Streetbeat News

Bankruptcy

RIDE

Lordstown Motors Corp. (NASDAQ:RIDE) CEO Ed Hightower's trip to Taiwan to meet with Foxtron, an affiliate of Foxconn Technology Group, ended unsuccessfully. Despite spending three days in isolation due to Covid-19 protocols, Hightower was unable to secure the necessary engineering drawings, data, and licensing agreements from Foxtron. Lordstown Motors filed for bankruptcy after failing to establish a partnership with Foxconn and also sued Foxconn for breach of contract and fraud. Lordstown is currently seeking another automaker to partner with.

Portfolio Pulse from Benzinga Newsbot

June 29, 2023 | 5:14 am

FIGR

FTTUSD

Crypto exchange FTX is planning to reestablish its principal international exchange platform after allegations of losing nearly $9 billion of client funds led to its bankruptcy last year. The company is in preliminary discussions with potential investors, including blockchain technology firm Figure, to support the revival of FTX.com. FTX has not indicated any intentions of reviving its U.S. exchange.

Portfolio Pulse from Murtuza Merchant

June 28, 2023 | 10:01 pm

BAC

JPM

All 23 banks passed the Federal Reserve's annual stress test, reaffirming the stability of the U.S. banking system. The test involved a hypothetical recession and financial market shock scenario. Despite a projected $541 billion loss, all banks remained above their minimum capital requirements. The test included major banks like JPMorgan Chase & Co, Bank of America Corp, Goldman Sachs Group Inc, and Citigroup Inc.

Portfolio Pulse from AJ Fabino

June 28, 2023 | 9:13 pm

KRE

SPY

XLF

The Federal Reserve has reported that banks have shown over $100 billion in losses from commercial real estate and residential mortgages, and $120 billion in credit card losses. These figures are an increase from those reported in 2022.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:33 pm

SPY

The Federal Reserve's stress test revealed that 23 banks could face projected losses of $541 billion but still maintain capital ratios above the required levels. The banks' capital declined by 2.3 percentage points to 10.1%, a smaller decline than in the 2022 test.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:31 pm

AMC

AMC Entertainment Holdings is facing a court hearing over a stock conversion plan that has been contested by retail investors. The company was sued for allegedly manipulating a shareholder vote to convert preferred stock to common stock, which would dilute common stockholders' ownership but allow AMC to pay down some of its $5.1 billion debt. AMC has warned that if it cannot raise capital, it may be forced into bankruptcy.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 7:57 pm

FTTUSD

Crypto exchange FTX has halted the sale of its stake in AI startup Anthropic, which was expected to fetch a nine-figure sum. The decision comes after FTX declared bankruptcy in November. FTX's investment in Anthropic, established by ex-employees of OpenAI, is one of its largest, surpassed only by its $1.5 billion investment in Genesis Digital. The new management at FTX has released a report on alleged misappropriation of customer assets.

Portfolio Pulse from Murtuza Merchant

June 28, 2023 | 2:05 pm

ASTS

IMBI

NCMI

RIDE

TOVX

Several stocks are experiencing significant pre-market movements. Theriva Biologics (TOVX) surged 76.4% after receiving Orphan Drug Designation from the FDA for a pancreatic cancer treatment. iMedia Brands (IMBI) gained 55.1% following a second Nasdaq non-compliance notice. National CineMedia (NCMI) rose 12.8% after its reorganization plan was confirmed by the US Bankruptcy Court. Biodexa Pharmaceuticals (BDRX) rose 12.5% after announcing a share ratio change. On the downside, AST SpaceMobile (ASTS) fell 22.6% after pricing an upsized offering of Class A common stock, and Lordstown Motors (RIDE) fell 13.1% after filing for Chapter 11 bankruptcy protection.

Portfolio Pulse from Lisa Levin

June 28, 2023 | 12:04 pm

BBBYQ

OSTK

Overstock.com Inc (NASDAQ:OSTK) has received approval from a U.S. bankruptcy judge for its $21.5M acquisition of Bed Bath & Beyond Inc's (OTC:BBBYQ) brand name, intellectual property, and ecommerce platform. Bed Bath & Beyond, which filed for Chapter 11 bankruptcy in April, will also conduct a separate auction for its infants and toddlers products chain, Buy Buy Baby.

Portfolio Pulse from Shivani Kumaresan

June 28, 2023 | 10:26 am

NCMI

National CineMedia's plan of reorganization has been confirmed by the US Bankruptcy Court. The company is expected to emerge from Chapter 11 around August or September 2023. The plan will eliminate the company's debt through the equitization of its secured debt. National CineMedia, Inc. (NASDAQ:NCMI) will continue to serve as the manager of NCM LLC.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 8:03 pm