Streetbeat News

Corporate Responsibility

NODK

NI Holdings, Inc. (NASDAQ:NODK) has agreed to sell its commercial insurance subsidiary, Westminster American Insurance Company, for $10.5 million in cash to a private party. The sale, approved by the Board of Directors and pending regulatory approval, is expected to close in 2024. The proceeds are intended for general corporate purposes. This decision reflects a strategic shift for NI Holdings due to significant market changes, including impacts from the COVID-19 pandemic, inflation, tort liability rulings, and the reinsurance market. The company aims to refocus on its core businesses to improve returns.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:11 pm

ADBE

Adobe has launched Acrobat AI Assistant, a generative AI-powered tool for enterprise customers, enhancing productivity in document management. This new feature, available as an add-on subscription for all Reader and Acrobat enterprise and individual customers, integrates seamlessly into Acrobat workflows across desktop, web, and mobile. It enables employees to generate insights and create various documents with ease, backed by enterprise-grade data security and governance.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:07 pm

OTEX

Open Text Corporation (OTEX) has completed a $2 billion debt reduction using proceeds from its AMC divestiture. This includes $940 million to terminate its Term Loan B due 2025 and $1.06 billion to reduce its Acquisition Term Loan due 2030.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:07 pm

BOOT

Spruce Point Capital Management issued a critical report on Boot Barn Holdings, Inc. (NYSE:BOOT), highlighting concerns about the CEO's background, the company's omnichannel marketing, ecommerce, customer growth, and new store unit economics. The report questions the portrayal of new stores and the impact of cultural phenomena on sales, identifies financial restatements in associated companies, and predicts a 40% to 50% long-term downside risk to BOOT's share price.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:02 pm

CLSK

CleanSpark, Inc. has announced the appointment of Scott Garrison as its new Chief Operating Officer (COO) and Taylor Monnig as the Chief Technology Officer (CTO). These strategic leadership changes aim to strengthen the company's operational and technological capabilities.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:02 pm

PRFX

PainReform Ltd. CEO Ilan Hadar discussed the benefits of PRF-110 in addressing the opioid crisis, highlighting its extended post-operative pain relief capabilities without opioids and positive Phase 3 trial updates. The interview was conducted by Proactiveinvestors.com.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 12:39 pm

MTC

MMTEC, Inc. (NASDAQ:MTC) has announced a suspension of its capital raising activities for the next six months. This decision is based on the Company's current capital position and a comprehensive assessment of the market environment and business operations. The aim is to optimize strategic layout, rationalize resource allocation, and adjust operational strategy to improve efficiency and ensure long-term development.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 12:21 pm

IMNN

IMUNON, Inc. (NASDAQ:IMNN), a clinical-stage drug-development company, announced Stacy R. Lindborg, Ph.D. as its new President and CEO, effective May 13, 2024. Lindborg, with nearly 30 years in the pharmaceutical and biotech industry, brings extensive experience in drug development and business strategy. She joins IMUNON from BrainStorm Cell Therapeutics, where she was Executive Vice President and Co-Chief Executive Officer. IMUNON is at a pivotal point, expecting topline results from its Phase 2 OVATION 2 Study in advanced ovarian cancer by mid-summer and Phase 1 data from its COVID-19 vaccine by year-end.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 12:14 pm

SLNH

Soluna Holdings, Inc. (NASDAQ:SLNH), a developer of green data centers for Bitcoin mining and intensive computing, announced a collaboration with a leading global enterprise GPU-Server OEM and AI infrastructure-as-a-service provider. This partnership will see the launch of Soluna Cloud, focusing on sustainable, scalable AI Cloud and hosting services, utilizing NVIDIA H100 GPUs and renewable-powered data centers for large-scale AI projects. The collaboration aims to deliver energy-efficient supercomputers and expand Soluna Cloud's offerings to include comprehensive software solutions for AI pipelines.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 12:09 pm

MSFT

President Joe Biden and Microsoft Corp. President Brad Smith are set to announce a $3.3 billion investment in an artificial intelligence data center in Racine County, Wisconsin. This investment is on the same land where a failed tech project by Foxconn, a supplier for Apple, was initially planned. The announcement is part of Biden's efforts to promote bipartisan infrastructure and semiconductor subsidies, aiming to boost domestic manufacturing and investments across the U.S. This move is also seen as crucial for Biden's reelection campaign, especially in the key battleground state of Wisconsin.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 12:08 pm