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IGC

IGC Pharma, Inc. (AMEX:IGC) has secured a $12 million credit from the Hong Kong Branch of O-Bank Co., Ltd. The funding will support IGC's working capital needs primarily related to Alzheimer's research. The company's IGC-AD1 is currently in Phase 2 of clinical trials as a potential treatment for agitation in dementia due to Alzheimer's. Bradbury Asset Management has collateralized cash assets in support of the line of credit.

Portfolio Pulse from Nabaparna Bhattacharya

July 07, 2023 | 4:43 pm

LCID

Lucid Group Inc's (LCID) shares are trading higher by 4.8% to $7.42, rebounding after Thursday's weakness. The rise is attributed to better-than-expected U.S. jobs data, which could lead to further rate hikes. Higher interest rates can increase the cost of capital for electric vehicle companies like Lucid, impacting their ability to secure favorable terms for raising funds and potentially leading to higher component prices.

Portfolio Pulse from Henry Khederian

July 07, 2023 | 3:47 pm

AEP

American Electric Power Inc.'s (NASDAQ:AEP) shares fell by 10.15% in the past three months. The company's total debt stands at $43.21 billion, with $36.24 billion in long-term debt and $6.97 billion in current debt. After adjusting for $343.50 million in cash-equivalents, the net debt is $42.86 billion. The company's debt-ratio is 0.46, indicating a moderate level of financial leverage.

Portfolio Pulse from Benzinga Insights

July 07, 2023 | 1:45 pm

WWW

Wolverine World Wide Inc (NYSE:WWW) has amended its existing Credit Agreement to adjust the maximum consolidated leverage ratio from 4.5x EBITDA to 4.875x EBITDA for the remainder of fiscal 2023. The company expects the amendment to provide near-term financial and operational flexibility. The financial covenant thresholds will revert to pre-existing levels in the first quarter of fiscal 2024. WWW shares traded higher by 0.88% at $14.40 on the last check Friday.

Portfolio Pulse from Shivani Kumaresan

July 07, 2023 | 1:42 pm

IGC

IGC Pharma has secured a $12 million line of credit from O-Bank to strengthen its Alzheimer's research efforts.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 1:17 pm

AYRWF

AYR Wellness Inc. has secured a $40 million refinancing and upsizing of its existing mortgage for its Gainesville cultivation facility from Needham Bank. The loan will be used to pay down the company’s existing Gainesville mortgage of $25.3 million and invest further in the facility and the company’s Florida business. The new loan carries an interest rate of 5-year FHLB rate + 4%, which currently implies a rate of 8.26%.

Portfolio Pulse from Vuk Zdinjak

July 07, 2023 | 12:37 pm

LEEEF

LEEF Brands, Inc. has entered into a strategic partnership with Farming First Holdings, LLC. Under the agreement, Farming First will cultivate 27 acres of cannabis for LEEF, ensuring a steady supply of biomass material. LEEF also secured a right of first refusal on an additional 27 acres for the 2024 season. The company raised $600,000 through a note payable arrangement and $100,000 through the issuance of 4.7 million common shares.

Portfolio Pulse from Vuk Zdinjak

July 07, 2023 | 12:02 pm

FXI

China is considering increasing local bond sales to help pay off its risky hidden debt, according to Bloomberg. This move could potentially impact the iShares China Large-Cap ETF (FXI), which tracks large Chinese companies.

Portfolio Pulse from Charles Gross

July 07, 2023 | 11:34 am

MNK

Mallinckrodt has announced that the Trust has extended the due date of the opioid deferred cash payment from July 7, 2023 to July 14, 2023. The company is still analyzing its situation and engaging with stakeholders, with no assurance of the outcome, including the possibility of filing for bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:51 pm

ADP

Automatic Data Processing Inc. (NASDAQ:ADP) has seen its shares increase by 2.99% over the past three months. The company's financial statement as of May 1, 2023, shows a long-term debt of $2.99 billion and no current debt. After adjusting for $1.83 billion in cash-equivalents, the net debt stands at $1.16 billion. The company's total assets amount to $59.88 billion, resulting in a debt-ratio of 0.05.

Portfolio Pulse from Benzinga Insights

July 06, 2023 | 8:45 pm