Streetbeat News

Corporate Responsibility

TSLA

A Tesla Inc. owner, Brianna Janel, reported being trapped inside her car during a software update, causing the interior temperature to reach 115°F. Despite the Tesla user manual's warning against opening doors or windows during an update, Janel chose to wait it out to avoid damaging the vehicle. This incident has raised concerns about the safety of Tesla's software updates, adding to previous issues that have drawn scrutiny from the NHTSA.

Portfolio Pulse from Ananya Gairola

April 13, 2024 | 8:22 am

INTC

Republican lawmakers criticized the Biden administration after Huawei unveiled a laptop with an Intel AI chip, despite Huawei being on a trade restriction list. The chip was supplied under a license from the Trump era, raising concerns about U.S. national security and technology export to China. The Biden administration has faced calls to take a tougher stance on Huawei and other Chinese tech firms.

Portfolio Pulse from Ananya Gairola

April 13, 2024 | 1:55 am

NYCB

New York Community Bancorp, Inc. (NYCB) has announced the immediate appointment of four new executives to its team, aiming to enhance operational capabilities, risk and compliance, and drive growth. Craig Gifford is appointed as CFO, bringing over 30 years of banking experience. Bao Nguyen is named SEVP, General Counsel & Chief of Staff, with a background in financial services law. Scott Shepherd joins as SEVP, Head of Commercial Real Estate Lending, with extensive experience in real estate finance. James Simons is appointed as EVP, Special Advisor to the CEO, bringing over 45 years of banking experience.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 9:50 pm

SBEV

Splash Beverage Group, Inc. (SBEV) has acknowledged the going concern opinion in its 10-K filing but reaffirmed its commitment to sustainable growth and long-term success. Despite challenges with limited operating capital, the company remains confident in its business model and plans for aggressive growth and acquisitions. Management has been actively addressing financial concerns and has made significant progress in securing new business for its beverage brands.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 9:06 pm

ALTG

Alta Equipment Group Inc. (NYSE:ALTG) announced changes to its Board of Directors, including the appointment of Katherine White as Chair of the Nominating and Governance Committee and Sidhartha Nair as Chair of the Compensation Committee, effective immediately. Additionally, Zachary Savas resigned from the Board on April 8, 2024.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:32 pm

AEL

American Equity Investment Life Holding Co (AEL) announced that Axel André, the Executive Vice President and CFO, has notified the company of his intention to resign, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:25 pm

GNL

Global Net Lease (GNL) has announced the immediate appointment of Edward M. Weil as the company's President, according to a recent SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:21 pm

MBIO

Mustang Bio Inc (MBIO) announced a significant workforce reduction of approximately 81%, primarily occurring in April 2024 and expected to be substantially completed in Q2 of 2024. The company is also evaluating all strategic and other alternatives related to its business, as disclosed in an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:21 pm

QMCO

Quantum Corporation (NASDAQ:QMCO) provided a business update including a Q4 2024 liquidity update, revealing $26.1M in cash and equivalents, $87.9M in term loan debt, and $26.6M in revolving credit borrowings. The company also reported a $4.1M interest expense for Q4. Quantum announced a transaction post-Q4, selling service inventory assets for $15M to pay down $12.3M in debt, aiming to improve financial flexibility. Additionally, Quantum completed a new ERP system implementation, expected to reduce capital expenditures and increase operational efficiencies. Quantum is working to avoid Nasdaq delisting, with a hearing scheduled for May 14, 2024. Marc E. Rothman will retire from the board by August 31, 2024, or the 2024 annual meeting date, with a search for a new director underway.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:10 pm

MPW

Medical Properties Trust, Inc. (MPW) has sold a majority interest in five Utah hospitals to a joint venture, retaining a 25% interest. The deal, valued at $886 million for a 75% stake, affirms MPT's lease base of $1.2 billion and generates $1.1 billion in cash proceeds for MPT. This transaction, along with others, brings MPT's total liquidity transactions for the year to $1.6 billion, 80% of its FY 2024 target. Proceeds will be used to reduce debt and for general corporate purposes. MPT's underwriting approach is validated by this transaction, and the company is on track to exceed its $2 billion liquidity transaction target for 2024.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:07 pm