Streetbeat News

Bankruptcy

ADER

26 Capital Acquisition, a blank check company, has announced its liquidation as it was unable to complete an initial business combination within the stipulated time period.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 9:32 pm

TMPO

Tempo Automation Holdings, Inc. (NASDAQ:TMPO) has received a default notice from its senior lender consortium due to multiple breaches of the Loan Agreement, including failure to make monthly payments and suspension of business operations. The company and its subsidiaries are unable to cure such defaults or repay the indebtedness of $29,065,017. This could lead to foreclosure proceedings and a dramatic decline in the value of the company's securities.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:35 pm

BTCUSD

Caitlin Long, the founder and CEO of Custodia Bank, spoke to Benzinga about the future of cryptocurrencies, particularly Bitcoin. She emphasized that the cryptocurrency market is still in a phase requiring further refinement and maturation, drawing parallels to the tech bubble. Long also addressed concerns related to criminal activity in the sector, stating that the industry is working with law enforcement to clean up the space. She also mentioned the bankruptcy of cryptocurrency trading platform FTX.

Portfolio Pulse from Chris Katje

September 21, 2023 | 3:14 pm

BTCUSD

A former Alameda Research employee revealed that a human error led to an 87% drop in Bitcoin's value in October 2021. The error, a misplaced decimal point, caused Bitcoin to plummet from $65,000 to $8,000 on certain platforms. The incident had significant financial repercussions for Alameda, with losses estimated in the tens of millions. The firm has since implemented additional checks for manual trades to prevent such mishaps in the future.

Portfolio Pulse from Murtuza Merchant

September 21, 2023 | 3:10 pm

FDX

UPS

WMT

YELLQ

FedEx Corporation (FDX) reported a positive earnings surprise, with a 32% YoY improvement in net income, despite a drop in revenue. The company benefited from customer shifts from United Parcel Service Inc (UPS) and the bankruptcy of Yellow Corporation (YELLQ). FedEx's Ground unit saw a significant increase in daily packages, and its Express business reported an 18% operating profit gain. However, the company faces macro headwinds, including deflating demand and global recession fears.

Portfolio Pulse from Upwallstreet

September 21, 2023 | 2:32 pm

MKUL

Molekule Group has announced that its board has authorized the management to commence preparation of a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:03 pm

MKUL

Molekule Group's board has authorized the company's management to begin preparation of a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.

Portfolio Pulse from Charles Gross

September 20, 2023 | 10:07 am

FRTX

Fresh Tracks Therapeutics has announced that its board has approved a plan of liquidation and dissolution. The company is discontinuing all clinical and preclinical development programs and reducing its workforce.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 8:02 pm

BCHUSD

BTCUSD

Bitcoin's price has surged by 5% over the past week due to speculations about a potential postponement of Mt. Gox's repayments until 2024. However, QCP Capital expects Bitcoin to fall to $22,000 in October. The exact amount of assets that Mt. Gox plans to distribute remains uncertain, but it is known to possess 142,000 BTC and 143,000 Bitcoin Cash. QCP Capital predicts that this upward trend might be temporary due to global uncertainties.

Portfolio Pulse from Murtuza Merchant

September 19, 2023 | 6:22 pm

FTTUSD

The parents of FTX founder Sam Bankman-Fried, Joseph Bankman and Barbara Fried, are being sued by the debtors of the bankrupt crypto exchange. The lawsuit alleges that they misappropriated funds and ignored signs of fraudulent activity within the company. The parents held significant roles within FTX, with Joseph Bankman acting as a de facto officer and Barbara Fried advising on political contributions. The lawsuit also claims they received substantial rewards, including a $10 million cash gift and a $16.4 million Bahamas property, through their involvement in FTX.

Portfolio Pulse from Khyathi Dalal

September 19, 2023 | 3:23 pm