Streetbeat News

Bankruptcy

AMC

Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) are surging premarket following the Delaware Court of Chancery’s ruling against a settlement proposed by the company to convert its preferred equity shares (APEs) into common shares and implement a 10-for-1 reverse stock split. The company intended to raise capital to avert potential bankruptcy, but the plan was met with opposition from shareholders. AMC CEO Adam Aron emphasized the need for fresh equity and warned of the company running out of cash in 2024 or 2025.

Portfolio Pulse from Shanthi Rexaline

July 24, 2023 | 11:01 am

APPH

AppHarvest has announced a Chapter 11 filing to support a financial and operational transition. The company is looking to restructure its operations and finances to ensure future sustainability.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 5:49 am

BTC-USD

MSFT

Nassim Nicholas Taleb, author of 'The Black Swan', suggests that the popularity of cryptocurrencies is waning among young adults, who are now more interested in artificial intelligence (AI). Taleb has been a vocal critic of cryptocurrencies, particularly Bitcoin. He believes that the recent frauds, bankruptcies, and regulatory crackdowns have led to a crisis of confidence in cryptocurrencies. Meanwhile, the interest in AI has been growing, with companies like Microsoft partnering with OpenAI and integrating its technology into their businesses.

Portfolio Pulse from Shanthi Rexaline

July 22, 2023 | 5:59 pm

VRAY

ViewRay, Inc. (NASDAQ:VRAY) announced that it will be delisted from the Nasdaq Stock Market due to its voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code and concerns about its ability to sustain compliance with the $1.00 per share minimum bid price requirement. The company's common stock is expected to begin trading on the OTC markets under the symbol 'VRAYQ'.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:01 pm

FTTUSD

HOOD

MS

FTX (CRYPTO: FTT) is embroiled in a lawsuit accusing Sam Bankman-Fried's father of illegally funding his son's defense through a company loan. The lawsuit seeks to prevent payment or recover hundreds of millions of dollars from Bankman-Fried and other top FTX executives. The complaint also outlines instances of self-dealing involving Bankman-Fried's family, including a $546 million purchase of stock in Robinhood Markets Inc (NASDAQ:HOOD) and transfers to accounts at Morgan Stanley (NYSE:MS).

Portfolio Pulse from Murtuza Merchant

July 21, 2023 | 2:46 pm

FTTUSD

Gabe Bankman-Fried, brother of Sam Bankman-Fried, planned to buy the island nation of Nauru using the FTX Foundation. This plan emerged from lawsuits filed by the FTX bankruptcy estate, which is trying to recover hundreds of millions of FTX dollars after the collapse of Sam Bankman-Fried's cryptocurrency empire. The estate alleges that these funds were customer cash that was fraudulently misappropriated. The lawsuit also includes allegations of misuse of FTX's windfalls by former executives, including Bankman-Fried.

Portfolio Pulse from Murtuza Merchant

July 21, 2023 | 2:06 pm

SCLX

SRNEQ

Sorrento Therapeutics (OTC:SRNEQ) has launched a voluntary offering for dividend short holders of its non-debtor public subsidiary, Scilex Holding Company (NASDAQ:SCLX). The offering allows these holders to purchase restricted Scilex stock to cover their short positions. The deadline to participate is July 27, 2023. The offering is made pursuant to a Registration Statement on Form S-1 previously filed by Scilex and declared effective by the SEC.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 1:01 pm

FTTUSD

FTX administrators are seeking to reclaim over $71 million from the insolvent exchange's charitable and life science divisions, FTX Foundation and Sam Bankman-Fried's Latona life sciences fund. The funds were invested in the life sciences sector, including companies like Lumen Bioscience, GreenLight Biosciences, Genetic Networks, and 4J Therapeutics. The administrators argue that these donations were made for Bankman-Fried's personal enhancement. The lawsuit also involves K5 Global, Mount Olympus Capital, and SGN Albany Capital.

Portfolio Pulse from Murtuza Merchant

July 20, 2023 | 2:03 pm

FYBR

Frontier Communications Parent Inc (NASDAQ:FYBR) plans to offer approximately $1.05 billion of secured fiber network revenue term notes. The bonds will be secured by Frontier's fiber assets and customer contracts in the Dallas area. The proceeds will be used to pay existing debt and for general corporate purposes. This follows Frontier's bankruptcy filing in April 2020 and a $1 billion junk bond offering in 2021.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 1:10 pm

SCLX

SRNEQ

Sorrento Therapeutics, Inc. (OTC:SRNEQ) has received approval from the U.S. Bankruptcy Court for the Southern District of Texas to offer a portion of its common stock in its non-debtor public subsidiary, Scilex Holding Company (NASDAQ:SCLX), to Dividend Short Holders. The offering will allow these parties to purchase restricted Scilex stock to cover their short positions. The price will be determined by Sorrento's Chief Restructuring Officer, in consultation with the Official Committee of Unsecured Creditors and the Official Committee of Sorrento Equity Securities Holders.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 1:03 pm