Streetbeat News

Bankruptcy

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Fisker Inc (OTCPK: FSRN) has filed for bankruptcy due to significant cash flow and manufacturing problems, leading to questions about the viability of the EV market. The bankruptcy follows a series of setbacks, including canceled pre-orders and a recall of its Ocean SUV. The news has implications for other EV manufacturers like Tesla, Rivian, and Lucid, as well as traditional automakers like Ford, GM, and Stellantis, who are also investing heavily in EVs.

Portfolio Pulse from Hayden Buckfire

June 18, 2024 | 9:26 pm

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Fisker, Inc. (OTC:FSRN) has filed for Chapter 11 bankruptcy protection, leading to a significant drop in its stock price. The company is in discussions for debtor-in-possession financing and aims to continue reduced operations. Fisker shares have fallen 53% to 2 cents, with heavy trading volume.

Portfolio Pulse from Erica Kollmann

June 18, 2024 | 7:39 pm

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U.S. stocks traded mixed with the S&P 500 gaining 0.1%. America's Car-Mart shares tumbled over 7% after disappointing Q4 earnings. Reliance Global Group, Actelis Networks, and Comtech Telecommunications saw significant gains due to positive news. Taysha Gene Therapies, DermTech, and Quantum Corporation experienced sharp declines.

Portfolio Pulse from Avi Kapoor

June 18, 2024 | 7:07 pm

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The SEC has sued Matthew Brown for a fraudulent $200 million offer to save Virgin Orbit Holdings, Inc. (NASDAQ:VORBQ). Brown allegedly fabricated a bank statement and falsely claimed to be an experienced venture capitalist. Virgin Orbit's stock surged by 33% following the offer but fell after the deal collapsed. Virgin Orbit filed for Chapter 11 bankruptcy in April last year.

Portfolio Pulse from Vandana Singh

June 18, 2024 | 6:04 pm

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Quantum Corporation (NASDAQ:QMCO) shares fell 44.5% to $0.43 after reporting worse-than-expected FY24 financial results and issuing FY25 guidance below estimates. Other notable stock movements include Reliance Global Group (NASDAQ:RELI) jumping 350% after an acquisition update, and DermTech, Inc. (NASDAQ:DMTK) falling 58.4% after filing for Chapter 11 protection.

Portfolio Pulse from Avi Kapoor

June 18, 2024 | 5:39 pm

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U.S. stocks traded mostly higher with the Dow Jones up 0.1%, while the NASDAQ fell slightly. Energy shares rose by 0.7%. Key movers included Reliance Global Group, Actelis Networks, and Comtech Telecommunications, which saw significant gains. DermTech shares plummeted after filing for Chapter 11 protection.

Portfolio Pulse from Avi Kapoor

June 18, 2024 | 4:08 pm

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DermTech shares are trading lower after the company filed for Chapter 11 protection and implemented a 20% workforce reduction to preserve cash.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 1:58 pm

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DermTech has filed for Chapter 11 bankruptcy protection, plans to continue operations, and is seeking to sell its assets. The company is also implementing a 20% workforce reduction to preserve cash.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 12:07 pm

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Indiva Limited (OTCPK:NDVAF) is restructuring its business under creditor protection due to financial underperformance. The company has obtained an order from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act (CCAA). SNDL Inc. (NASDAQ:SNDL), an existing creditor, is expected to acquire substantially all of Indiva's business and assets.

Portfolio Pulse from Nina Zdinjak

June 14, 2024 | 2:55 pm

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Treasury Secretary Yellen has expressed concerns over the stability of smaller banks and the impact of sanctions. Large financial firms are working to comply with Russia sanctions, while major Chinese banks emphasize the importance of correspondent relationships. Smaller banks are focused on maintaining access to the dollar.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2024 | 5:57 pm