Streetbeat News

Bankruptcy

ADRT

AULT

On August 15, 2024, Ault Disruptive Technologies (ADRT) delivered a termination notice to Gresham, exercising its right to terminate the merger agreement due to Gresham's recent bankruptcy filing.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 8:45 pm

JNJ

Johnson & Johnson (NYSE:JNJ) is nearing approval for a $6.48 billion settlement to resolve thousands of lawsuits alleging its baby powder products cause cancer. Over 75% of claimants have agreed to the settlement, surpassing the threshold required for judicial approval. A J&J subsidiary will file for bankruptcy protection to finalize the settlement. This marks a renewed attempt to conclude the long-standing talc litigation after previous bankruptcy filings were rejected.

Portfolio Pulse from Vandana Singh

August 15, 2024 | 3:03 pm

HD

LL

W

WMT

Home Depot's CEO highlighted that inflation and high interest rates are causing homeowners to delay renovations. This trend is reflected in the financial struggles of companies like Wayfair and LL Flooring, with the latter filing for bankruptcy. Despite a recent drop in mortgage rates, the home improvement sector remains under pressure.

Portfolio Pulse from Natan Ponieman

August 14, 2024 | 8:57 pm

JNJ

Johnson & Johnson is preparing to disclose supermajority support for a talc bankruptcy settlement and is planning to have its subsidiary seek bankruptcy protection to finalize the settlement as soon as next week.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 4:24 pm

CSLR

SunPower is seeking to have Complete Solar designated as the stalking horse in its Chapter 11 bankruptcy APA with a $45 million bid for certain assets. Complete Solar (NASDAQ:CSLR) published its Q2'24 results, showing low revenue due to lack of working capital, but raised $46 million in July 2024 to stabilize operations. The hearing for the stalking horse motion is scheduled for August 29, with a likely sale closing by the end of September 2024.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 12:37 pm

EWBC

IWINF

Irwin Naturals Inc. (OTC:IWINF) is facing a lawsuit from East West Bank (EWB) over a $40 million loan default. EWB claims Irwin Naturals engaged in self-dealing and fund diversion, leading to the removal of CEO Klee Irwin from the board. The company has filed for Chapter 11 bankruptcy to reorganize and stabilize its operations.

Portfolio Pulse from Juan Spínelli

August 13, 2024 | 4:40 pm

CSLR

SPWR

SunPower Corporation (NASDAQ:SPWR) shares are trading lower after the company received a Nasdaq delisting notification due to non-compliance with listing rules and filing for Chapter 11 bankruptcy. Trading on Nasdaq will be suspended on Aug. 16, 2024, and the stock will move to the Pink Open Market. SunPower has also entered an asset purchase agreement with Complete Solaria, Inc. (NASDAQ:CSLR).

Portfolio Pulse from Erica Kollmann

August 13, 2024 | 3:19 pm

LL

NYSE has initiated delisting proceedings against LL Flooring Holdings following the company's voluntary Chapter 11 bankruptcy filing. Trading in the company's common stock will be suspended immediately.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 8:25 pm

AIMD

LGMK

MMAT

Ainos, Inc. (NASDAQ:AIMD) shares surged 37.7% in pre-market trading after securing exclusive licenses for 10 patents from Taiwan Carbon Nano Technology. Other notable pre-market movers include LogicMark, Inc. (NASDAQ:LGMK) up 49% following a $4.5 million public offering, and Meta Materials Inc. (NASDAQ:MMAT) down 27.7% after filing for Chapter 7 bankruptcy.

Portfolio Pulse from Avi Kapoor

August 12, 2024 | 10:04 am

LL

LL Flooring has filed for Chapter 11 bankruptcy and is pursuing a going-concern sale of its business. The company has secured debtor-in-possession financing to support its operations and will continue to serve customers both online and in stores.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 5:52 am