Streetbeat News

Bankruptcy

EBIX

IFBD

MOTS

Motus GI Holdings, Inc. (MOTS) shares plummeted by 46.5% in pre-market trading after announcing a $5 million public offering. Other stocks experienced significant movement in pre-market trading, with notable gainers including Infobird Co., Ltd. (IFBD), Jin Medical International Ltd. (ZJYL), and SOBR Safe, Inc. (SOBR), among others. Conversely, several companies saw their shares decline, such as ETAO International Co., Ltd. (ETAO), bluebird bio, Inc. (BLUE), and Ebix, Inc. (EBIX), which filed for Chapter 11 bankruptcy.

Portfolio Pulse from Avi Kapoor

December 19, 2023 | 1:09 pm

BLK

EBIX

Ebix Inc. (NASDAQ:EBIX) has filed for bankruptcy in the U.S. due to debts over $600 million, casting doubt on the future of its Indian subsidiary, EbixCash, and its planned IPO. The bankruptcy stems from unpaid loans, increased interest expenses, a change in auditing firm, and a negative report from Hindenburg Research. CEO Robin Raina, the largest shareholder, and other major shareholders like BlackRock Inc. (NYSE:BLK) are affected. EbixCash's RBI license could be at risk, and there's controversy over Raina's $1.8 million bonus amid the financial crisis.

Portfolio Pulse from Shomik Sen Bhattacharjee

December 19, 2023 | 12:34 pm

HUT

Hut 8 Corp. (NASDAQ:HUT) saw its stock price surge after announcing an interim agreement to build and install mining operations in Cedarvale, Texas. This development is part of the Celsius Network LLC bankruptcy proceedings. Hut 8 will manage a site housing approximately 66,000 miners, powered by over 215 MW of energy. The company's managed services business currently oversees 680 MW, with expectations to exceed 895 MW once the Cedarvale site is operational. Hut 8's stock closed up 15.8% at $12.16.

Portfolio Pulse from Ryan Gustafson

December 18, 2023 | 9:26 pm

BLK

GBTC

Galaxy Digital, led by Mike Novogratz, is looking to acquire more assets from bankrupt crypto companies following a successful deal with FTX. The company managed FTX's Bitcoin and Ether holdings, as well as investments in Grayscale's Bitcoin Trust, boosting its assets under management from $1.7 billion to $5.3 billion. Galaxy is offloading FTX's tokens under a US court mandate and is interested in FTX's venture capital portfolio. Galaxy is also planning to shift its stock listing to Nasdaq and is working on launching a euro-denominated stablecoin and a spot bitcoin ETF in collaboration with Invesco and Cboe Global Markets.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 7:25 pm

BMRA

CKPT

EBIX

GPCR

IVVD

ZIMV

The Nasdaq Composite gained over 100 points, while U.S. stocks traded mostly higher. Communication services shares led the gains, while real estate shares fell. ZimVie Inc. (ZIMV) announced the sale of its spine business to H.I.G. Capital for $375 million. Invivyd, Inc. (IVVD) and Biomerica, Inc. (BMRA) shares surged after positive trial results and FDA clearance, respectively. Checkpoint Therapeutics (CKPT), Structure Therapeutics (GPCR), and Ebix, Inc. (EBIX) shares fell due to regulatory setbacks and Chapter 11 filing.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 7:21 pm

AMZN

Amazon is reportedly in discussions to invest in Diamond Sports Group, the largest regional-sports programmer in the U.S. This investment would further Amazon's foray into sports content, positioning it against competitors such as Disney and Netflix. Diamond Sports, which broadcasts over 40 major sports teams and filed for bankruptcy earlier this year, is considering a strategic investment and a streaming partnership with Amazon.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:45 pm

EBIX

LNTH

Lantheus Holdings, Inc. (LNTH) shares fell by over 22% after announcing topline results from a phase 3 study with POINT Biopharma. Other stocks moved in Monday's mid-day session with notable gainers and losers across various sectors. United States Steel Corporation (X) rose after an acquisition announcement by Nippon Steel, while Ebix, Inc. (EBIX) shares plummeted following a Chapter 11 filing and asset sale agreement.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 6:05 pm

BMRA

CKPT

EBIX

GPCR

IVVD

ZIMV

U.S. stocks traded higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. The NAHB/Wells Fargo Housing Market Index increased to 37 in December, exceeding expectations. In company news, Invivyd's shares soared after announcing positive trial results, Biomerica surged following FDA clearance for its test, and ZimVie gained on news of selling its spine business. Conversely, Checkpoint Therapeutics, Structure Therapeutics, and Ebix faced significant declines for various reasons including a Complete Response letter from the FDA and Chapter 11 filing.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 5:17 pm

EBIX

Ebix, Inc. and its US affiliates have filed for Chapter 11 bankruptcy protection and have entered into a stalking horse agreement to sell their North American Life and Annuity assets to Zinnia. As a result, Ebix shares are trading lower.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 4:07 pm

FTTUSD

FTX Trading is proposing a plan to return money to creditors as part of its bankruptcy case. The proposal involves liquidating most of the firm's cryptocurrencies and valuing the assets in cash based on their value at the time of the bankruptcy filing on November 11, 2022. Creditors will vote on the proposal before it goes to U.S. Bankruptcy Judge John Dorsey for final approval. Major creditor and customer groups have tentatively approved the plan, but it does not clarify if FTX will resume operations or how much creditors will receive. FTX has been allowed to sell assets, including its subsidiary LedgerX for $50 million.

Portfolio Pulse from Khyathi Dalal

December 18, 2023 | 2:08 pm