Global High-Priority Regulatory Events — March 20, 2026

20-03-2026

Cogent Communications Holdings, Inc.'s DEF 14A proxy statement details corporate governance practices, including full attendance by directors at the 2025 annual meeting and independence of all directors except CEO Dave Schaeffer. For 2025 executive compensation, base salaries for non-CEO Named Executive Officers increased 2.5%, CEO incentives achieved 152% of AWR CAGR target ($333,500 earned) but only 79% of GP CAGR target ($196,743), and sales commissions reached 92% for Mark Harris ($141,900) while at 77% for former CRO James Bubeck ($80,813). Significant long-term incentive grants were awarded, including up to 551,177 RSU shares for the CEO for 2026 service based on $12M notional value.

• ·All directors except CEO determined independent per Nasdaq rules.
• ·CEO 2025 LTIPs: 84,000 time-based RSUs and 96,000 performance-based RSUs (half EBITDA CAGR, half Free Cash Flow CAGR through 2027).
• ·CEO 2026 LTIPs: 229,657 time-based RSUs vesting 2029 and 321,520 performance-based RSUs based on EBITDA CAGR through 2028.
• ·Supplemental 100,000 time-based RSUs each to Chang, Harris, Weed vesting 2029 for Sprint acquisition retention.
• ·Performance-based RSUs for Weed, Chang, Kilmer based on customer satisfaction or performance through 2028.

20-03-2026

Avalon Holdings Corp's DEF 14A proxy statement discloses 2025 executive compensation, with CEO Ronald E. Klingle's total pay declining 5% YoY to $255,000 amid flat salary and lower bonus, while AWMS CEO Kenneth J. McMahon's total fell 10% to $480,669 on reduced performance-based bonus; CFO Michael J. Havalo's pay rose slightly 1% to $207,303. This aligns with weaker performance including net income dropping 76% YoY to $321,000 from $1.318M and shareholder return falling to $67 from $159. The filing seeks an advisory 'say-on-pay' vote and notes no equity awards, expired options, and no 401(k) contribution for 2025.

• ·Company is a controlled company with over 50% voting power held by Mr. Klingle; Compensation Committee not fully independent.
• ·No discretionary contribution to 401(k) Profit Sharing Plan for 2025.
• ·All prior stock options under Long-Term Incentive Plan expired; no outstanding equity awards at Dec 31, 2025.
• ·Non-employee directors received $24,000 in fees with no equity grants.
• ·AWMS Holdings LLC offers private placement to accredited investors for salt water facilities; consolidated due to control despite not majority owner.

20-03-2026

Artelo Biosciences, Inc. (ARTL) filed an S-1 registration statement on March 20, 2026, for a public offering of common stock and pre-funded warrants through placement agent Craft Capital Management LLC, with 8.0% fees and warrants equal to 8.0% of securities sold. Interim Phase 2a CAReS trial results for ART27.13 showed compelling efficacy with mean body weight gain of 6.38% (vs -5.42% placebo loss) and lean body mass increase of +4.23% (vs -3.15% placebo) in 18 evaluable cancer anorexia patients, with a favorable safety profile among 32 enrolled participants. ART26.12 Phase 1 SAD study in 49 healthy subjects reported no drug-related adverse events and dose-dependent pharmacokinetics.

• ·ART27.13 dose escalation approved up to 1,300 micrograms; max weight gain 18.5% (ART27.13) vs 0.4% (placebo); max weight loss -3.0% (ART27.13) vs -17.4% (placebo).
• ·ART12.11 composition of matter patent enforceable until December 10, 2038.
• ·ART26.12 IND cleared by FDA in July 2024; Phase 1 results announced June 2025.
• ·CAReS trial: first patient dosed April 2021; Phase 1b completed Q1 2023; Phase 2a initiated April 2023; interim announced September 3, 2025.

20-03-2026

Wellgistics Health, Inc.'s 10-K filing describes its business operations across distribution, third-party logistics, and the DelivMeds digital pharmacy platform, supported by a network of over 5,000 pharmacies and facilities in Florida and Ohio. Acquisition-related consideration for Wellgistics LLC and Wood Sage includes $10M cash, $15M promissory note, and up to $25M in stock bonuses, with contingents tied to EBITDA targets through 2026. However, the filing emphasizes extensive risks including integration difficulties, reimbursement reductions, margin compression, and competitive pressures, with no financial performance metrics provided.

• ·Primary distribution center in Lakeland, Florida; additional facility in Columbus, Ohio; main office in Tampa, Florida.
• ·Contingent bonuses: 50% cash and 50% common stock if EBITDA exceeds 110% of targets for years ended Dec 31, 2024, 2025, and 2026.
• ·Promissory note interest: simple interest at Prime Rate as published by Wall Street Journal on Jan 1 of applicable year, payable in three equal annual installments starting first anniversary of registration effectiveness.
• ·Remainder of $10M cash due no later than earlier of 45 days post-registration effectiveness or Aug 30, 2025.

20-03-2026

This employee FAQ details the treatment of equity awards, FY 2026 bonuses, and severance under the National Storage Affiliates Trust Severance Plan amid Public Storage’s proposed acquisition of NSA. Unvested restricted shares and most Partnership LTIP Units vest fully prior to closing without requiring continued employment, while performance-based LTIP Units granted in 2026 are cancelled without payment. Eligible employees may receive prorated FY 2026 target bonuses and severance ranging from 4-52 weeks of pay based on tier and service, plus housing payments up to $3,000, but severance is not automatic and requires qualifying termination.

• ·Severance multiples for corporate employees: Tier 1 (SVPs) 20-52 weeks; Tier 2 (VPs) 16-36 weeks; Tier 3 (Directors) 12-24 weeks; Tier 4 (Managers) 8-16 weeks; Tier 5 (others) 4-12 weeks of weekly base pay plus bonus.
• ·Field employee severance: 4-12 weeks of base pay based on years of service tiers.
• ·FY 2026 bonus proration: days from January 1, 2026 to merger date divided by 365, paid after 90 days post-closing employment or upon qualifying termination with release.
• ·Housing eligibility: loss of NSA-provided housing within one year after March 16, 2026, while remaining employed.
• ·Reference to NSA OP Unitholder FAQ filed March 18, 2026 for OP Unit details.

20-03-2026

Promoter Madhav Bansidhar Shriram acquired 46.43 lakh shares (5.34%) in DCM Shriram Fine Chemicals Ltd on March 19, 2026, increasing his personal holding from 4.94% (42.99 lakh shares) to 10.28% (89.42 lakh shares). Together with Persons Acting in Concert (PAC), the group's total holding stands at 50.11% (4.36 Cr shares) out of total equity capital of 8.70 Cr shares. No shares are encumbered, and the disclosure complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

• ·Disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011
• ·No warrants, convertible securities, or encumbrances reported
• ·Mode of acquisition not explicitly specified (e.g., open market/off-market)
• ·Total PAC comprises 7 entities/groups including HUFs, family members, and Akshay Foundation

20-03-2026

AGS Transact Technologies Limited, currently under Corporate Insolvency Resolution Process (CIRP), has disclosed under Regulation 30 of SEBI (LODR) Regulations, 2015, the scheduling of its 9th Committee of Creditors (CoC) meeting on March 20, 2026, at 12:00 noon via Video Conferencing. The notice was issued by Brijendra Kumar Mishra, Deemed Resolution Professional, on March 18, 2026. This ongoing insolvency proceeding signals continued creditor oversight with no resolution indicated yet.

• ·BSE Scrip Code: 543451; NSE Scrip Symbol: AGSTRA
• ·IBBI Registration No: IBBI/IPA-002/IP-N00109/2017-2018/10257
• ·AFA Details: AA2/10257/02/311226/204257, Valid till 31.12.2026
• ·Process Email ID: agscirp@gmail.com

20-03-2026

Zee Learn Limited announced that the National Company Law Tribunal (NCLT), Mumbai Bench, dismissed as withdrawn the petition filed by Axis Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Petition No. 1126 of 2023). The matter was heard on March 19, 2026, as a pre-admission hearing, resolving it with no further proceedings pending. This follows the company's earlier disclosure on December 26, 2023, regarding the petition.

• ·BSE Scrip Code: 533287
• ·NSE Symbol: ZEELEARN
• ·Petition referenced earlier intimation dated December 26, 2023
• ·Advocate email dated March 20, 2026

20-03-2026

Quadrant Televentures Limited, under Corporate Insolvency Resolution Process (CIRP) since the NCLT order dated September 2, 2025, has rescheduled its Seventh Committee of Creditors meeting from March 20, 2026 to March 23, 2026, following a request from a CoC member. This update is in continuation of the intimation dated March 18, 2026, and complies with Regulation 30 of SEBI LODR Regulations. No financial impacts or outcomes from the meeting are disclosed.

• ·Scrip Code: 511116
• ·NCLT admission to CIRP: September 2, 2025 under Section 7 of IBC, 2016
• ·Previous intimation date: March 18, 2026

20-03-2026

Bharat Coking Coal Limited informed BSE and NSE about the update of its Corporate Identification Number (CIN) to L10101JH1972GOI000918 on the MCA portal following the listing of its equity shares (Scrip Code: 544678, ISIN: INE05XR01022). The company's authorised capital is ₹5,100 Cr and paid-up capital is ₹4,657 Cr, with active compliance status. Master data reflects incorporation on 01/01/1972, last AGM on 25/07/2025, and balance sheet date of 31/03/2025.

• ·ROC: Ranchi
• ·Registered Address: Koylabhawan, Koyla Nagar, P.O. Koyla Nagar, BCCL Township, Dhanbad, Jharkhand, 826005
• ·Company Status: Active and Compliant
• ·Date of Incorporation: 01/01/1972
• ·Date of last AGM: 25/07/2025
• ·Date of Balance Sheet: 31/03/2025

20-03-2026

Happiest Minds Technologies Limited issued a clarification on March 20, 2026, denying knowledge of any discussions involving EQT, Partners Group, and ITC Info eyeing a stake in Ashok Soota’s holding, as reported in Economic Times. The company stated it is not privy to such talks and confirmed no material information or impending announcements exist that could affect share price or volume. The news item has no impact on the company's operations or performance.

20-03-2026

The NCLT Mumbai Bench approved the reduction of Trustwave Securities Limited's (formerly Sterling Guaranty & Finance Limited) paid-up equity share capital from ₹6.54 Cr (65,37,600 shares of ₹10 each) to ₹0.33 Cr (3,26,880 shares of ₹10 each) on March 19, 2026, to offset accumulated losses of ₹6.21 Cr. The company, which ceased NBFC operations in December 2023, received shareholder approval via postal ballot on February 8, 2025, following a board resolution on October 24, 2024. The company must file the order with the Registrar of Companies and publish notices within 30 days of receipt of the certified copy.

• ·CIN: L65990MH1983PLC031384; Scrip Code: 508963; ISIN: INE668Y01016
• ·Company incorporated on November 21, 1983; final name change to Trustwave Securities Limited on August 9, 2024
• ·RBI cancelled NBFC registration on December 15, 2023
• ·NCLT petition: C.P 194 (MB) 2025; order to be filed with ROC within 30 days of certified copy receipt; notices to be published in Business Standard (English) and Navshakti (Marathi) within 30 days of ROC registration

20-03-2026

Fintellectual Corporate Advisors Private Limited submitted the Post Offer Advertisement dated March 19, 2026 (published March 20, 2026) to BSE Limited for the open offer by acquirers Mr. Sandeep Jain, Mr. Vikas Garg, Mr. Rahul Nagar, and Mr. Himanshu Arora to acquire up to 14,41,414 equity shares from shareholders of Pankaj Polymers Limited (scrip code: 531280). The advertisement appeared in Financial Express (English), Jansatta (Hindi), Pratahkal (Marathi), and Nava Telangana (Telugu), in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

• ·Scrip code: 531280
• ·Director DIN of signatory: 09081387
• ·Regulations cited: SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Regulation 18(12)

20-03-2026

Promoters Kush Sureshbhai Patel and Kashyap Sureshbhai Patel of Rudra Gas Enterprise Limited have created a pledge on 10,16,949 shares each (total 20,33,898 shares, 24.40% of total share capital), securing a ₹7 Cr loan from Shree Kamdhenu Financial Services Private Limited, with shares valued at ₹13.02 Cr (cover ratio 1.85:1). The loan proceeds are for the company's acquisition of shares in another firm in a similar vertical. This encumbrance represents 33.40% of total promoter holding (73.06%), with no prior encumbrances noted.

• ·Pledge created on 19.03.2026 and disclosed on 20.03.2026 to BSE SME.
• ·No prior encumbrances on these shares.
• ·Encumbrance relates to company loan for acquisition in similar vertical; no personal use.

20-03-2026

Aeva Technologies reported revenue of $18.1M for FY 2025, nearly doubling 99% YoY from $9.1M, with North America contributing 74% of revenue, while gross loss narrowed 83% to $0.7M. However, net loss improved only 4% to $145.4M from $152.3M amid a $21.5M negative change in warrant liability and high R&D expenses of $85.4M (down 17% YoY), leading to stockholders' equity dropping sharply to $13.2M from $99.4M due to $96.7M in new convertible notes. Cash and equivalents rose to $72.3M, supported by $128.6M in financing inflows.

• ·Revenue by geography FY2025: North America $13.3M (74%), Europe $3.9M (21%), Asia $0.6M (3%).
• ·Cash from financing FY2025: $128.6M primarily from $100M convertible notes and $32.5M private placement.
• ·Marketable securities declined to $49.6M from $83.1M as of Dec 31 2025.
• ·Weighted-average shares basic/diluted: 57.0M in FY2025 vs 53.4M in FY2024; net loss per share $(2.55) vs $(2.85).

20-03-2026

ACP Holdings Acquisition Corp., a blank check company focused on real estate & construction, filed an S-1/A registration statement (No. 333-294120) on March 20, 2026, for its initial public offering of units including Class A Ordinary Shares and warrants exercisable at $11.50. Union Street Sponsor, LLC acquired 7,666,667 Class B Ordinary Shares for $25,000 on January 29, 2026, with up to 1,000,000 subject to forfeiture to maintain 25% ownership post-IPO, and committed to purchase 390,000 Private Units. Proceeds from the IPO and Private Units will be deposited into a trust account with Odyssey Transfer & Trust Company.

• ·Company headquartered at 3131 Eastside, Houston, TX 77098.
• ·Standard Industrial Classification: Blank Checks [6770].
• ·Fiscal year end: December 31.
• ·EIN: 98-1923384.

20-03-2026

Papa Medical Inc., a provider of Hemp cannabinoid E-vapors and dosing solutions under the Cannapresso brand, filed Amendment No. 1 to its S-1 registration statement on March 19, 2026, for an IPO of 3,750,000 shares of Class A common stock at $4.00 per share, targeting $15M in gross proceeds before underwriting discounts. Net proceeds to the company are estimated at $13.95M, with an over-allotment option for 562,500 additional shares bringing totals to $17.25M gross and $16.04M net. The company, an emerging growth company and controlled entity (CEO Jian Hua holds 96.57% voting power post-offering), intends to list on Nasdaq under 'PAPA'.

• ·Company classified under SIC 2111 (Cigarettes), incorporated in Delaware with EIN 99-0986423.
• ·Principal offices at 202 North California Ave, City of Industry, CA 91744.
• ·Underwriters' over-allotment option exercisable for 45 days from prospectus date.
• ·Emerging growth company, smaller reporting company, and controlled company under Nasdaq rules.

20-03-2026

QIAGEN N.V. reported FY2025 net sales of $2.09B, up 6% YoY from $1.98B in FY2024, driven by 7% growth in consumables (90% of sales) and 10% increase in EMEA revenues. However, instrumentation sales declined 2% to $213.6M and Asia Pacific, Japan & Rest of World revenues fell 2% to $290.7M. Gross profit rose 34% to $1.30B with margin expansion to 62.2% from 48.9%, while product groups like Sample Technologies (+3%) and Other (+41%) showed varied performance.

• ·FY2023 total net sales were $1,965.3M.
• ·Instrumentation sales declined from $239.1M in FY2023 to $218.0M in FY2024 (-9%) and $213.6M in FY2025 (-2%).
• ·Employee functions stable: Sales 38% (up from 37%), Production 27% (down from 28%), R&D 17% (down from 18%) in FY2025.

20-03-2026

Belpointe PREP, LLC reported total assets of $564.2M as of Dec 31, 2025, up 9% YoY from $517.6M, driven by real estate net growth to $531.9M (+10% YoY), while revenue surged 244% YoY to $9.2M. However, net loss attributable to the company widened 68% YoY to $40.0M from $23.9M, with loss per Class A unit deteriorating to $(10.72) from $(6.56), amid higher debt ($260.6M, +47% YoY), elevated interest expense (+74% YoY), and negative NOI across Commercial (-$1.1M) and Mixed-use (-$1.3M) segments.

• ·Cash flows used in operating activities worsened to $(25.2M) in 2025 from $(13.7M) in 2024.
• ·Cash flows from financing activities declined to $87.0M in 2025 from $157.0M in 2024, leading to a net cash decrease of $0.2M.
• ·Commercial Segment NOI: $(1.1M) in 2025 vs $(0.05M) in 2024; Mixed-use Segment NOI: $(1.3M) in 2025 vs $(1.4M) in 2024 (slight improvement but still negative).

20-03-2026

Revenues and other income surged 61.7% YoY to $79.6M in 2025 from $49.2M in 2024, primarily driven by collaboration agreements rising to $72.1M (76.2% increase) and other revenues up 43.9% to $0.9M. However, net loss attributable to shareholders widened 83.9% to $67.6M from $36.8M, operating expenses increased with R&D up 3.3% to $93.5M and SG&A up 3.7% to $19.8M, cash and cash equivalents fell 19.8% to $208.7M, and shareholders' equity declined 42.1% to $75.9M.

• ·EPS basic and diluted FY2025: ($0.67), worsened from ($0.41) in FY2024.
• ·Total assets declined 15.4% to $324.7M as of Dec 31, 2025 from $383.5M.
• ·Adjusted Net Loss attributable to shareholders FY2025: $61.5M, vs $33.6M in FY2024.

20-03-2026

Embecta Corp. (Nasdaq: EMBC) announced a definitive agreement to acquire Owen Mumford Holdings Limited for up to £150 million (£100 million upfront cash plus up to £50 million in performance-based payments tied to Aidaptus® sales over three years post-closing). Owen Mumford generated £69.4 million in net revenue for its FY2025 (ended September 30), with approximately 80% from the UK and U.S., positioning the deal to expand Embecta's drug delivery portfolio and global reach. While expected to drive revenue growth and be accretive to adjusted net income after FY2028 with high-single-digit ROIC by year four, the acquisition will be dilutive to adjusted net income in FY2027.

• ·Expected closing in Embecta's fiscal Q3 2026, subject to regulatory approvals.
• ·Owen Mumford FY ends September 30.
• ·Financed by borrowings under Embecta's revolving credit facility.
• ·To be discussed on FY2026 Q2 earnings call on May 5, 2026.
• ·Owen Mumford founded in 1952, family-owned, headquartered in Oxfordshire, UK.

20-03-2026

Pelican Acquisition Corporation held an extraordinary general meeting on March 19, 2026, where shareholders overwhelmingly approved all six proposals related to the business combination with Greenland Energy Company, including the Business Combination Proposal (6,509,645 for, 400,135 against) and others with similar strong support. However, holders redeemed 7,562,343 ordinary shares (out of 11,998,750 outstanding) for $77.7M at $10.28 per share, representing significant cash outflow from the trust. The transactions are expected to close around March 24, 2026, with Greenland Energy's stock trading as GLND on Nasdaq starting March 25, 2026.

• ·Record date for shareholder meeting: February 19, 2026.
• ·Proposal 6 (Incentive Plan Proposal) had slightly lower support: 6,505,085 for, 403,345 against, 126,448 abstain.
• ·Adjournment Proposal not presented due to sufficient votes for approval.
• ·Merger Agreement dated September 9, 2025.

20-03-2026

Primoris Services Corporation (NYSE: PRIM) has issued its 2026 Proxy Statement for the virtual Annual Meeting of Stockholders on April 30, 2026, at 9:00 a.m. CT, where shareholders will vote on electing eight directors, advisory approval of named executive officer compensation, and ratification of Baker Tilly US, LLP as independent auditors for the fiscal year ending December 31, 2026. The company describes 2025 as an exceptional year, achieving record milestones, accelerating strategic growth, generating strong cash flow, and strengthening its balance sheet. Chairman David L. King thanks retiring Board member John Schauerman for his long service.

• ·Record date for shareholders entitled to vote: March 9, 2026
• ·Virtual meeting registration deadline: April 24, 2026, 11:59 p.m. Central Time at www.proxydocs.com/PRIM
• ·Principal executive offices: 2300 N. Field Street, Suite 1900, Dallas, Texas 75201

20-03-2026

Orla Mining Ltd., a Canadian mining company, filed its Form 40-F Annual Report for the fiscal year ended December 31, 2025, on March 20, 2026, pursuant to SEC requirements for foreign private issuers. The filing discloses details on operating segments including Musselwhite Mine and Camino Rojo, property, plant and equipment across mining properties, derivatives such as gold forward contracts and silver stream arrangements, equity instruments like share options, restricted share units, performance share units, and warrants, as well as financial risks including commodity price, currency, and interest rate risks. Contingent considerations for business combinations, such as with Musselwhite Mine Ltd., are linked to gold spot prices exceeding $2,900/oz or $3,000/oz, with no specific performance metrics showing growth or declines provided in the extracted tags.

• ·Filing covers FY ended December 31, 2025, with comparative data tags for 2024 and 2023 periods.
• ·Debt instruments include Convertible Notes maturing January 1, 2026, Revolving Facility, and Term Facility.
• ·Equity plans: Performance Share Units granted March 2023, Restricted Share Units vesting over 1-3 years post-award, Deferred Share Unit Plan.
• ·Risk disclosures cover IFRS inputs like share price, maturity, exercise price, interest rates, and historical volatility as of December 31, 2025, and February 28, 2025.

20-03-2026

Yellowstone MidCo Holdings II, LLC reported revenue growth of 52% YoY to $386M for 2025 from $254M in 2024, with gross profit tripling to $75M (20% margin from 13%) and Adjusted EBITDA improving to -$8M from -$43M. However, the company posted a net loss of $85M (narrowed 15% YoY), operating expenses increased 17% driven by higher SG&A (+11%) and transaction costs, R&D declined 10%, and net cash used in operations was $121M versus provided by $32M prior year.

• ·Net EAC adjustments before taxes: -$11.1M in 2025 vs -$22.9M in 2024.
• ·Minimum revenue guarantees extend to Sep 2028 at $758M.
• ·Cash increased $58M to $163M end-2025, driven by $204M financing inflows.

20-03-2026

StimCell Energetics Inc. (OTCQB: STME) engaged Stonegate Capital Partners, Inc. for research coverage and institutional investor outreach under an Advisory Services Agreement effective March 12, 2026, with services including quarterly research updates and coordination of investor meetings for a 12-month term. Compensation consists of 250,000 shares of common stock issued to Stonegate. CEO David Jeffs highlighted the partnership's potential to elevate visibility and build institutional ownership for the company's eBalance® technology.

• ·Shares subject to a six-month hold period from issuance date.
• ·Shares issued pursuant to exemptions from prospectus requirements of Canadian securities laws and registration requirements of U.S. Securities Act of 1933.
• ·Company focuses on products enhancing cellular function for wellness, anti-aging, insulin sensitivity, high blood pressure, neuropathy, and kidney function.

20-03-2026

Firefly Aerospace reported revenue of $159.9M for 2025, up 163% YoY from $60.8M, driven by strong growth in Spacecraft Solutions (+244% to $131.2M) and Launch revenue (+26% to $28.6M); gross profit swung to $30.7M from a $11.4M loss. However, net loss widened 29% YoY to $298.3M, operating loss increased 24% to $260.7M amid 47% higher operating expenses, and cash used in operations rose 30% to $204.9M, though bolstered by $1.3B in financing inflows.

• ·Adjusted EBITDA was -$198.6M in 2025, worsening from -$190.6M in 2024.
• ·Free cash flow was -$237.8M in 2025, down from -$190.3M in 2024.
• ·Total assets grew to $1.8B from $407.3M; cash equivalents rose to $793M from $123.4M.
• ·Intangible assets $165.7M and goodwill $450.1M as of Dec 31 2025, primarily from acquisitions.
• ·Net loss per common share improved to -$4.83 from -$20.74, with weighted-average shares 69,204 vs 12,819.