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Bankruptcy

SPWR

Sunpower Corp has indicated in an SEC filing that there is substantial doubt about its ability to continue as a going concern, which raises concerns about its financial stability and future operations.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:45 pm

XPO

YELLQ

XPO Inc (NYSE:XPO) received approval from the U.S. Bankruptcy Court to acquire 28 service centers from bankrupt Yellow Corporation. The deal includes 26 outright purchases and 2 lease assumptions, expected to close by end of 2023. This expansion is seen as a strategic move to enhance XPO's network efficiency and growth, particularly in high-demand freight markets. XPO's stock rose 3.12% to $84.71 following the news.

Portfolio Pulse from Shivani Kumaresan

December 13, 2023 | 1:28 pm

XPO

YELL

XPO Logistics has received approval to acquire 28 service centers as part of Yellow Corporation's Chapter 11 bankruptcy proceedings. The deal involves the purchase of 26 service centers and the assumption of leases for two additional locations, with the transaction expected to close by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 10:38 pm

FEAM

5E Advanced Materials, Inc. (FEAM) has announced a stockholder call on December 19, 2023, to discuss company developments, including a potential pre-packaged Chapter 11 bankruptcy if out-of-court restructuring conditions are not met. The call will feature CEO Susan Brennan and CFO Paul Wiebel, and will cover the restructuring support agreement and financing package. The company aims to avoid bankruptcy to preserve capital and minimize disruptions.

Portfolio Pulse from Charles Gross

December 12, 2023 | 10:09 pm

FTTUSD

FTX's attorneys have filed a challenge against the IRS's claim that the cryptocurrency exchange owes $24 billion in back taxes. The filing in the U.S. Bankruptcy Court for the District of Delaware asserts that FTX owes nothing, as it operated without distributing dividends or earnings and reported substantial losses over its three-year operation. The attorneys argue that the IRS's claims are unfounded and delay distributions to FTX fraud victims. They also state that the IRS has not justified its original demand of $43 billion nor the current $24 billion claim.

Portfolio Pulse from Murtuza Merchant

December 12, 2023 | 4:38 pm

ACHV

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HCDI

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U.S. stocks opened slightly lower on Tuesday after the release of inflation data showing a decrease to 3.1% in November, the lowest in five months. Industrials shares rose by 0.8%, while communication services fell by 1.5%. Aditxt, Inc. surged 103% after an acquisition agreement, C4 Therapeutics, Inc. jumped 56% due to a collaboration with Merck, and Candel Therapeutics, Inc. gained 58% after receiving FDA Fast Track Designation. Conversely, Achieve Life Sciences, Inc. fell 39% due to potential NDA filing delays, Harbor Custom Development, Inc. dropped 40% after filing for Chapter 11 Bankruptcy, and Assure Holdings Corp. declined 28% after a previous day's gain.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 2:42 pm

HCDI

ICVX

ORCL

Icosavax, Inc. (NASDAQ:ICVX) shares surged approximately 45% in pre-market trading following AstraZeneca's announcement of plans to acquire Icosavax for up to $1.1 billion. Icosavax also reported positive interim Phase 2 results for its IVX-A12 vaccine candidate. Other stocks experiencing pre-market movements include gainers Bruush Oral Care Inc. (BRSH), Connect Biopharma Holdings Limited (CNTB), and losers Harbor Custom Development, Inc. (HCDI), which filed for Chapter 11 bankruptcy, and Oracle Corporation (ORCL), which reported mixed quarterly results.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 1:00 pm

HCDI

Harbor Custom Development, Inc. has voluntarily filed for Chapter 11 bankruptcy protection. This move allows the company to reorganize and attempt to manage its debts while continuing its operations. The filing indicates that Harbor Custom Development is facing financial difficulties that have necessitated the use of bankruptcy laws to seek relief and restructure its obligations.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 10:33 pm

BLUE

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MARA

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bluebird bio, Inc. (NASDAQ:BLUE) shares increased by 6.6% after presenting positive gene therapy data at the ASH Annual Meeting. Other stocks experienced significant movement in Monday's mid-day session, with notable gainers including Pasithea Therapeutics Corp. (NASDAQ:KTTA), NextPlay Technologies, Inc. (NASDAQ:NXTP), and MorphoSys AG (NASDAQ:MOR). The Cigna Group (NYSE:CI) shares rose after withdrawing from a merger with Humana Inc. (NYSE:HUM), and Macy's, Inc. (NYSE:M) increased on news of a buyout bid. Conversely, Near Intelligence, Inc. (NASDAQ:NIR) and Troika Media Group, Inc. (NASDAQ:TRKA) fell sharply due to bankruptcy filings, while Altamira Therapeutics Ltd. (NASDAQ:CYTO) dropped after announcing a reverse stock split. Cryptocurrency-related stocks like Marathon Digital Holdings, Inc. (NASDAQ:MARA) and Riot Platforms, Inc. (NASDAQ:RIOT) declined alongside a drop in Bitcoin's price.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 6:13 pm

SDCCQ

SmileDirectClub Inc (OTC: SDCCQ) has ceased operations following its bankruptcy filing in the U.S. in September. The company, established in 2014, offered a direct-to-consumer teeth aligner product as a cost-effective alternative to traditional braces. Despite going public in 2019 with a $1.35 billion IPO, SmileDirectClub accumulated nearly $900 million in debt and struggled to turn a profit. The company also settled a lawsuit regarding the suppression of consumer criticism this year. Efforts to sell the company were unsuccessful, with potential buyers withdrawing or presenting unviable bids.

Portfolio Pulse from Vandana Singh

December 11, 2023 | 6:00 pm