses and self-assessment techniques is the main analysis. Evaluation of the accuracy variations between CBRNE and non-CBRNE scenarios is known as secondary analysis. A two-tailed p-value below 0.05 was deemed statistically significant.

    Results

    Our study on smart glasses technology integration for ambulance positioning involved 82 EMS professionals (Table 1). The participants had a median age of 36.1 years (IQR 25.9–45.2), with males comprising the majority (63.4%). Emergency nurse practitioners and students constituted the largest group (56.1%), followed by advanced emergency medical technicians (26.8%), registered nurses (11.0%), and emergency physicians (6.1%). Most participants (51.1%) reported over a decade of EMS experience, while 39.2% had 5–10 years in the field.

    Table 1 Participant Information

    Table 2 presents a comparison of accuracy rates in optimal ambulance positioning between self-assessment methods and smart glasses technology across different emergency scenarios. A total of 2460 positioning attempts were analyzed. In CBRNE scenarios, the accuracy rate using traditional self-assessment methods was 47.6% (586/1230). When smart glasses technology was employed, accuracy increased significantly to 83.3% (1025/1230; p<0.001). For non-CBRNE scenarios, self-assessment methods yielded an accuracy rate of 66.7% (821/1230), which improved to 83.8% (1031/1230) with the implementation of smart glasses.

    Table 2 Accuracy in Optimal Ambulance Positioning (N=2460)

    Discussion

    Our study demonstrates that smart glasses technology significantly improves the accuracy of ambulance positioning in simulated emergency scenarios. The findings show substantial improvements in positioning accuracy across both CBRNE and non-CBRNE scenarios, with the most pronounced enhancement observed in CBRNE situations.

    The baseline accuracy rates using traditional self-assessment methods (47.6% for CBRNE and 66.7% for non-CBRNE scenarios) reflect the inherent challenges emergency medical personnel face when relying solely on experience and visual estimation. This discrepancy between scenario types is noteworthy, suggesting that conventional methods are particularly inadequate in high-risk, complex emergencies where precise positioning is most critical. When equipped with smart glasses technology, participants achieved remarkably consistent accuracy rates of approximately 83% across both scenario types, effectively eliminating the performance gap between routine and complex emergencies.19,20

    The standardization of performance across different emergency scenarios21–23 represents one of the most valuable contributions of this technology. Smart glasses technology helped normalize performance standards regardless of scenario complexity or responder experience level.23–26 This standardization has important implications for emergency service delivery, particularly in regions with varying levels of EMS training and experience.

    From a pragmatic standpoint, enhanced precision in ambulance positioning directly influences patient treatment and the safety of responders. Optimal location guarantees that EMS personnel can swiftly reach patients while preserving a suitable safety margin from any dangers.27–29 Inadequate placement may necessitate repositioning, resulting in delays in treatment during time-sensitive scenarios. Improved positioning could facilitate equipment access and patient transport.

    For CBRNE scenarios in particular, where traditional assessment methods yielded less than 50% accuracy, the implementation of smart glasses technology could substantially reduce responder exposure to harmful agents while improving response efficiency.29

    The incorporation of distance measuring functionalities into an augmented reality interface resolves a critical issue in emergency scene evaluation. This enhancement was accomplished with just a 120-minute training session on the technique. Our findings correspond with recent studies30–32 on technology integration in emergency services, which consistently show that well-structured technological interventions can improve decision-making in critical situations. The relatively inexpensive and portable nature of smart glasses technology makes it especially suitable for widespread implementation across EMS systems, regardless of resource constraints.

    The strengths of our study were that the present research is the first investigation into smart glasses technology utilizing augmented reality distance measurement for optimal ambulance positioning in emergencies. Although smart glasses have been investigated for diverse healthcare applications (surgical guidance, telemedicine, medical education), their utilization in EMS positioning decisions constitutes an innovative use case. Furthermore, our research distinctly illustrates the varying effects of technological assistance in CBRNE compared to non-CBRNE contexts. The discovery that smart glasses technology standardizes performance across various emergency types, achieving approximately 83% accuracy for both, represents a significant contribution, especially considering the considerable baseline performance disparity (47.6% versus 66.7%).

    Several limitations warrant consideration when interpreting our results. First, the simulation-based design, while essential for standardization and safety, may not fully replicate the psychological pressure, environmental conditions, and complications encountered in actual emergencies. Secondly, our study concentrated solely on ambulance positioning, disregarding to investigate downstream effects on patient care metrics, including clinical relevance, patient outcomes, or team performance. Finally, participants had limited exposure to the technology prior to testing, which may underestimate the potential benefits that could emerge with longer-term use and integration into routine practice.

    Conclusion

    This study illustrates that smart glasses technology markedly enhances ambulance positioning precision in controlled simulations, attaining roughly 83% accuracy, in contrast to 47.6% for conventional self-assessment in CBRNE scenarios and 66.7% in non-CBRNE contexts. The technology demonstrates potential for standardizing positioning decisions in various emergency situations, thereby minimizing variability in responder performance. Nonetheless, these simulation-derived results signify initial evidence of technological capability rather than convincing validation of clinical advantage. Additional research is required to determine the practical clinical significance and feasibility of implementation, encompassing field trials in genuine emergency situations, evaluation of patient outcomes, and assessment of compatibility with current EMS protocols. The present findings establish a basis for subsequent research to investigate the practical implementation and economic viability of this technology in emergency medical services.

    Abbreviations

    CBRNE, chemical, biological, radiological, nuclear, and explosives; EMS, emergency medical services; AEMTs, advanced emergency medical technicians; RNs, registered nurses; EPs, emergency physicians; ENPs, emergency nurse practitioners.

    Data Sharing Statement

    The data used to support the findings of this study are available from the corresponding author upon request.

    Ethics Approval and Informed Consent

    The Khon Kaen University Ethics Committee for Human Research approved the study, which was conducted in accordance with the Declaration of Helsinki and the ICH Good Clinical Practice Guidelines (HE681054). Informed consent was not required. All identifying information was removed from the collected data to ensure confidentiality.

    Acknowledgments

    The authors would like to express their sincere gratitude to Josh Macknick for serving as an English consultant.

    Author Contributions

    All authors made substantial contributions to the conception, study design, implementation, data collection, analysis, and interpretation of the work. They participated in drafting, revising, or critically reviewing the article; approved the final version for publication; agreed to the article’s submission to the journal; and accepted full responsibility for the work.

    Funding

    This research was supported by the Fundamental Fund of Khon Kaen University, which received funding support from the National Science, Research, and Innovation Fund (NSRF).

    Disclosure

    The authors report no conflicts of interest in this work.

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    32. Alshammari A, Fayez Alanazi M. Use of Technology in Enhancing Learning Among Nurses in Saudi Arabia; a Systematic Review. J Multidiscip Healthc. 2023;16:1587–1599. doi:10.2147/JMDH.S413281

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  • AECOM enters strategic partnership with SILZ Company to support Saudi integrated logistics growth

    AECOM enters strategic partnership with SILZ Company to support Saudi integrated logistics growth

    AECOM enters strategic partnership with SILZ Company to support Saudi integrated logistics growth

    Collaboration supports Saudi Vision 2030 and accelerates investor-ready logistics projects across the Kingdom

    DALLAS (July 28, 2025) – AECOM (NYSE: ACM), the trusted global infrastructure leader, today announced a strategic partnership with Special Integrated Logistics Zones Company (SILZ), the Kingdom of Saudi Arabia’s premier developer and operator of integrated logistics zones. This partnership is designed to accelerate Saudi Arabia’s emergence as a global integrated logistics leader, aligning with Saudi Vision 2030’s goals of economic diversification, sustainable development, and enhanced global trade integration.

    As part of the agreement, AECOM is delivering project management consultancy and strategic advisory services for Riyadh Integrated, SILZ’s flagship integrated logistics zone, located only eight kilometers from King Khalid International Cargo Village, with direct access to key transport corridors. Purpose-built to serve high-growth sectors such as information and communications technology, pharmaceuticals and aerospace, the zone offers a fully integrated logistics ecosystem, including pre-built warehouses, build-to-suit units, land plots, offices, and showrooms.

    “This collaboration marks the foundation of a long-term relationship built on shared ambition and innovation,” said Hamed Zaghw, chief executive of AECOM’s Middle East and Africa region. “As SILZ Company transforms the integrated logistics landscape in Saudi Arabia, we’re proud to serve as their trusted advisor, guiding vision into action and advancing a bold infrastructure strategy that supports economic vitality and international investment.”

    “This strategic partnership with AECOM marks a pivotal moment for SILZ Company and for Saudi Arabia’s ambitious journey to become a global integrated logistics powerhouse. Our vision extends beyond developing mere logistics spaces; we are meticulously crafting Riyadh Integrated into a dynamic, future-ready ecosystem – a vital artery for global trade. This collaboration with AECOM, a trusted global leader in infrastructure, is instrumental in translating that bold vision into tangible action. Their expertise in project management and strategic advisory will accelerate the development of Riyadh Integrated, ensuring we deliver world-class infrastructure and services tailored for high-growth sectors like information and communications technology (ICT), pharmaceuticals, and aerospace. This partnership is a testament to our commitment to innovation, sustainable development, and economic diversification, directly supporting the transformative goals of Saudi Vision 2030 and solidifying Riyadh Integrated’s position as the premier gateway for integrated logistics and investment in the Kingdom,” said Dr. Fadi Al-Buhairan, chief executive officer, SILZ Company.

    “We’re proud to bring together our deep regional insight and global expertise to help shape the future of integrated logistics in Saudi Arabia,” said Jason Kroll, chief executive, AECOM Arabia. “This partnership reflects the ongoing demand for our industry-leading advisory services and underscores the value we deliver as the world’s top transportation design firm.”

    About AECOM 

    AECOM (NYSE: ACM) is the global infrastructure leader, committed to delivering a better world. As a trusted professional services firm powered by deep technical abilities, we solve our clients’ complex challenges in water, environment, energy, transportation and buildings. Our teams partner with public- and private-sector clients to create innovative, sustainable and resilient solutions throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. AECOM is a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2024. Learn more at aecom.com.

    About Special Integrated Logistics Zone Company (SILZ)

    The Special Integrated Logistics Zone Company (SILZ) is the developer and operator of integrated logistics zones in Saudi Arabia. Using advanced technology, industry expertise, and smart infrastructure, SILZ Company sets new efficiency and value-chain integration standards.

    The company aims to become the global benchmark for logistics zones by enabling sustainable, future-ready supply chains, supporting companies investing in the region, and contributing to the Kingdom’s economic diversification and Saudi Vision 2030.

    About Riyadh Integrated – The Special Integrated Logistics Zone

    Riyadh Integrated, the Kingdom’s first integrated logistics zone, is located just eight kilometers from King Khalid International Cargo Village. With a focus on light manufacturing, logistics, and trade, it offers a full-service ecosystem including a one-stop shop, value-added services, and competitive incentives, including 50-year tax relief and 100% foreign ownership. It is built for global industries, such as ICT, pharmaceuticals, aerospace, and more.

    Forward-Looking Statements

    All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, capital allocation strategy including stock repurchases, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; potential government shutdowns, changes in administration or other funding directives and circumstances that may cause governmental agencies to modify, curtail or terminate our contracts; losses under fixed-price contracts; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; changes in government laws, regulations and policies, including failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes in capital markets and stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital real estate development projects; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas businesses, including the risk that any purchase adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part of the transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

    Media Contact:
    Brendan Ranson-Walsh
    Senior Vice President, Global Communications
    1.213.996.2367
    Brendan.Ranson-Walsh@aecom.com

    Investor Contact:
    Will Gabrielski
    Senior Vice President, Finance, Treasurer
    1.213.593.8208
    William.Gabrielski@aecom.com

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  • Study Pinpoints Candidiasis Risk With Dual IL-17A/F Blockade

    Study Pinpoints Candidiasis Risk With Dual IL-17A/F Blockade

    TOPLINE:

    Drugs that simultaneously block interleukin (IL)-17A and IL-17F reduced the movement of protective white blood cells, making it harder for them to clear fungal infections and resulting in a higher risk for mucosal and systemic candidiasis in people taking them, according to results of an in vitro study. The finding helped explain why patients with psoriasis and psoriatic arthritis taking bimekizumab, an IL-17A/IL-17F blocking agent, have been reported to have high rates of fungal infections.

    METHODOLOGY:

    • Blood was drawn from 10 patients with psoriatic arthritis and centrifuged to isolate neutrophils.
    • Chemotaxis assays were performed to measure neutrophil migration based on their optical density in the presence of different combinations of the cytokines IL-17A and IL-17F and anti-IL-17A and anti-IL-17F monoclonal antibodies.
    • Candida cells were added to samples to assess how the neutrophils and the Candida interacted under the different cytokine and antibody combinations.

    TAKEAWAY:

    • Neutrophil chemotaxis was significantly greater in the presence of either cytokine on its own vs its combination with its respective monoclonal antibody, and this effect was most pronounced in the presence of both cytokines together vs a combination of both monoclonal antibodies.
    • IL-17A and IL-17F reduced Candida survival both on their own and synergistically when together by inducing neutrophil chemotaxis. This effect was neutralized by the presence of anti-IL-17A and anti-IL-17F monoclonal antibodies separately or together, leading to increased survival of Candida.

    IN PRACTICE:

    “Clinical trials and post-marketing surveillance of bimekizumab saw higher candidiasis,” said Disha Chakraborty, who presented the results at the Group for Research and Assessment of Psoriasis and Psoriatic Arthritis (GRAPPA) 2025 Annual Meeting and Trainee Symposium in Bogotá, Colombia. “We thought it might be because of the [effect on] neutrophil chemotaxis, and the results exactly translated to that. However, bimekizumab also has very good efficacy in PsA [psoriatic arthritis]. So we need to balance efficacy with increased monitoring of patients.”

    SOURCE:

    The poster “Exploring the Synergistic Effects of IL-17A and IL-17F on Neutrophil Chemotaxis: Risk of Candidiasis with Dual Blockade of IL-17A and IL17-F” was presented at GRAPPA 2025 by Chakraborty, who at the time of the study was a postdoctoral research fellow in the Division of Rheumatology & Immunology, Veterans Affairs Medical Center, Mather, California.

    LIMITATIONS:

    The study sample size was small. The experiments comprised translational research exploring the reasons behind higher candidiasis rates with dual IL-17A/IL-17F blockers. The results do not necessarily correspond with the nature or extent of clinical candidiasis that may occur in patients taking these therapies.

    DISCLOSURES:

    The authors disclosed having no financial conflicts of interest.

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  • Boeing fighter jet workers poised to strike after rejecting contract offer | Boeing

    Boeing fighter jet workers poised to strike after rejecting contract offer | Boeing

    Boeing Co expects more than 3,200 union workers at three St Louis-area plants that produce US fighter jets to strike after they rejected a proposed contract on Sunday that included a 20% wage increase over four years.

    The International Machinists and Aerospace Workers union said the vote by District 837 members was overwhelmingly against the proposed contract. The existing contract was to expire at 11.59pm Central time on Sunday, but the union said a “cooling off” period would keep a strike from beginning for another week, until 4 August.

    Union leaders had recommended approving the offer, calling it a “landmark” agreement when it was announced last week. Organizers said then that the offer would improve medical, pension and overtime benefits in addition to pay.

    The vote came two days before Boeing planned to announce its second quarter earnings, after saying earlier this month that it had delivered 150 commercial airliners and 36 military aircraft and helicopters during the quarter, up from 130 and 26 during the first quarter. Its stock closed on Friday at $233.06 a share, up $1.79.

    The union did not say specifically why members rejected the contract, only that it “fell short of addressing the priorities and sacrifices” of the union’s workers. Last fall, Boeing offered a general wage increase of 38% over four years to end a 53-day strike by 33,000 aircraft workers producing passenger aircraft.

    “Our members are standing together to demand a contract that respects their work and ensures a secure future,” the union said in a statement.

    Dan Gillan, general manager and senior Boeing executive in St Louis, Missouri, said in a statement that the company was “focused on preparing for a strike”. He described the proposal as “the richest contract offer” ever presented to the St Louis union.

    “No talks are scheduled with the union,” said Gillan, who is also vice-president for Boeing Air Dominance, the division for the production of several military jets, including the US navy’s Super Hornet, as well as the air force’s Red Hawk training aircraft.

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  • MARA Holdings, Inc. Completes Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032 : MARA (MARA)

    MARA Holdings, Inc. Completes Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032 : MARA (MARA)





    Miami, FL, July 28, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced the closing on July 25, 2025 of its upsized offering of 0.00% convertible senior notes due 2032 (the “notes”). The aggregate principal amount of the notes sold in the offering was $950 million. MARA also granted the initial purchasers an option to purchase up to an additional $200 million aggregate principal amount of the notes within a 13-day period beginning on, and including, the date on which the notes were first issued. The notes were sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    The net proceeds from the sale of the notes were approximately $940.5 million, after deducting the initial purchasers’ discounts and commissions but before estimated offering expenses payable by MARA. MARA used approximately $18.3 million of the net proceeds from the sale of the notes to repurchase approximately $19.4 million in aggregate principal amount of its 1.00% convertible senior notes due 2026 (the “1.00% 2026 convertible notes”) in privately negotiated transactions and approximately $36.9 million of the net proceeds to pay the cost of the capped call transactions entered into with certain of the initial purchasers of the notes or their respective affiliates and certain other financial institutions (the “option counterparties”), as described below. MARA expects to use the remainder of the net proceeds to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

    The notes are unsecured, senior obligations of MARA. The notes will not bear regular interest and the principal amount of the notes will not accrete. MARA may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of MARA’s common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on, and including, the trading day immediately before the date MARA provides the notice of redemption. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

    Holders of notes may require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price, or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the date of repurchase. In connection with certain corporate events or if MARA calls any note for redemption, it will, under certain circumstances, be required to increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or notice of redemption.

    The notes are convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes are convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

    The conversion rate for the notes is initially 49.3619 shares of MARA’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $20.2585 per share. The conversion rate is subject to adjustment upon the occurrence of certain events.

    In connection with the repurchase of the 1.00% 2026 convertible notes, MARA expects that holders of the 1.00% 2026 convertible notes who agreed to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock.

    In connection with the pricing of the notes, MARA entered into privately negotiated capped call transactions with the option counterparties. If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

    The cap price of the capped call transactions is initially approximately $24.14 per share, which represents a premium of approximately 40.0% over the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on Wednesday, July 23, 2025, which was $17.2413, and is subject to certain adjustments under the terms of the capped call transactions.

    MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions from time to time prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

    The notes were sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes was made only by means of a private offering memorandum.

    This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s 1.00% 2026 convertible notes.

    About MARA

    MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

    Forward-Looking Statements

    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to MARA’s use of the remainder of the net proceeds of the offering and the impact of the capped call transactions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: mara@wachsman.com

    Source: MARA Holdings, Inc.

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  • Canadian oil sands hit speed bump but keep rolling

    Canadian oil sands hit speed bump but keep rolling

    Canada’s oil sands producers are likely to report lower second-quarter profits, but they are hoping that improved government support will boost their prospects for investment to diversify away from dependence on US demand.

    Price differentials for both heavy sour crudes in the Canadian market were robust during the second quarter, but that only partly offset declines in US benchmark WTI. The hit to output — which strengthened differentials — was pronounced as wildfires forced several of the largest oil sands operators to shut in production. Heavy sour Western Canadian Select (WCS) at Hardisty, Alberta, narrowed its discount to WTI to its tightest since 2020, at about $10.25/bl in the second quarter, according to Argus data. But lower outright prices will overshadow this strength.

    WCS averaged about $54/bl in the second quarter, down by 25pc from $67/bl a year earlier. And the US-Canadian dollar exchange rate shifted to producers’ detriment over the period, having partially insulated them from lower prices in the prior two quarters. Lower output will weigh on results for Cenovus, Canadian Natural Resources and MEG Energy, which all had to cut production in late May owing to nearby wildfires. A combined 344,000 b/d of bitumen — representing 500,000 b/d of marketable crude when combined with diluent — were shut in for a week.

    Still, Canadian oil sands companies have proven to be resilient — their growth and capital plans would remain intact even if WTI prices were to fall to $45/bl or lower, the producers say — a claim that cannot be made in every basin. And looking further ahead, Canada’s producers have cause for optimism because of a new tone and perspective on oil and gas from the federal government. Alberta’s crude export egress congestion looks set to return in the coming years. Regulatory certainty to build more pipelines is what will really be required to lure investors back to Canada and drive the GDP growth prime minister Mark Carney desires.

    A new federal major projects office will be open by 1 September, Carney announced on 22 July, providing a one-stop shop for reviews that will aim to approve or deny applications within two years. This is welcome news for oil producers seeking more export capacity, and while a few routes are being contemplated, both Carney and Alberta premier Danielle Smith have discussed the need for a 1mn b/d bitumen pipeline to northwest British Columbia.

    Ready to talk

    British Columbia premier David Eby seems open to the idea of a new pipeline, but laments that it has been a distraction. “A lot of the discussion is around this project that does not currently have a proponent,” Eby says. There are “north of C$50bn ($37bn) worth of projects” in the province, with some awaiting support from the federal government, Eby says. “When premier Smith and the prime minister are in position with a proponent, we’re absolutely willing to have those conversations with them,” he says.

    Both Smith and Eby have highlighted their common ground on ammonia exports, interconnecting electricity systems and expanding the capacity of the 890,000 b/d Trans Mountain pipeline system. These are among the ideas put forward to beef up Canada’s industrial capacity to diversify its trade partners, against a background of ongoing negotiations with an unpredictable US administration. US president Donald Trump is threatening Canada with more tariffs should the two sides not reach a deal by 1 August, but the US may have already moved off that date. “What we’re hearing from the Americans is it looks like they’re putting off a full renegotiation of the Canada-US free trade agreement until next year,” Smith says. “The objective is not to have an agreement at any cost,” Carney says. “Our phone is ringing off the hook from other countries who want to do more with Canada.”

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