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Casa Systems, Inc. (NASDAQ:CASA) shares plummeted after announcing a Chapter 11 sale process for its businesses. The company filed for bankruptcy in Delaware and has agreements to sell its 5G and Cable businesses to Lumine Group (OTC:LMGIF) and an affiliate of Vecima Networks, Inc (OTC:VNWTF), respectively. Casa Systems aims to complete these transactions swiftly, with support from over 98% of its senior secured lenders. The company's CEO cited significant revenue and profit declines due to reduced industry capital investment and the costs of developing 5G products as reasons for the sale. Investors can access Casa Systems stock through IShares Microcap ETF (NYSE:IWC) and Vanguard Information Tech ETF (NYSE:VGT). CASA shares dropped 80.4% to $0.05.

Portfolio Pulse from Lekha Gupta

April 03, 2024 | 5:38 pm

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U.S. stocks traded higher with the Nasdaq gaining over 0.5%. Industrials shares led gains, while consumer staples fell. Kintara Therapeutics, ARCA biopharma, and Vanda Pharmaceuticals surged on positive news, whereas Casa Systems, View, Inc., and Sintx Technologies plummeted due to financial distress. The ISM services PMI declined, and oil prices rose.

Portfolio Pulse from Avi Kapoor

April 03, 2024 | 4:01 pm

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U.S. stocks edged lower following the release of positive ADP jobs data, indicating private businesses added 184,000 workers in March, surpassing expectations. Health care shares rose by 0.5%, while consumer staples fell by 0.5%. Kintara Therapeutics, ARCA biopharma, and VivoPower International saw significant stock increases due to merger agreements and a stock buyback program, respectively. Conversely, Casa Systems, View, Inc., and Sintx Technologies experienced substantial declines due to bankruptcy filings and a public offering.

Portfolio Pulse from Avi Kapoor

April 03, 2024 | 1:47 pm

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View, Inc. (NASDAQ:VIEW) shares plummeted in premarket trading after announcing Chapter 11 bankruptcy filing and a deal to go private with Cantor Fitzgerald and RXR. The agreement will cancel existing debts, with debt holders receiving equity in the reorganized company, and existing equity interests being canceled. The company aims for court approval within 45 days from April 2, 2024, and plans to emerge as a private entity with a new board and enhanced operational structure.

Portfolio Pulse from Lekha Gupta

April 03, 2024 | 12:29 pm

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Casa Systems' shares are trading lower following the company's filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:42 am

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Casa Systems has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, aiming to facilitate value-maximizing sales of its businesses.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:12 am

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View Inc. shares are trading lower following the company's filing for Chapter 11 bankruptcy. The company announced a deal with Cantor Fitzgerald and RXR to transition into a private entity.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:03 am

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View, Inc. has filed for voluntary Chapter 11 bankruptcy, with estimated assets and liabilities ranging between $100M to $500M, according to a court filing cited by Reuters.

Portfolio Pulse from Charles Gross

April 02, 2024 | 9:06 pm

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View, Inc. (NASDAQ:VIEW) announced an agreement with Cantor Fitzgerald and RXR Realty for a financial restructuring to become a private company. This involves commencing prepackaged Chapter 11 cases, with the expectation of court approval within 45 days from April 2, 2024. The restructuring will cancel existing senior secured term loans and unsecured convertible notes, with holders receiving equity in the reorganized company. The process is supported by a Restructuring Support Agreement, representing a significant portion of the company's noteholders and term lenders. View expects its operations to continue normally during this period.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 8:08 pm

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Stryve Foods shares plummeted by 25% due to a significant fourth-quarter revenue miss. Other stocks experienced notable movements, with VivoPower International surging 315% after announcing a merger, and Acorda Therapeutics dropping 83.5% following a Chapter 11 bankruptcy filing. Various companies reported financial results, mergers, and other significant updates affecting their stock prices.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 5:23 pm