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Cardiol Therapeutics Nominates Dr. Timothy Garnett to Its Board of Directors

Investing 6 Mins Read

Former Chief Medical Officer of Eli Lilly brings more than thirty years of pharmaceutical industry experience

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) (‘Cardiol’ or the ‘Company’), a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, today announced that pharmaceutical industry veteran Timothy J. Garnett, M.D., has been nominated to stand for election to the Company’s Board of Directors at its 2025 Annual General Meeting of shareholders to be held on May 28, 2025.

Dr. Garnett is a distinguished pharmaceutical industry executive with over 30 years’ experience, including two decades at Eli Lilly and Company, where he served as Chief Medical Officer from 2008 until his retirement in 2021. During his tenure at Eli Lilly, he led the successful development of therapeutics in women’s health, endocrinology, and neuroscience, resulting in multiple global commercial launches. Dr. Garnett has played a key role in the successful development of numerous drugs across both early- and late-stage clinical development. He has broad experience leading clinical development, portfolio management, medical affairs, regulatory strategy, and safety functional areas, and has a strategic understanding of the evolving metabolic therapy landscape.

‘We are pleased to nominate Dr. Garnett for election to our Board of Directors, as we mark a significant milestone with the recent initiation of patient enrollment in our pivotal Phase III MAVERIC trial,’ stated Guillermo Torre-Amione, M.D., Ph.D., Chair of Cardiol Therapeutics. ‘Dr. Garnett brings a wealth of industry experience and strategic vision, along with exceptional expertise in clinical development. His proven track record in guiding several drugs through regulatory approval and successful commercial launch will be instrumental in achieving our goal of making a meaningful difference for people living with underserved heart disease.’

Dr. Garnett currently serves as Chair of Ophirex and a Director of MapLight Therapeutics. In addition, he is a member of the Advisory Panel of Cambridge Innovation Capital and an equity partner at Recode Health Ventures LLC. Dr. Garnett holds a Bachelor of Medicine and Bachelor of Surgery (MBBS) from St. George’s, University of London. He is a Fellow of both the Faculty of Pharmaceutical Medicine (FFPM), and the Royal College of Obstetricians and Gynaecologists (FRCOG).

About Cardiol Therapeutics

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead small molecule drug candidate, CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis, and heart failure.

Cardiol has received Investigational New Drug Application authorization from the United States Food and Drug Administration (‘US FDA’) to conduct clinical studies to evaluate the efficacy and safety of CardiolRx in two diseases affecting the heart: recurrent pericarditis and acute myocarditis. The MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations, comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing Phase III MAVERIC trial (NCT06708299). The ongoing ARCHER trial (NCT05180240) is a Phase II study in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. The US FDA has granted Orphan Drug Designation to CardiolRx for the treatment of pericarditis, which includes recurrent pericarditis.

Cardiol is also developing CRD-38, a novel subcutaneously administered drug formulation intended for use in heart failure – a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.

For more information about Cardiol Therapeutics, please visit cardiolrx.com.

Cautionary statement regarding forward-looking information:

This news release contains ‘forward-looking information’ within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are ‘forward-looking information’. Forward-looking information contained herein may include, but is not limited to statements regarding the Company’s focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, the Company’s intended clinical studies and trial activities and timelines associated with such activities, including the Company’s plan to complete the Phase III study in recurrent pericarditis with CardiolRx, and the Company’s plan to advance the development of CRD-38, a novel subcutaneous formulation of cannabidiol intended for use in heart failure. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company’s Annual Information Form filed with the Canadian Securities Administrators and U.S. Securities and Exchange Commission on March 31, 2025, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization and clinical studies. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read the Supplement, the accompanying Base Prospectus and the documents incorporated by reference therein.

For further information, please contact:
Trevor Burns, Investor Relations +1-289-910-0855
trevor.burns@cardiolrx.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250087

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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Sport

Cavs obliterate Heat, sweep series. They were built for more than this.

Sport 3 Mins Read

The Cleveland Cavaliers categorically razed the Miami Heat on Monday, sweeping them in four games that looked — frankly — like the Cavs were on cruise control.

On one hand, it was impressive. Cleveland’s 73 bench points Monday night were just 10 fewer than Miami’s entire team scored in the 138-83 victory.

But, realistically, no one should read too much into this result.

Simply put: the Cavaliers, the wire-to-wire No. 1 seed in the Eastern Conference, did exactly what they needed to do. Guard Donovan Mitchell shined throughout the series, center Jarrett Allen worked the paint and Ty Jerome and De’Andre Hunter ignited off the bench.

More importantly, Cleveland ramped up its defensive intensity in the first round, with Evan Mobley — the newly-crowned Defensive Player of the Year — and Allen protecting the rim, and with wings closing out and defending the perimeter with tenacity.

So the big question is: will the Cavs be challenged in the conference semis?

Undoubtedly more than they were in the first round against a Heat team that rolled over, that much is clear.

But even the Pacers — Indiana is the likely opponent, with the Bucks in a 3-1 deficit and coping with Damian Lillard’s torn left Achilles tendon — have matchup issues against Cleveland.

The Cavs ranked ninth in the regular season in points in the paint per game (51.3), while the Pacers ranked 26th in opposing points in the paint per game (51.8).

With Allen’s footwork and efficiency and the ability of Mitchell and guard Darius Garland — if he heals from a toe sprain — to attack the paint, Cleveland can exploit Indiana’s weakness down low.

Indiana’s offense pushes the tempo up the court to prevent opposing defenses from getting into their sets. The Cavaliers — though not as quick as the Pacers — operate in a similar mind frame; the Pacers ranked seventh in pace (100.76), while the Cavs ranked 10th (100.31).

But one intangible Cleveland showed against Miami was its relentless intention in finishing. That much was evident from the first play of Game 4, when Heat point guard Davion Mitchell flicked a lazy pass that Allen easily swiped and turned into a breakaway dunk. From Mitchell and Mobley and Cleveland’s other star players down to the reserves that coach Kenny Atkinson played when he emptied the bench, the Cavaliers looked to exert dominance without compromise.

That’s what teams need to do in the playoffs.

And while the Pacers should not be overlooked, Cleveland’s success in the regular season — the Cavs won 64 games, most since they did in 2008-09 (66) — suggests this is a team that should have an Eastern Conference championship in its sights.

That would mean a likely date against the reigning champion Boston Celtics, the team Cleveland split four games with during the regular season.

Boston is one of the few teams in the NBA that can compete offensively against Cleveland; the Cavaliers posted the NBA’s top offensive rating, scoring 121 points per 100 possessions, while the Celtics ranked second (119.5).

Blowout sweeps in the first round are nice. This Cavaliers team is built to compete for far more.

This post appeared first on USA TODAY

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NBA says Doncic was fouled late in Lakers’ Game 4 loss

Sport 2 Mins Read

Minnesota Timberwolves forward Jaden McDaniels should’ve been called for a foul on Los Angeles Lakers guard Luka Doncic with 35.5 seconds left in the fourth quarter of the Timberwolves’ 116-113 victory in Game 4 on Sunday, according to the NBA’s Last Two-Minute Report released Monday.

Minnesota had just taken a 114-113 lead, and Doncic dribbled toward half court when McDaniels’ right leg tripped Doncic, who fell to the court. No foul was called, and Doncic called timeout. On the Lakers’ next possession, LeBron James committed a turnover, leading to two made Anthony Edwards free throws.

Doncic and Lakers coach JJ Redick were upset with the no-call, which the NBA labeled an incorrect no-call in its Last Two-Minute Report. Doncic should’ve been awarded two free throws, giving the Lakers a chance to tie or take the lead.

“I got tripped for sure,’ Doncic told reporters.

The league’s Last Two-Minute Report also confirmed that referees were correct in calling a foul on James during a Minnesota challenge, saying James made “illegal contact to Edwards’ left wrist.’ Instead of the Lakers gaining possession, Edwards made two free throws with 10.7 seconds remaining.

The Timberwolves took a 3-1 lead and can win the series in Game 5 on Wednesday in Los Angeles (10 p.m. ET, TNT).

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NBA playoffs technicals: Rockets-Warriors Game 4 had 5. What are fines?

Sport 2 Mins Read

There has been no shortage of technical fouls in these NBA playoffs, as emotions run high and players grow tired of the same opponents.

There already have been small dust-ups across multiple series — the Warriors-Rockets, Knicks-Pistons, Pacers-Bucks, Nuggets-Clippers and Lakers-Timberwolves have each seen players scrap, to varying degrees.

In particular, Monday night’s Golden State-Houston game saw multiple stoppages during which officials reviewed extracurricular activity; Rockets forward Tari Eason and guard Dillon Brooks and Warriors guard Stephen Curry and forward Draymond Green were each assessed a tech — and that was in the second quarter, alone.

In the third quarter, the Warriors were even called for a delay of game technical foul, though that one was not assessed to any player.

Here’s everything you need to know about how technical fouls work in the NBA playoffs:

How do technical fouls work in the 2025 NBA playoffs?

All technical fouls from the regular season reset at the start of the playoffs, which means that all players participating start with a clean slate. Whereas a 16th technical foul in the regular season would trigger a suspension, the number in the postseason is seven, with multiple suspensions possible with additional infractions.

Nonetheless, there are fines and additional consequences that arise from each technical foul assessed in the postseason.

The NBA, however, has the option to rescind technical fouls on review, as it does in the regular season.

What is the discipline for technical fouls in the 2025 NBA Playoffs?

  • Technical fouls Nos. 1 and 2 result in a fine of $2,000 per infraction.
  • Technical fouls Nos. 3 and 4 result in a fine of $3,000 per infraction.
  • Technical fouls Nos. 5 and 6 result in a fine of $4,000 per infraction; the NBA will send a warning letter to the offending player upon reaching his fifth technical of the playoffs.
  • Technical foul No. 7 results in a fine of $5,000 and a one-game suspension.
  • Each additional technical foul results in a fine of $5,000.
  • Each two additional technical fouls — Nos. 9, 11, 13 and so on — will trigger a suspension in addition to the $5,000 fine.
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Warriors vs. Rockets: Jimmy Butler golden in chippy Game 4 win

Sport 7 Mins Read

The Golden State Warriors are not your typical No. 7 seed. Not with Steph Curry, Draymond Green and Jimmy Butler on the court and Steve Kerr coaching.

The Warriors took a 3-1 series lead against the second-seeded Houston Rockets with a 109-106 victory in Game 4 of their first-round Western Conference playoffs matchup Monday.

Butler made three free throws with 58.7 seconds remaining giving Golden State a 107-104 lead, and after Alperen Sengun cut the lead to 107-106 with a driving layup, Butler and Steph Curry missed shots.

Houston called timeout with 13.1 seconds left and ran a play that ended with a missed shot by Sengun with Green defending. Butler collected the rebound, was fouled and made both, putting the Warriors ahead 109-106. Fred VanVleet missed a potential game-tying 3-pointer to end the game.

The Warriors received a great offensive performance from Brandin Podziemski, who scored a playoff career-high 26 points, and Butler contributed 27 points, six assists and five rebounds after missing Game 3 with a left pelvic and deep gluteal muscle contusion. Butler was 12-for-12 on free throws.

Buddy Hield (15 points) and Quinten Post (13 points) helped the Warriors overcome 2-for-8 3-point shooting from Curry (17 points).

The No. 7 seed has toppled the No. 2 seed six times in the NBA playoffs and just twice since the first round moved from best-of-five to best-of-seven in 2003. It happened in 2023 when the Los Angeles Lakers beat the Memphis Grizzlies and in 2010 when the San Antonio Spurs stopped the Dallas Mavericks.

The Rockets shot better than the Warriors from the field (49.4% to 41.9%) and on 3-pointers (47.8% to 37%) but Golden State made six more 3s, and the Rockets shot just 61.3% on 31 free throw attempts.

Sengun scored a game-high 31 points and had 10 rebounds and five assists for the Rockets. VanVleet had 25 points, and teammate Amen Thompson added 17 points and nine rebounds.

Catch up on the highlights from Game 4 between the Rockets and Warriors:

Game 4 highlights: Warriors 109, Rockets 106

3Q: Warriors 82, Rockets 80

The Warriors opened the third quarter with an 18-1 run, took a 68-58 lead and headed into the fourth quarter ahead 82-80 and are 12 minutes from taking a 3-1 series lead against the Rockets.

Golden State’s Brandin Podziemski had eight of his team-high 21 points in the third quarter, and Steph Curry has 14 points for the Warriors but he is just 1-for-5 on 3-pointers. Golden State’s Quentin Post has 13 points off the bench and Buddy Hield has 12 points. Jimmy Butler, who missed Game 3 with an injury, has 13 points, five assists and three rebounds.

Alperen Sengun scored 21 points and Fred VanVleet 19 for the Rockets who are just 17-for-29 on free throws. The Warriors are 15-for-16 from the free throw line but have made four more 3-pointers than Houston.

Halftime: Rockets 57, Warriors 50

The second quarter was marred by reviews of two minor altercations that resulted in a flagrant foul one for Golden State’s Draymond Green and technical fouls for Green and Warriors star Steph Curry and Houston’s Dillon Brooks and Tari Eason.

In a physical and chippy game with combustible players, the Rockets rebounded from a slow start and 12-point deficit in the first quarter to take a 57-50 lead into halftime.

Each team has three players in double figures in points. Houston’s Fred VanVleet has a team-high 12 points followed by Brooks (11 points, five rebounds) and Alperen Sengun (10 points, six rebounds).

Golden State’s Brandin Podziemski has a game-high 13 points, Quentin Post has 12 and Curry has 10. Green and Jimmy Butler were scoreless in the second quarter for Golden State which is shooing 38.1% from the field and 36% on 3s. Houston has made 54.1% of its shots including 7-for-11 on 3s.

The Rockets have a 24-8 edge in points in the paint and have turned nine Warriors turnovers into 17 points.

Draymond Green picks up flagrant foul one, still eligible to play

Golden State’s Draymond Green was issued a flagrant foul one – and avoided his second technical foul – with 2:44 remaining in the second quarter and the Rockets leading 47-46. Houston’s Tari Eason knocked the ball away from Green and as Eason tried to collect the loose ball, Green fouled him. Both players fell to the court, and a brief tussle ensued. After another review, Green’s foul was upgraded to the flagrant foul one and Eason was given a technical foul for his actions after the foul. Had Green been given his second technical foul, he would’ve been ejected. 

Steph Curry, Draymond Green, Dillon Brooks assessed technicals after dust-up

Houston’s Dillon Brooks, and Golden State’s Draymond Green and Steph Curry were each given technical fouls after Brooks fouled Curry with 7:00 remaining in the second quarter and the scored tied at 36. After the foul, Curry held up two fingers to signify Brooks’ second foul. Brooks — not surprisingly — objected to Curry’s taunt and tried to swipe the ball from Curry who wasn’t happy with that. Nor was Green who got in Brooks’ face. After a video review, the refs issued the technical fouls.

1Q: Warriors 28, Rockets 26

Jimmy Butler retuned to the starting lineup in Game 4 after missing Game 3 with a left pelvic and deep gluteal muscle contusion, and had four points, two rebounds and one block in the first quarter, helping the Warriors to a 28-26 lead.

Brandin Podziemski led Golden State with 10 points, and Draymond Green added six points and three rebounds. Golden State shot just 34.6% from the field and 26.7% on 3s in the opening quarter.

Amen Thompson has a team-high eight points for the Rockets who closed the quarter strongly and are shooting 52.6% from the field.

Rockets starting five

  • Jalen Green
  • Amen Thompson
  • Fred VanVleet
  • Dillon Brooks
  • Alperen Sengun

Warriors starting five

Is Jimmy Butler playing?

Yes, Jimmy Butler will start Game 4.

The Golden State Warriors forward remained listed as questionable on the official injury report but will coach Steve Kerr and the Warriors made the game-time decision.

Butler missed Game 3 with a left pelvic and deep gluteal muscle contusion, an injury he sustained in the Warriors’ Game 2 loss against the second-seeded Rockets.

What time is Warriors vs. Rockets?

Game 4 between the Houston Rockets and Golden State Warriors will tip-off at 10 p.m. ET April 28 at the Chase Center in San Francisco, California.

How to watch Warriors vs. Rockets playoff game: TV, stream

  • Time: 10 p.m. ET/7 p.m. PT
  • Location: Chase Center (San Francisco, California)
  • TV: TNT
  • Stream: Sling TV, Max, YouTube TV

Watch Warriors vs. Rockets Game 4 with Sling TV

Warriors vs. Rockets NBA playoff schedule, results

Warriors lead series 2-1

  • Game 1: Warriors 95, Rockets 85
  • Game 2: Rockets 109, Warriors 94
  • Game 3: Warriors 104, Rockets 93
  • Game 4: Warriors 109, Rockets 106
  • Game 5: Warriors at Rockets | Wednesday, April 30, 7:30 p.m. ET | TNT
  • Game 6: Rockets at Warriors | Friday, May 2, TBD | TBD*
  • Game 7: Warriors at Rockets | Sunday, May 4, TBD | TBD*

*if necessary

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Sport

Donald Trump endorses Eagles’ ‘tush push’ play in White House visit

Sport 2 Mins Read

The Super Bowl 59 champion Philadelphia Eagles have made the ‘tush push’ play popular for casual and dedicated NFL fans alike over the last few years. Fellow NFC team Green Bay proposed a ban for the play this offseason but the NFL decided to table discussions on it until May.

Until then, the Eagles can count on support from the highest elected official in the country: President Donald Trump.

The Eagles visited the White House on Monday, as is the tradition for the Super Bowl winner every year. While speaking in front of the players and coaches, Trump voiced his support for the tush push.

‘I hope they keep that play, Coach,’ Trump said, referring to Eagles head coach Nick Sirianni. ‘They’re talking about getting rid of that play, I understand. They should keep it. … I like it. It’s sort of exciting and different.’

Trump added that he’d like the NFL to revert back to the previous kickoff format, not the one instituted in 2024.

‘We don’t like that kickoff where nobody’s moving,’ he said. ‘The ball’s in the air but nobody’s moving.’

Sirianni spoke after Trump and thanked him for his support.

‘Thank you, Mr. President, for having us here,’ Sirianni said. ‘And we also appreciate the endorsement for the tush push.’

Many of the starters from the Eagles’ Super Bowl-winning team were in attendance at the White House for the event. There was one notable absence: Super Bowl 59 MVP Jalen Hurts.

Hurts was not expected to make the trip and White House officials told USA TODAY that the Eagles quarterback did not attend because of a ‘scheduling conflict.’

All the NFL news on and off the field. Sign up for USA TODAY’s 4th and Monday newsletter.

This post appeared first on USA TODAY

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Investing

Binding Commitments Received for A$1.0 Million under Convertible Note Placement

Investing 5 Mins Read

Nutritional Growth Solutions Limited (ASX:NGS) (‘NGS’ or ‘the Company’), is pleased to announce that it has received binding commitments for the issue of 1,000,000 convertible notes (Placement CNs), to be issued at $1.00 each (CN Placement).

HIGHLIGHTS

  • NGS has secured commitments of A$1.0 million under a placement of convertible notes.
  • Each investor who is issued with ordinary shares on conversion of the convertible notes will be issued with one option for each fully paid ordinary share that is issued on conversion of the convertible notes, with that issuance of options to take place on the same date as the ordinary share issuance date. This is expected to be within 10 business days of NGS shareholders approving that issuance of options including for the purposes of ASX Listing Rule 7.1. These options will be exercisable on a 1:1 basis into fully paid ordinary shares in NGS at an exercise price of $0.04 per option, and will expire 3 years following their issue date if they have not been exercised during that 3 year period.
  • The placement of convertible notes was supported by Australian sophisticated and professional investors.
  • Funds raised from the placement of convertible notes will be used to purchase inventory for retail expansion in CVS and Wakefern, as well as working capital and corporate expenses.

The offer of the Placement CNs was made to sophisticated and professional investors in Australia and successfully closed, achieving binding commitments of A$1.0 million.

Stephen Turner, NGS CEO and Managing Director, commented on the CN Placement:

“We are very pleased with the strong support shown by investors in this placement, which provides important growth capital to support our retail expansion into leading U.S. retailers, including CVS and Wakefern. We would like to thank our shareholders for their ongoing support as we execute our growth strategy and build on the momentum from our recent distribution achievements.”

The conversion of the convertible notes into fully paid ordinary shares in NGS will take place at a price of between A$0.03 and A$0.025 per ordinary share within 10 business days of NGS shareholders approving their conversion including for the purposes of ASX Listing Rule 7.1. NGS expects to convene a general meeting of its shareholders to consider whether to approve the conversion of the convertible notes into fully paid ordinary shares in NGS and whether to approve the issuance of options within the next few weeks.

Until the convertible notes are converted into ordinary shares or redeemed, they bear interest which is payable quarterly in arrear at either 10% per annum (if the holder of the convertible notes elects not to receive ordinary shares in NGS in lieu of cash interest), or 15% per annum (if the holder of the convertible notes elects to receive ordinary shares in NGS in lieu of cash interest). Issuance of ordinary shares in NGS in lieu of cash interest is subject to NGS being in compliance with the ASX Listing Rules. If the convertible notes have not been converted by the date that is 2 years after their issue date, they will be redeemed by NGS at their issue price.

Each investor who is issued with ordinary shares on conversion of the convertible notes will be issued with one option for each fully paid ordinary share that is issued on conversion of the convertible notes, with that issuance of options to take place on the same date as the ordinary share issuance date. This is expected to be within 10 business days of NGS shareholders approving that issuance of options including for the purposes of ASX Listing Rule 7.1. These options will be exercisable on a 1:1 basis into fully paid ordinary shares in NGS at an exercise price of $0.04 per option, and will expire 3 years following their issue date if they have not been exercised during that 3 year period (the CN Holder Options). Quotation of the CN Holder Options on the ASX will be sought.

USE OF PROCEEDS

The net proceeds from the issue of the convertible notes are planned to be used in the following areas:

LEAD MANAGER OPTIONS

The Company engaged GBA Capital Pty Ltd (AFSL 544680) to act as lead manager for the CN Placement (Lead Manager).

Under the terms of the mandate with the Lead Manager, the Lead Manager will be issued with 30% of the number of CN Holder Options (the Lead Manager Options). The Lead Manager Options will be exercisable on a 1:1 basis into fully paid ordinary shares in NGS at an exercise price of $0.04 per Lead Manager Option. The Lead Manager Options will expire 3 years following their issue date if they have not been exercised during that 3 year period.

The Lead Manager Options will be issued within 10 business days of NGS shareholders approving that issuance including for the purposes of ASX Listing Rule 7.1. NGS expects the Lead Manager Options to be issued at the same time as the issuance of the CN Holder Options. Quotation of the Lead Manager Options on the ASX will be sought.

Click here for the full ASX Release

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Stagflation Looms: Why Economists Are Warning of a Rare and Painful Economic Storm

Investing 8 Mins Read

The American economy may be heading toward stagflation, an environment characterized by high inflation, slowing growth and rising unemployment, US Federal Reserve Chair Jerome Powell cautioned earlier this month.

‘Unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way and some part of those tariffs come to be paid by the public,’ Powell said during an April 15 appearance in Chicago.

While he was careful not to use the word ‘stagflation,’ experts have pointed out that the circumstances Powell outlined correspond with its definition, thrusting the term back into public discourse.

But what exactly is stagflation, and why is it such a concern for investors? Read on to find out.

What is stagflation?

Stagflation describes the economic scenario where inflation remains high even as economic growth slows and unemployment rises. Stagflation is a rare occurrence, and contradicts the foundational economic belief that inflation typically rises during economic booms and falls during recessions.

The term was coined by British politician Iain Macleod in 1965 and became infamous during the 1970s oil crisis, when a dramatic spike in oil prices triggered both rising costs and shrinking output across much of the global economy.

In simple terms, stagflation means you’re paying more for everything while earning less; at the same time, finding a new job, or even keeping your current one, becomes more difficult.

The misery index, created to measure such bleak periods, adds the unemployment rate to the inflation rate. During the worst of the 1970s, it exceeded 20. As of March 25, 2025, it stood at around 6.6, with inflation at 2.4 percent and unemployment at 4.2 percent. Many economists fear that number could rise quickly if current trends continue.

Why are experts sounding the alarm on stagflation?

A combination of geopolitical shocks, fragile supply chains and new economic policies — particularly a sweeping series of tariffs enacted by the Trump administration — has created a perfect storm, economists say.

The tariffs include a 10 percent universal tax on all imports, up to 25 percent duties on goods from Canada and Mexico and a staggering 245 percent tariff on imports from China. These are not minor adjustments — they are foundational changes to the pricing structure of the US consumer and business marketplace.

‘The level of the tariff increases announced so far is significantly larger than anticipated,’ Powell said in a written statement from his Chicago appearance that was published on April 16. ‘The same is likely to be true of the economic effects, which will include higher inflation and slower growth.’

In other words, the tariffs act as a supply shock: They make it more expensive to bring goods into the country, which businesses pass on to consumers through price hikes. At the same time, higher costs can lead companies to cut back on investment and hiring, slowing the economy and increasing job losses.

“The Trump White House tariff policy has certainly increased the risk of both higher inflation and lower growth,” Brett House, professor of professional practice in economics at Columbia Business School, told CNBC.

To better understand what’s at stake, economists are looking at the 1970s — a decade that was marked by an oil embargo, skyrocketing prices and stagnant economic activity.

In response, then-Fed Chair Paul Volcker aggressively hiked interest rates, with the federal funds rate peaking at nearly 21 percent in 1981. The move ultimately tamed inflation, but plunged the country into two recessions.

That painful cure became the playbook for handling runaway prices, with central banks committing to maintaining credibility and acting decisively, even at the cost of job losses.

“The Fed’s credibility in keeping inflation low and stable, won over decades, kept longer-term inflation expectations stable,” Fed Governor Adriana D. Kugler said in a recent statement.

Still, today’s economic landscape differs from the 1970s in critical ways. The US is no longer as dependent on foreign oil. And labor unions, once a powerful driver of wage spirals, now represent a smaller portion of the workforce.

However, these differences might not offer much protection. While oil prices are less of a concern today, tariff-induced uncertainty could have a similar chilling effect.

How does stagflation impact everyday life?

For most people, stagflation translates into economic whiplash.

Essentially, prices go up, wages don’t keep pace and job security becomes tenuous. According to Forbes, a rising misery index would create a whole new roster of challenges for the everyday person.

To illustrate, people will likely have to spend more to get the same quantity of food, clothes and gas. Employees’ chances of getting laid off or working fewer hours will increase. For recent college graduates, the job market could become especially brutal. For families, the cost of borrowing — whether to buy a home, finance a car or use a credit card — could rise steeply if the Fed chooses to raise interest rates to combat inflation.

Diane Swonk, chief economist at KPMG, described today’s environment as having a “whiff of stagflation,” where people feel less secure about their financial future, even if the economic statistics haven’t fully caught up to the sentiment.

Is stagflation a certainty?

Not all economists agree that stagflation is inevitable, or that it will reach the same severity as in the 1970s.

Still, concerns are growing. Michael Feroli, JPMorgan Chase & Co.’s (NYSE:JPM) chief US economist, issued a warning earlier this month, stating the bank now expects a recession in 2025.

He predicts unemployment will rise to 5.3 percent, while a core measure of inflation will reach 4.4 percent, which he described as a “stagflationary forecast.”

KPMG also projects a shallow recession, with inflation peaking at the end of the third quarter. But even a modest downturn could be painful for vulnerable workers and households already stretched thin by pandemic-era economic disruptions and the fading buffer of savings built up during that time.

What does stagflation mean for investors?

Stagflation presents a complex and often discouraging landscape for investors.

Unlike recessions, where bonds tend to do well as interest rates fall, stagflation often erodes the value of both stocks and bonds. In such periods, equities can suffer from declining corporate profits due to rising input costs, as well as weakening consumer demand, creating varied headwinds for the stock market.

At the same time, high inflation erodes the real value of future earnings, often leading to downward pressure on stock prices, particularly for growth-oriented companies whose valuations depend heavily on projected future cashflow.

Bonds, too, become vulnerable. Inflation eats into the fixed income stream provided by bonds, especially longer-term bonds. As inflation rises, the purchasing power of interest payments declines, and yields on newly issued bonds increase to compensate investors, driving down the market value of existing lower-yield bonds.

This was evident during the 1970s, the last prolonged period of US stagflation. At that time, both the S&P 500 (INDEXSP:.INX) and US treasuries experienced prolonged periods of underperformance in real terms.

Gold, on the other hand, surged in value as investors sought assets that could maintain their purchasing power amid inflation and economic uncertainty. The price of gold increased more than 1,000 percent from 1971 to 1980, reflecting its appeal as a hedge during economic stress. Commodities more broadly — such as oil, agricultural products and industrial metals — have historically performed better in stagflationary conditions.

Since commodities prices are a direct input into inflation measures, they tend to rise during inflationary periods, particularly when inflation is driven by supply shocks. For instance, in the 1970s, oil prices quadrupled following the OPEC embargo, delivering significant gains for energy producers and commodity-focused investors.

Still, it’s worth noting that no single asset or strategy is immune to the pressures of stagflation. While diversification, inflation hedging and a focus on quality assets are time-tested approaches, the unique combination of rising prices and faltering growth challenges even seasoned investors.

Investor takeaway

Stagflation is not just an economic term from the past — it may soon be a lived reality for millions and even billions.

With tariffs reshaping trade dynamics in real time, inflation hovering stubbornly above the Fed’s target and job growth showing signs of slowing, the conditions are set for a troubling period ahead.

Whether or not future policymaking can steer the economy away from this outcome remains to be seen. For now, consumers, businesses and investors alike would do well to prepare for the reality that stagflation brings — not just a historical anomaly, but a modern economic threat.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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