Streetbeat News

Bankruptcy

TTCF

Tattooed Chef has announced its intention to file for voluntary Chapter 11 bankruptcy protection. This move is typically made to allow a company to restructure its debts and obligations while continuing to operate.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 8:08 pm

AAPL

CMCSA

CSCO

NKE

The S&P 500 and other major market indexes ended the week positively, responding well to lower-than-expected inflation data. Apple reclaimed its $3-trillion market cap, while Nike shares fell after Q4 earnings missed estimates. Micron Technology's stock dropped despite better-than-expected Q3 results due to concerns over a Chinese ban on some of its products. The Biden administration's $42-billion investment plan for high-speed internet access boosted some internet provider stocks. Lordstown Motors filed for bankruptcy and received a delisting notice from Nasdaq.

Portfolio Pulse from Natan Ponieman

June 30, 2023 | 8:02 pm

BTCUSD

COIN

ETHUSD

Crypto lending platform Celsius, which filed for bankruptcy in July 2022, has received court approval to liquidate its cryptocurrency holdings to pay its creditors. The company can sell or convert non-Bitcoin and non-Ethereum cryptocurrencies into Bitcoin or Ethereum from July 1, 2023. The ruling comes amid increased scrutiny by the SEC on the cryptocurrency market, with major exchanges like Coinbase, Binance, and Bittrex facing actions.

Portfolio Pulse from Murtuza Merchant

June 30, 2023 | 7:30 pm

CYT

Cyteir Therapeutics has announced that it will discontinue all development of CYT-0851, dissolve the company, and liquidate its assets. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 2:33 pm

SIVBQ

SPY

U.S. Senator Elizabeth Warren has raised questions about Goldman Sachs' profiting from the failure of Silicon Valley Bank, according to a letter cited by Reuters.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 2:09 pm

CYT

Cyteir Therapeutics (NASDAQ:CYT) has announced the discontinuation of its CYT-0851 development program and plans to dissolve the company and liquidate its assets. The decision was made after the clinical efficacy data for CYT-0851, a drug being evaluated for advanced ovarian cancer and other solid tumors, did not meet the company's criteria for further development. The company will continue to treat patients currently enrolled in the Phase 1 combination study prior to dissolution.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:08 pm

HNHPF

RIDE

Lordstown Motors Corp (RIDE) has filed for Chapter 11 bankruptcy after a rescue deal with Foxconn (HNHPF) failed. The deal involved Foxconn injecting cash and taking over production for Lordstown Motors. However, a dispute arose over the terms of a reverse stock split, with Foxconn claiming it was entitled to purchase 62.7% of Lordstown's common stock. Lordstown's shares were trading at around $3.70 after the reverse split, making the purchase unappealing for Foxconn. In the bankruptcy case, Lordstown intends to sell its remaining assets and IP, with Foxconn being a potential buyer.

Portfolio Pulse from Anusuya Lahiri

June 30, 2023 | 12:00 pm

RIDE

Lordstown Motors Corp (NASDAQ:RIDE) has received a delisting notice from Nasdaq following its filing for bankruptcy protection. The company does not intend to appeal the decision and trading of its class A common stock will be suspended starting July 7. The bankruptcy filing comes after a dispute with Foxconn over a proposed investment of up to $170 million.

Portfolio Pulse from Anan Ashraf

June 30, 2023 | 4:42 am

MNST

Monster Beverage Corporation is reportedly close to acquiring bankrupt energy drink company Bang Energy for $362 million. However, the deal is under review by the Federal Trade Commission (FTC), which could potentially jeopardize the acquisition.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 4:02 pm

LCID

NKLA

WKHS

Analyst Gary Black has expressed concerns about the future of Lucid Group, Nikola Corp., and Workhorse Group, warning that they could face bankruptcy if they don't make necessary changes. This follows Lordstown's recent Chapter 11 filing. Lucid is struggling to sell its $100,000 EV sedans, while Nikola and Workhorse are facing production and liquidity challenges. Despite these concerns, Lucid's stock saw a 5.25% increase at the end of Wednesday's trading session.

Portfolio Pulse from Shanthi Rexaline

June 29, 2023 | 5:59 am