Streetbeat News

Bankruptcy

SDC

SmileDirectClub has filed for Chapter 11 bankruptcy, leading to a decrease in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 12:44 pm

AWIN

SDC

AERWINS Technologies Inc. (AWIN) shares rose by 90.2% in pre-market trading as the company is considering strategic alternatives for non-core operations. Other companies that saw a rise in pre-market trading include RVL Pharmaceuticals (RVLP), Better Choice Company (BTTR), Bionomics Limited (BNOX), Athena Consumer Acquisition Corp. (ACAQ), EMCORE Corporation (EMKR), Syndax Pharmaceuticals (SNDX), Bitfarms Ltd. (BITF), Femasys Inc. (FEMY), and Oragenics, Inc. (OGEN). On the other hand, SmileDirectClub, Inc. (SDC) filed for bankruptcy, causing its shares to fall by 64.1%. Other companies that saw a fall in pre-market trading include Intelligent Bio Solutions Inc. (INBS), Context Therapeutics Inc. (CNTX), Nexalin Technology, Inc. (NXL), ReShape Lifesciences Inc. (RSLS), Brooge Energy Limited (BROG), Danaher Corporation (DHR), Siyata Mobile Inc. (SYTA), Grom Social Enterprises Inc (GROM), and Bolt Biotherapeutics Inc (BOLT).

Portfolio Pulse from Lisa Levin

October 02, 2023 | 12:11 pm

MTX

Minerals Technologies Inc's subsidiaries, Barretts Minerals Inc and Barretts Ventures Texas LLC, have filed for Chapter 11 bankruptcy to address liabilities associated with talc. They plan to operate normally during the bankruptcy process and intend to sell talc assets to fund the case. The subsidiaries have received a $30 million debtor-in-possession financing from JMB Capital Partners Lending, LLC. No other subsidiaries of Minerals Technologies are included in the filing. MTX shares closed lower by 0.87% at $54.76 on Friday.

Portfolio Pulse from Shivani Kumaresan

October 02, 2023 | 12:01 pm

BROG

DHR

EURN

EXK

SDC

SENS

Several stocks recorded losses in Monday's pre-market trading session. SmileDirectClub filed for bankruptcy, causing its shares to tumble 64.1%. Brooge Energy's shares dipped 9.8% despite reporting a 122% YoY revenue increase. Danaher Corporation's shares declined 9.6% after it completed the separation of Veralto Corporation. Other companies experiencing a decline in shares include Kellogg Company, Euronav NV, Endeavour Silver Corp., and Senseonics Holdings.

Portfolio Pulse from Lisa Levin

October 02, 2023 | 10:03 am

MTX

Minerals Technologies Inc. (MTX) announced that its subsidiaries, Barretts Minerals Inc. and Barretts Ventures Texas LLC, have filed for Chapter 11 bankruptcy to address liabilities associated with talc. The subsidiaries plan to operate normally during the bankruptcy process and intend to sell their talc assets. They have received a commitment of $30 million in debtor-in-possession financing from JMB Capital Partners Lending, LLC.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 9:14 am

ALGN

SDC

XRAY

SmileDirectClub Inc. (NASDAQ:SDC) has filed for Chapter 11 bankruptcy, just a few years after its $1.35 billion IPO. The company's founders plan to invest at least $20 million back into the business as part of a revival plan. SmileDirectClub, which introduced plastic aligners as an affordable alternative to braces, has faced stiff competition from brands like Invisalign (owned by Align Technology, Inc (NASDAQ:ALGN)), Candid, Byte (owned by Dentsply Sirona Inc (NASDAQ:XRAY)), NewSmile, and ALIGERNCO.

Portfolio Pulse from Bibhu Pattnaik

September 30, 2023 | 7:06 pm

FTLF

FitLife Brands has announced that the U.S. Bankruptcy Court has approved its $18.5 million acquisition of substantially all of the assets of MusclePharm. This has led to a rise in FitLife Brands' shares.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 4:47 pm

CGRN

Capstone Green Energy Corporation (NASDAQ:CGRN) has entered into a transaction support agreement with Goldman Sachs Specialty Lending Group and Broad Street Credit Holdings LLC, initiating a prepackaged Chapter 11 process. The restructuring aims to reduce Capstone's debt, inject liquidity into its operations, and pave the way for future business prosperity. The company's pre-petition debt and accrued interest of over $56.0 million will decrease to $25.0 million. Capstone has secured a commitment for $12.0 million in new debtor-in-possession financing. The company also received a delisting letter from Nasdaq for not meeting the required minimum market value of listed securities.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 2:05 pm

AMZN

Amazon aggregator Thrasio is exploring restructuring options due to a decline in online consumer spending post-pandemic. The company, which raised $3.4 billion to acquire Amazon-based consumer brands, is considering raising fresh capital or potentially filing for bankruptcy. Thrasio's business model has suffered as online shopping habits have shifted following the peak of the COVID-19 pandemic.

Portfolio Pulse from Vandana Singh

September 28, 2023 | 2:03 pm

EGRNF

Shares of China Evergrande Group (OTC:EGRNF) have been suspended in Hong Kong amid reports of police surveillance on its chairman. The company, which defaulted in 2021, faces a winding-up petition hearing on October 30. Evergrande recently postponed a debt restructuring meeting with creditors due to disappointing sales figures. The company reported a loss of 33 billion yuan ($4.15 billion) for H1 2022. The founder's net worth has dropped from $42 billion in 2017 to $1.8 billion.

Portfolio Pulse from Vandana Singh

September 28, 2023 | 12:19 pm