Streetbeat News

Bankruptcy

RIDE

RIVN

Rivian Automotive (RIVN) continues to grow with plans to reveal a new lower-priced R2 midsized SUV Crossover EV next year, while Lordstown Motors (RIDE) has filed for bankruptcy and is suing former partner Foxconn. Rivian's production is expected to increase, with a 2026 production forecast of 200,000 units for the new R2 model. In contrast, Lordstown's story has ended due to unmet expectations and a failed partnership.

Portfolio Pulse from Upwallstreet

June 27, 2023 | 1:05 pm

RIDE

Lordstown Motors Corp (NYSE:RIDE) filed for Chapter 11 bankruptcy protection and initiated a strategic restructuring process to maximize asset value. The company is also commencing a sale process for its Endurance vehicle and filed litigation against Hon Hai Technology Group and Foxconn, alleging fraud, bad faith, and contractual breaches.

Portfolio Pulse from Adam Eckert

June 27, 2023 | 12:45 pm

AEL

RIDE

American Equity Investment Life Holding Company (AEL) shares rose 8.7% in pre-market trading following a report suggesting Brookfield is nearing a deal to acquire the company. Meanwhile, Lordstown Motors Corp. (RIDE) fell 56.2% in pre-market trading after filing for Chapter 11 bankruptcy protection.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 12:19 pm

RIDE

Lordstown Motors Corp has filed for Chapter 11 bankruptcy protection, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 10:01 am

HNHPF

RIDE

Lordstown, Inc. (NASDAQ:RIDE) has filed for Chapter 11 bankruptcy protection and is suing its manufacturing partner, Foxconn (OTC:HNHPF), for alleged fraud and failure to meet commercial and financial commitments. Lordstown is also marketing and selling its Endurance EV pickup truck and related assets.

Portfolio Pulse from Shanthi Rexaline

June 27, 2023 | 9:18 am

RIDE

EV maker Lordstown Motors Corp (NASDAQ:RIDE) has filed for bankruptcy protection after a dispute with Foxconn over a $170 million investment. The company has started the sales process for its Endurance truck and other assets, and filed litigation against Hon Hai Precision Industry Co Ltd and Foxconn Ventures Pte Ltd.

Portfolio Pulse from Anan Ashraf

June 27, 2023 | 7:16 am

DISH

DISH Network Corp's stock is trading lower after COO Narayan R. Iyengar resigned last week. The company has been struggling to sell assets and battling insider speculation of possible bankruptcy.

Portfolio Pulse from Anusuya Lahiri

June 26, 2023 | 4:49 pm

AAPL

BILL

BZ

ROKU

The FDIC mistakenly released an unredacted document revealing Sequoia Capital had $1 billion deposited with Silicon Valley Bank (SVB) at the time of its collapse. Other major depositors included Kanzhun Ltd, Circle Internet Financial Ltd, BILL Holdings Inc, and ROKU. The FDIC's decision to cover all depositors at SVB and Signature Bank cost the deposit insurance fund about $15.8 billion.

Portfolio Pulse from AJ Fabino

June 23, 2023 | 3:18 pm

FTTUSD

Alameda Research, the hedge fund division of the bankrupt FTX group, is seeking to reclaim $700 million allegedly spent by its founder, Sam Bankman-Fried, to gain access to high-profile individuals. Court documents claim that Bankman-Fried used the companies under his control as a slush fund, with no commensurate benefit to Alameda Research.

Portfolio Pulse from Murtuza Merchant

June 23, 2023 | 3:02 pm

UP

Wheels Up Experience Inc (NYSE:UP) shares are down 6% after the company issued a statement addressing bankruptcy rumors and announcing redesigned programs to drive profitability. Wheels Up is working with advisors to secure new strategic investments, raise capital, and execute strategic divestitures. The Board of Directors approved a 1-for-10 reverse stock split.

Portfolio Pulse from Lekha Gupta

June 23, 2023 | 2:26 pm