Category: 3. Business

ORDER

By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 721 of the Defense Production Act of 1950, as amended (section 721), 50 U.S.C. 4565, it is hereby ordered:

Section 1.  Findings.  (a)  There is credible evidence that leads me to believe that HieFo Corporation, a company organized under the laws of Delaware (HieFo) and controlled by a citizen of the People’s Republic of China, through the acquisition of the assets comprising the digital chips and related wafer design, fabrication, and processing businesses of EMCORE Corporation, a New Jersey corporation (Emcore Assets), which acquisition completed on April 30, 2024 (such acquisition, the Transaction), might take action that threatens to impair the national security of the United States; and

(b)  Provisions of law, other than section 721 and the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), do not, in my judgment, provide adequate and appropriate authority for me to protect the national security in this matter.

Sec. 2.  Actions Ordered and Authorized.  On the basis of the findings set forth in section 1 of this order, considering the factors described in subsection (f) of section 721, as appropriate, and pursuant to my authority under applicable law, including section 721, I hereby order that:

(a)  The Transaction is hereby prohibited, and ownership by HieFo of any interest or rights in any of the Emcore Assets, whether effected directly or indirectly through HieFo, or through HieFo’s partners, subsidiaries, affiliates, or foreign person shareholders (collectively, Affiliates), is also prohibited.  For the purposes of sections 2(a), 2(b), and 2(c) of this order, the United States nationals on HieFo’s Board of Directors as of November 26, 2025, are not considered Affiliates of HieFo.

(b)  To effectuate this order, not later than 180 calendar days after the date of this order, unless such date is extended by the Committee on Foreign Investment in the United States (CFIUS), HieFo shall, and shall ensure that its Affiliates, divest all interests and rights in the Emcore Assets, wherever located, including contracts, inventory, tangible property, parts, fixed assets, accounts receivable, permits, real property leased or owned by EMCORE Corporation, and intellectual property.  All actions by CFIUS referenced in this order may be conducted by the agencies designated by its Staff Chairperson and all obligations on HieFo or EMCORE Corporation are subject to any extensions of time, conditions, or exceptions as such CFIUS agencies determine are appropriate and will not impair the national security of the United States.

(c)  Immediately from the date of this order until such time as the divestment set forth in subsection (b) of this section (the Divestment) has been completed and verified to the satisfaction of CFIUS and CFIUS has communicated in writing to HieFo that the Divestment is complete, HieFo shall not, and shall ensure that its personnel does not, grant any access to the Emcore Assets or any non-public technical information, information technology systems, products, parts and components, books and records, or facilities in the United States of the Emcore Assets to any persons who are not personnel of HieFo, unless otherwise approved in writing by CFIUS.  Not later than 7 calendar days after the date of this order, or after notification from CFIUS, as applicable, HieFo shall put in place and maintain any measures or controls deemed necessary by CFIUS to ensure that the access prohibited under this subsection does not occur.

(d)  Until the Divestment has been completed and verified to the satisfaction of CFIUS and CFIUS has communicated in writing to HieFo that the Divestment is complete, unless otherwise approved in writing by CFIUS, HieFo shall not, and shall ensure that its Affiliates do not, dissolve, reorganize, or transfer any interest or rights in any of the Emcore Assets, or otherwise change its or their legal structure or relocate, transfer, or sell any physical, intangible, or financial assets in a manner that would materially impede or prevent HieFo or its Affiliates from complying with this order as determined by CFIUS. 

(e)  At any time prior to or upon CFIUS communicating in writing to HieFo that the Divestment is complete, CFIUS is authorized to require auditing of HieFo, at no expense to CFIUS, on terms it deems appropriate in order to ensure compliance with this order and any conditions imposed by CFIUS.

(f)  Immediately upon Divestment:

(i)   HieFo shall certify in writing to CFIUS that all steps necessary to fully and permanently effectuate the requirements of subsections (a) and (b) of this section, including any conditions imposed by CFIUS pursuant to subsections (b) and (l) of this section, have been completed in accordance with this order; and

(ii)  HieFo shall certify in writing to CFIUS that, as part of the Divestment, HieFo and its Affiliates have destroyed or transferred all intellectual property associated with the Emcore Assets in their possession or control, including copies thereof, that HieFo and its Affiliates are required to divest pursuant to subsection (b) of this section.  CFIUS is authorized to require auditing of HieFo and its Affiliates, at no expense to CFIUS, on terms CFIUS deems appropriate in order to ensure that such destruction or transfer of intellectual property is complete.

(g)  HieFo shall not, and shall ensure that its Affiliates do not, complete a sale or transfer under this order to any third party:

(i)   until HieFo notifies CFIUS in writing of the intended buyer or transferee; and

(ii)  unless 30 calendar days have passed from the notification in subsection (g)(i) of this section and CFIUS has not issued an objection to HieFo.  Among the factors CFIUS may consider in reviewing the proposed sale or transfer are whether the buyer or transferee is a United States citizen or is owned by United States citizens; has or has had a direct or indirect contractual, financial, familial, employment, or other close and continuous relationship with HieFo or its Affiliates, or officers or employees of HieFo or its Affiliates; and can demonstrate a willingness and ability to support compliance with this order and any conditions imposed by CFIUS.  In addition, CFIUS may consider whether the proposed sale or transfer would threaten to impair the national security of the United States or undermine the purpose of this order, and whether the sale effectuates, to CFIUS’s satisfaction and in its discretion, the Divestment. 

(h)  From the date of this order until HieFo provides a certification of the Divestment to CFIUS pursuant to subsection (f) of this section, HieFo shall certify to CFIUS on a weekly basis that it and its Affiliates are in compliance with this order and any conditions imposed by CFIUS and shall include a description of efforts to effectuate the Divestment and a timeline for projected completion of remaining actions.

(i)  Any transaction or other instrument entered into or method employed for the purpose of, or with the effect of, evading or circumventing this order is prohibited.

(j)  Without limitation on the exercise of authority by any agency under other provisions of law, CFIUS is authorized to implement measures it deems necessary and appropriate to verify and enforce compliance with this order and any conditions imposed by CFIUS.  For purposes of verifying and enforcing compliance with this order and any conditions imposed by CFIUS, HieFo shall permit employees of the United States Government as designated by CFIUS access, on reasonable notice to HieFo, to all premises and facilities of HieFo and its Affiliates located in the United States, including those of the Emcore Assets:

(i)    to inspect and copy any books, ledgers, accounts, correspondence, memoranda, and other records and documents in the possession or under the control of HieFo or its Affiliates that concern any matter relating to this order;

(ii)   to inspect or audit any information systems, networks, hardware, software, data, records, communications, or property in the possession or under the control of HieFo or its Affiliates that concern any matter relating to this order; and

(iii)  to interview officers, employees, or agents of HieFo, or its Affiliates, concerning any matter relating to this order.

(k)  CFIUS shall conclude its verification procedures pursuant to subsection (j) of this section within 90 calendar days after the certification of the Divestment is provided to CFIUS pursuant to subsection (f) of this section and shall communicate in writing to HieFo when it has found that the Divestment is complete.

(l)  Without limitation on the exercise of authority by any agency under other provisions of law, and until such time as the Divestment is completed and verified to the satisfaction of CFIUS, CFIUS is further authorized to impose conditions or implement measures in connection with this order, the Divestment, and the Transaction as it deems necessary and appropriate to mitigate risk to the national security of the United States arising from the Transaction, including measures available to it under section 721 and its implementing regulations, which include the remedies available for violations of any order, agreement, or condition entered into or imposed under section 721.

(m)  If any provision of this order, or the application of any provision to any person or circumstances, is held by a court of competent jurisdiction to be invalid, the remainder of this order and the application of its other provisions to any persons or circumstances shall not be affected thereby.  If any provision of this order, or the application of any provision to any person or circumstances, is held by a court of competent jurisdiction to be invalid because of the lack of certain procedural requirements, the relevant executive branch officials shall implement those procedural requirements.

(n)  The Attorney General is authorized to take any steps pursuant to section 721(d)(3) necessary to enforce this order.

(o)  Any deadline or time limitation under this order imposed on CFIUS shall be tolled during a lapse in appropriations.

Sec. 3.  Reservation.  I hereby reserve my authority to issue further orders with respect to the Transaction as shall in my judgment be necessary to protect the national security of the United States.

Sec. 4.  Publication and Transmittal.  (a)  This order shall be published in the Federal Register.

(b)  I hereby direct the Secretary of the Treasury to transmit a copy of this order to the appropriate parties named in section 1 of this order.

(c)  The costs for publication of this order shall be borne by the Department of the Treasury.

                               DONALD J. TRUMP

THE WHITE HOUSE,

    January 2, 2026.

In the Media  |  January 2, 2026

Legal Business

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Partner Hillary Holmes recently spoke with Legal Business (subscription required) about the massive power needs of the technology industry. She said that a major question is where this energy is going to come from.

“We have clients that have traditionally been in the oil and gas space who are taking advantage of the fact that they have access to a lot of land and regulatory expertise, and the ability to build lots of infrastructure quickly and efficiently, to leverage that towards data [centers],” Hillary observed. “We went through the industrial age, and now we’re in the computer age, and we don’t yet know what we’re going to need for that.”

WASHINGTON, Jan. 2, 2026 /PRNewswire/ — Evolent Health, Inc. (NYSE: EVH) (“Evolent” or the “Company”), a company that specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable, announced that the Compensation Committee of Evolent’s Board of Directors approved the grant of a one-time time-based restricted stock unit award covering 587,500 shares of Evolent Class A common stock, par value $0.01 per share (the “Inducement Award”), to Mr. Mario Ramos (“Mr. Ramos”), Evolent’s new Chief Financial Officer effective as of January 2, 2026. The Inducement Award was granted as an inducement material to Mr. Ramos entering into employment with Evolent, as Mr. Ramos was neither previously an employee of Evolent nor a former employee returning upon a bona fide period of non-employment, in accordance with New York Stock Exchange Listing Rule 303A.08.

The Inducement Award has a grant date value of $2,350,000, vesting 34% on the first anniversary of the grant date, 33% on the second anniversary of the grant date and 33% on the third anniversary of the grant date, contingent on his continued employment through the applicable vesting date. 

About Evolent  
Evolent (NYSE: EVH) specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable. Evolent serves a national base of leading payers and providers and is consistently recognized as a top place to work in health care nationally. Learn more about how Evolent is changing the way health care is delivered by visiting evolent.com.

Media inquiries 
Jamie Manfuso
[email protected] 

SOURCE Evolent Health, Inc.

NEWTON, Mass., Jan. 2, 2026 /PRNewswire/ — Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company granted an aggregate of 1,533 restricted stock units (RSUs) to two newly-hired employees. These RSU awards were granted as of December 31, 2025 (the “Grant Date”) pursuant to the Company’s 2022 Inducement Stock Incentive Plan, as amended, as inducements material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4).

Each RSU award will vest over three years, with 33 1/3% of the shares underlying the RSU award vesting on each of the three consecutive anniversaries of the Grant Date. The vesting of each RSU award is subject to the employee’s continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates.

About Karyopharm Therapeutics

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company whose dedication to pioneering novel cancer therapies is fueled by a belief in the extraordinary strength and courage of patients with cancer. Since its founding, Karyopharm has been an industry leader in oral compounds that address nuclear export dysregulation, a fundamental mechanism of oncogenesis. Karyopharm’s lead compound and first-in-class, oral exportin 1 (XPO1) inhibitor, XPOVIO^® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications. It has also received regulatory approvals in various indications in 50 ex-U.S. territories and countries, including the European Union, the United Kingdom (as NEXPOVIO^®) and China. Karyopharm has a focused pipeline targeting indications in multiple high unmet need cancers, including in multiple myeloma, endometrial cancer, myelofibrosis, and diffuse large B-cell lymphoma (DLBCL). For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on LinkedIn and on X at @Karyopharm.

XPOVIO^® and NEXPOVIO^® are registered trademarks of Karyopharm Therapeutics Inc.

SOURCE Karyopharm Therapeutics Inc.

ISO New England now offers self-paced training for distributed energy resources (DERs) interested in participating in the region’s wholesale electricity markets as part of an aggregation.

The training module provides an overview of market participation models established under Federal Energy Regulatory Commission Order (FERC) No. 2222. It also includes a detailed summary of potential system impacts. The estimated viewing time is approximately 20 minutes.

A downloadable PDF is also available and includes a printable version of the participation model descriptions covered in the self-paced training.

For additional information, visit the Order No. 2022 Key Project page.

ISO New England offers a variety of training materials to help participants understand the region’s wholesale electricity market and power system. Is there something specific you’d like to see? Take a short survey to provide your feedback.

CAMBRIDGE, Mass., Jan. 02, 2026 (GLOBE NEWSWIRE) — Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today announced that on January 1, 2026, it awarded inducement grants to two new employees under Intellia’s 2024 Inducement Plan as a material inducement to employment.

The inducement grants consisted of time-based restricted stock units (“RSUs”) for an aggregate of 22,800 shares of Intellia’s common stock, with one-third of such RSUs vesting annually over three years. All equity vesting is subject to each employee’s continued service as an employee of, or other service provider to, Intellia through the applicable vesting dates.

All of the above-described awards were granted outside of Intellia’s stockholder-approved equity incentive plans pursuant to Intellia’s 2024 Inducement Plan, which was adopted by the board of directors in June 2024. These awards were approved by Intellia’s compensation committee as a material inducement to entering into employment with Intellia in accordance with Nasdaq Listing Rule 5635(c)(4).

About Intellia Therapeutics

Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. Since its inception, Intellia has focused on leveraging gene editing technology to develop novel, first-in-class medicines that address important unmet medical needs and advance the treatment paradigm for patients. Intellia’s deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at intelliatx.com and follow us @intelliatx.

Intellia Contacts:

Investors:Jason FredetteVice President, Investor Relations and Corporate Communications
jason.fredette@intelliatx.com

Media:Matt CrensonTen Bridge Communications
media@intelliatx.com
mcrenson@tenbridgecommunications.com

Source: Intellia Therapeutics, Inc.

LAUSANNE, Switzerland, Jan. 2, 2026 /PRNewswire/ — ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced that the Company has made a grant of options to purchase an aggregate of 6,000 of the Company’s common shares to a new employee on January 2, 2026 (“Grant”).

The Grant was offered as material inducement to the employee’s employment. The Grant was approved by the Compensation Committee of the Company’s Board of Directors pursuant to the Company’s Inducement Plan to motivate and reward the recipient to perform at the highest levels and contribute significantly to the success of the Company. The Grant was made in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08.

The Company is issuing this press release pursuant to Rule 303A.08. The Grant shall vest and become exercisable 25% on the first anniversary of the grant date, and 1/48th of the aggregate number of shares subject to the award on each monthly anniversary of the grant date thereafter, such that the entire award will be vested as of the fourth anniversary of the grant date, subject to continued employment with the Company.

About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), transforming treatment for patients through our focused portfolio with ZYNLONTA (loncastuximab tesirine-lpyl) and an early stage PSMA-targeting ADC.

ADC Therapeutics’ CD19-directed ADC ZYNLONTA received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy. In addition to ZYNLONTA, ADC Therapeutics is leveraging its expertise to advance IND-enabling activities for a next-generation PSMA-targeting ADC which utilizes a differentiated exatecan-based payload with a novel hydrophilic linker.

Headquartered in Lausanne (Biopôle), Switzerland, with operations in London and New Jersey, ADC Therapeutics is focused on driving innovation in ADC development with specialized capabilities from clinical to manufacturing and commercialization. Learn more at adctherapeutics.com and follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “would”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “future”, “continue”, or “appear” or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: whether future LOTIS-7 clinical trial results will be consistent with or different from the LOTIS-7 data presented by the Company on December 3, 2025, the timing and outcome of the full LOTIS-7 trial, potential best-in-class results, future publication, compendia and regulatory strategy and the commercial opportunity; the success of the Company’s strategic restructuring plan; changes in estimated costs associated with the restructuring plan including the workforce reduction and planned closure of the UK facility; the strengthened balance sheet and expected cash runway into at least 2028 which assumes use of minimum liquidity amount required to be maintained under its loan agreement covenants; the timing of the PFS events and topline data release for LOTIS-5 and the results of the trial and full FDA approval; the Company’s ability to grow ZYNLONTA^® revenue in the United States and potential peak revenue; the ability of our partners to commercialize ZYNLONTA^® in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain regulatory approval for ZYNLONTA^® in foreign jurisdictions; the timing and results of the Company’s or its partners’ research and development projects or clinical trials including LOTIS 5 and 7, as well as early pre-clinical research for our exatecan-based ADC targeting PSMA; the timing and results of investigator-initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company’s products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company’s indebtedness, including Healthcare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company’s activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; and the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities; and the uncertainties of international trade policies, including tariffs, sanctions and trade barriers and potential impact they may have on our business, financial condition, and results of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K and in the Company’s other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

CONTACTS:
Investors and Media
Nicole Riley
ADC Therapeutics
[email protected]
+1 862-926-9040

SOURCE ADC Therapeutics SA