Streetbeat News

Corporate Responsibility

PAVS

Sophie Ye Tao, CFO of Paranovus Entertainment Technology, announced her resignation on April 29. The company, possibly referred to by its ticker PAVS, may face financial scrutiny following this high-level departure.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:38 pm

CCLD

CareCloud has announced the appointment of Stephen Snyder as President, effective May 1. A. Hadi Chaudhry is no longer serving as President but will continue as the company's CEO, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:38 pm

LPTV

Loop Media has undertaken an operational and cost-cutting review, resulting in the layoff or furlough of 9 full-time employees since March 31. The company is considering more furloughs and terminations in the near term. It has also implemented temporary salary reductions, with the senior executive team taking an additional 20% salary cut.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:37 pm

MSFT

Microsoft Corp. (NASDAQ:MSFT) is prioritizing security over new features in response to recent high-profile attacks, as directed by CEO Satya Nadella. The company's Secure Future Initiative will focus on being secure by design, default, and operations, emphasizing the protection of identities, networks, and accelerating threat response. Nadella's memo to employees highlights the importance of security, even over releasing new features or supporting legacy systems, and ties senior leadership compensation to security goals.

Portfolio Pulse from Franca Quarneti

May 03, 2024 | 8:34 pm

LAZR

Luminar announced a workforce reduction of approximately 20% as part of its 2024 restructuring plan, aiming to reduce operating costs by $50M-$65M annually. Additionally, the company is undertaking further cost-saving measures outside of this plan, as disclosed in an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:33 pm

MRK

Merck & Co announced its 2024 Restructuring Program, expecting cumulative annual net cost savings of approximately $750M by the end of 2031. The company anticipates recording charges of about $800M in 2024 related to this program, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:20 pm

AGAE

Allied Gaming & Entertainment, Inc. (NASDAQ:AGAE) announced significant changes to its Board of Directors and management team, effective April 30, 2024. Mr. Yangyang Li has been appointed as President and will continue as Chairman of the Board, while resigning from his roles in the Compensation Committee and as Chair of the Nominating and Corporate Governance Committee. Ms. Chi Zhao joins as an independent director and takes on roles within the Board, including Chair of the Nominating and Corporate Governance Committee. Ms. Yinghua Chen and Mr. Adam Pliska have resigned as directors, with Chen continuing as CEO. The company aims to focus on mergers and acquisitions, strategic partnerships, investment in Asia, and legal proceedings under the new leadership structure.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:11 pm

MMAT

Meta Materials Inc. (MMAT) announced a significant workforce reduction of approximately 80% due to liquidity challenges and difficulties in securing additional financing. The company is exploring strategic alternatives, including asset divestiture, additional financing, or a potential sale, but faces financial hardship that could lead to facility closures or bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:07 pm

PARA

SONY

Paramount is reportedly stepping back from its deal with Skydance, creating uncertainty about the future collaboration between the two. This move could affect Paramount's strategic positioning and content pipeline, as Skydance has been a significant content provider.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 7:33 pm

FMAO

Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) announced Andrew Briggs as the new Chairman of the Board, succeeding Jack Johnson who is retiring due to age requirements. Briggs, with over 40 years in banking and significant community involvement, brings a wealth of experience to FMAO. The company highlights its succession planning and board renewal efforts, with over half of the current board members having joined since 2016. Lars Eller, CEO, praised both Briggs' appointment and Johnson's contributions.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 7:17 pm