Streetbeat News

Bankruptcy

ZING

FTAC Zeus Acquisition Corp. (NASDAQ:ZING) has announced the cancellation of its special meeting scheduled for August 21, 2023, and the redemption of all outstanding shares of Class A common stock at a per-share redemption price of approximately $10.49. The company will dissolve and liquidate as it will not consummate an initial business combination within the required time period. The company's securities are expected to be delisted from the Nasdaq Stock Market LLC and cease trading as of the close of business on August 22, 2023.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:16 pm

EVGPF

China's real estate company, Evergrande Property Services Group Ltd (OTC:EVGPF), has filed for Chapter 15 in the U.S., marking a strategic offshore debt restructuring phase. This move is seen as a calculated maneuver given Evergrande's substantial U.S. dollar obligations governed by New York laws. The company's struggles reflect deeper issues within China's economic landscape, particularly in the property sector, and could have expansive ramifications on global markets.

Portfolio Pulse from AJ Fabino

August 18, 2023 | 6:11 pm

DADA

GOTU

WETG

Chinese companies' shares are trading lower following the filing for Chapter 15 bankruptcy protection in NY by property developer, China Evergrande Group.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 3:45 pm

DIA

QQQ

SPY

Major indexes are experiencing a downturn due to rising Treasury yields and uncertainty in China following Evergrande's Chapter 15 bankruptcy protection filing.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 2:43 pm

EHang Holdings shares are trading lower following disappointing Q2 revenue results. The situation is further exacerbated by China Evergrande Group's filing for Chapter 15 bankruptcy protection in New York, which may be contributing to the weakness.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 2:33 pm

BILI

HTHT

TCOM

YUMC

Chinese companies' shares are trading lower following the filing for Chapter 15 bankruptcy protection in New York by property developer, China Evergrande Group.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 1:47 pm

YELL

Trucking firm Estes Express has proposed a $1.3 billion offer to acquire Yellow Corp's shipment centers. However, Yellow has decided to accept a $142.5 million loan offer from hedge fund Citadel and MFN Partners, its largest shareholder. Citadel also bought Yellow's pre-bankruptcy debt of around $500 million. Yellow recently filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.

Portfolio Pulse from Lekha Gupta

August 18, 2023 | 1:14 pm

AVTX

IKT

MODD

OPGN

Avalo Therapeutics, Inhibikase Therapeutics, PolyPid, WeTrade Group, Gaucho Group Holdings, BIO-Key International, Prosomnus, Renovaro Biosciences, Rail Vision, and Eargo stocks are trading higher in pre-market due to various reasons including higher-than-expected earnings, completion of studies, maintained ratings, and new product launches. Meanwhile, Modular Medical, OpGen, Recruiter.Com Group, 1895 Bancorp of Wisconsin, BioNexus Gene Lab, F45 Training Holdings, Lytus Technologies Holdings, Sidus Space, Smart for Life, and Synlogic stocks are trading lower due to reasons such as partnerships, downgrades, bankruptcy concerns, offerings, and delisting plans.

Portfolio Pulse from Lisa Levin

August 18, 2023 | 12:23 pm

NIO

XPEV

Chinese EV stocks are trading lower due to mixed Q2 earnings and a lower-than-expected Q3 revenue outlook from XPeng. The stocks are also affected by Evergrande's US bankruptcy protection filing.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 12:00 pm

BABA

BEKE

BIDU

NTES

PDD

TME

Chinese stocks are trading lower following the filing for Chapter 15 bankruptcy protection in New York by property developer, China Evergrande Group.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 11:25 am