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POL

Polished.com received a notice of acceleration on Feb 6, 2024, demanding immediate repayment of all obligations under their credit agreement, including a principal balance of $91.25M, due to defaults including non-payment. The company is seeking resolution but faces significant financial risk.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:46 pm

BLKB

Blackbaud announced its FY24 financial guidance, projecting non-GAAP EPS of $4.12-$4.38, below the $4.57 estimate, and revenue of $1.17B-$1.20B, around the $1.19B estimate. The guidance includes assumptions such as a 24.5% tax rate, $34M-$38M interest expense, 53.5M-54.5M fully diluted shares, and $65M-$75M capital expenditures. Notably, the company expects $8M-$13M net cash outlays for ongoing legal fees related to a 2020 Security Incident.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:42 pm

SPRC

SciSparc received a termination notice from Dekel Pharmaceuticals for their license agreement dated May 20, 2015. SciSparc disagrees and rejects Dekel's allegations as stated in the notice.

Portfolio Pulse from Charles Gross

February 12, 2024 | 9:34 pm

EXPR

Express Inc. is reportedly preparing for debt restructuring and potentially filing for bankruptcy in the coming weeks. The company is in talks with lenders about last-minute out-of-court debt options and has engaged M3 Partners and law firm Kirkland & Ellis for restructuring advice.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 8:55 pm

DIS

Walt Disney Company (NYSE:DIS) is facing a significant boardroom battle as shareholders vote on April 3. Activist hedge funds, led by Nelson Peltz of Trian Fund Management and Jason Aintabi of Blackwells Capital, are challenging Disney's current board, citing the company's poor performance and share price decline over the last three years. Disney's CEO, Bob Iger, aims to revitalize the company, while the activists propose strategic changes and new board members to enhance shareholder value. The campaign is expected to cost millions, with Disney estimating its expenses at $40 million, Trian at $25 million, and Blackwells at $6 million.

Portfolio Pulse from Neil Dennis

February 12, 2024 | 8:00 pm

GIB

SPY

The U.S. Government Accounting Office reported a data breach by its IT contractor, CGI Federal, according to Reuters. This incident could raise concerns about cybersecurity measures and data management practices within government contracts.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 7:38 pm

AWK

California American Water, a subsidiary of American Water Works Company, Inc. (AWK), has appealed a Superior Court decision to vacate a Monterey County Local Agency Formation Commission (LAFCO) approval. LAFCO has also filed a similar appeal.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 7:30 pm

ANTX

BIG

MGIH

Big Lots, Inc. shares plummeted by 31.3% after reporting disappointing preliminary Q4 results and a downgrade by Loop Capital. Other stocks showed significant movement, with notable gainers including Millennium Group International Holdings Limited, Beamr Imaging Ltd., and DIH Holdings US, Inc. Losers included AN2 Therapeutics, Inc., AirTouch Communications, Inc., and TOP Financial Group Limited.

Portfolio Pulse from Avi Kapoor

February 12, 2024 | 6:07 pm

HPE

Hewlett Packard Enterprise Co (NYSE:HPE) reported over $4 billion in losses from its acquisition of British software firm Autonomy, attributing the loss to fraud by Autonomy's co-founder Mike Lynch. HP is seeking to recoup losses through a lawsuit against Lynch and Autonomy's former CFO, Sushovan Hussain. Despite the substantial loss, HP's strategic rationale for the acquisition was partly due to Autonomy's unique technology. HP acquired Autonomy for $11.1 billion in 2011 and wrote down its value by $8.8 billion within a year. Following a lengthy civil trial, HP substantially won its case in 2022, though damages are expected to be less than the $5 billion claimed.

Portfolio Pulse from Lekha Gupta

February 12, 2024 | 5:04 pm

PRST

Presto Automation Inc. (NASDAQ:PRST) announced a $6M financing through convertible subordinated notes and a favorable court verdict against XAC Automation Corp. The financing was led by existing investors, including Remus Capital. The company also reported significant growth in its Presto AI Voice product, doubling its live stores to 145. CEO Xavier Casanova resigned, with a replacement to be announced. Presto won an $11.1M award from XAC, with plans to enforce or monetize the award. An amendment with Hi Auto allows competition for the Checkers relationship. The notes are convertible into 36M shares at $0.25/share. The company needs to raise an additional $6M by March 8, 2024, to sustain operations. Matthew MacDonald joined the Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 3:06 pm