Streetbeat News

Corporate Responsibility

BABA

Alibaba's shares are trading higher following China's announcement to optimize the business environment for private enterprises. Additionally, Alibaba will not participate in Ant Group's share repurchase program.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 3:19 pm

EADSY

Airbus is considering restoring a separate leader for its plane-making arm, which would allow CEO Faury to focus more on overseeing the rest of the group.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 3:16 pm

OPTT

PGNT

Paragon Technologies (PGNT), a 4% shareholder of Ocean Power Technologies (OPTT), has demanded that OPTT's board return all excessive compensation to the company over the past ten years. Paragon criticizes OPTT's board for its financial losses, rapidly degrading balance sheet, and excessive board compensation despite the company's poor performance. Paragon intends to hold the board accountable to the fullest extent of the law and plans to make a filing with the SEC to solicit votes for the election of director nominees at OPTT's 2023 annual meeting.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 2:07 pm

SFIX

Stitch Fix has appointed Matt Baer as its new CEO. Baer has a diverse background, having worked in his family's furniture stores, studied business and law, and worked at e-commerce startups and larger retailers like Walmart and Macy's. Stitch Fix, a tech firm that sends subscribers curated clothing items, has been struggling in recent years after a failed attempt to diversify into conventional retailing.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 2:05 pm

XXII

22nd Century Group, Inc. (NASDAQ:XXII) has announced executive leadership changes, appointing John Miller as interim CEO. The company has also secured an additional $11.7 million in gross proceeds from direct financing and implemented a $15 million cost reduction initiative. Furthermore, the company has expanded its board with the appointment of Wall Street veteran Andrew Arno as an independent director.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:25 pm

ICAGY

International Consolidated Airlines Group SA (ICAGY) has invested in Nova Pangaea Technologies (NPT), a cleantech company that develops advanced biofuels for Sustainable Aviation Fuel. The investment will speed up the development of NPT's first commercial-scale waste-to-fuel production facility, NOVAONE. The deal makes ICAGY a minority shareholder in NPT. ICAGY plans to use NPT's technology to help other airlines in its group decarbonize.

Portfolio Pulse from Akanksha Bakshi

July 24, 2023 | 1:19 pm

RTX

Raytheon (NYSE:RTX) has announced a mentorship agreement with Node.Digital under the Department of Homeland Security's Mentor-Protégé Program. The program aims to foster small business growth by matching them with established companies for mentorship and technical assistance. Raytheon will assist Node.Digital in capturing new business, bid positioning, and mitigating program risk. The partnership will support the DHS's mission to protect against emerging cyber threats.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:15 pm

PYPL

PayPal Holdings, Inc. (NASDAQ:PYPL) has announced the second Venmo Small Business Grant, a program providing financial grants and mentorship for 20 Venmo business profile customers. Each selected business will receive $10,000 for expenses or to help digitize and promote their businesses. The program also provides recipients with access to technical expertise and mentorship in partnership with Start Small Think Big and PayPal and Venmo employees.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:13 pm

HRTX

Heron Therapeutics, Inc. (NASDAQ:HRTX) has announced a cost reduction plan and corporate restructuring, which is expected to result in cash savings of approximately $75 million through 2025. The company's new management team conducted a strategic review of the business, leading to these actions. The plan includes a $30 million equity financing, streamlining operational expenditures, and reducing the company's employee base by 25%. The company aims to achieve profitability by late 2024.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:07 pm

TLGA

Neha Palmer, a board member of Electriq Power, Inc., has announced her intention to resign from the board of the combined company of TLG Acquisition One Corp. and Electriq Power. The exact date of her resignation will be determined after the completion of the merger.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 1:01 pm