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Bankruptcy

FTTUSD

Crypto exchange FTX has halted the sale of its stake in AI startup Anthropic, which was expected to fetch a nine-figure sum. The decision comes after FTX declared bankruptcy in November. FTX's investment in Anthropic, established by ex-employees of OpenAI, is one of its largest, surpassed only by its $1.5 billion investment in Genesis Digital. The new management at FTX has released a report on alleged misappropriation of customer assets.

Portfolio Pulse from Murtuza Merchant

June 28, 2023 | 2:05 pm

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NCMI

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TOVX

Several stocks are experiencing significant pre-market movements. Theriva Biologics (TOVX) surged 76.4% after receiving Orphan Drug Designation from the FDA for a pancreatic cancer treatment. iMedia Brands (IMBI) gained 55.1% following a second Nasdaq non-compliance notice. National CineMedia (NCMI) rose 12.8% after its reorganization plan was confirmed by the US Bankruptcy Court. Biodexa Pharmaceuticals (BDRX) rose 12.5% after announcing a share ratio change. On the downside, AST SpaceMobile (ASTS) fell 22.6% after pricing an upsized offering of Class A common stock, and Lordstown Motors (RIDE) fell 13.1% after filing for Chapter 11 bankruptcy protection.

Portfolio Pulse from Lisa Levin

June 28, 2023 | 12:04 pm

BBBYQ

OSTK

Overstock.com Inc (NASDAQ:OSTK) has received approval from a U.S. bankruptcy judge for its $21.5M acquisition of Bed Bath & Beyond Inc's (OTC:BBBYQ) brand name, intellectual property, and ecommerce platform. Bed Bath & Beyond, which filed for Chapter 11 bankruptcy in April, will also conduct a separate auction for its infants and toddlers products chain, Buy Buy Baby.

Portfolio Pulse from Shivani Kumaresan

June 28, 2023 | 10:26 am

NCMI

National CineMedia's plan of reorganization has been confirmed by the US Bankruptcy Court. The company is expected to emerge from Chapter 11 around August or September 2023. The plan will eliminate the company's debt through the equitization of its secured debt. National CineMedia, Inc. (NASDAQ:NCMI) will continue to serve as the manager of NCM LLC.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 8:03 pm

LUNAUSD

Liquidators from Three Arrows Capital are seeking to recoup approximately $1.3 billion from the company’s co-founders, Su Zhu and Kyle Davies, representing the losses allegedly incurred by the duo leading up to the firm's downfall. The co-founders are accused of steering Three Arrows into adopting considerable leverage from May to June 2022, following substantial losses primarily attributed to ill-advised investments in Luna (CRYPTO: LUNA) tokens, among other assets. The failure of Three Arrows Capital had adverse effects on platforms like BlockFi and Voyager Digital Ltd., both of which declared bankruptcy shortly after Three Arrows went into liquidation.

Portfolio Pulse from Murtuza Merchant

June 27, 2023 | 8:01 pm

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SYTA

TIVC

U.S. stocks traded higher with the Nasdaq Composite gaining over 200 points. TD Synnex Corp reported worse-than-expected Q2 results and issued Q3 guidance below estimates. Centogene N.V., Black Diamond Therapeutics, and Tivic Health Systems saw their shares rise due to various positive developments. Lordstown Motors Corp filed for Chapter 11 bankruptcy, Adicet Bio shared disappointing data from its Phase 1 study, and Siyata Mobile priced a 50 million share offering, leading to a drop in their shares.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 7:04 pm

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WBA

Several stocks experienced significant movement in Tuesday's mid-day session. Notable gainers included Tivic Health Systems, Black Diamond Therapeutics, and Centogene, which saw increases due to distribution agreements, promising clinical data, and joint ventures respectively. On the other hand, Adicet Bio, Siyata Mobile, and Lordstown Motors Corp were among the biggest losers, with drops due to disappointing clinical data, share offerings, and bankruptcy filings respectively. Walgreens Boots Alliance also saw a decrease after lowering its FY23 guidance.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 5:56 pm

JNJ

Johnson & Johnson's (JNJ) proposed $8.9 billion settlement of lawsuits alleging cancer-causing talc products is under scrutiny in a U.S. bankruptcy court. J&J's subsidiary, LTL Management, is attempting to resolve the lawsuits through bankruptcy for the second time. The initial bankruptcy attempt was dismissed, and the second filing is also facing opposition. JNJ shares are down 0.06% at $163.53.

Portfolio Pulse from Vandana Singh

June 27, 2023 | 5:43 pm

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WBA

US stocks traded higher with the Dow Jones gaining over 100 points. Walgreens Boots Alliance Inc reported weaker-than-expected earnings for its third quarter and lowered its FY23 adjusted EPS guidance. Centogene N.V., Black Diamond Therapeutics, Inc., and Tivic Health Systems, Inc. saw their shares rise significantly. Lordstown Motors Corp filed for Chapter 11 bankruptcy protection, while Adicet Bio, Inc. and Siyata Mobile Inc. saw their shares drop.

Portfolio Pulse from Lisa Levin

June 27, 2023 | 5:04 pm

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