Streetbeat News

Regulatory

LYFT

The Securities and Exchange Commission (SEC) has charged Lyft Inc. for failing to disclose a board director's role in a shareholder's sale of approximately $424 million worth of private shares of Lyft's stock prior to the company's IPO. The director arranged for a shareholder to sell its shares to a special purpose vehicle (SPV) set up by an investment adviser affiliated with the same director. Lyft approved the sale and secured a number of terms in the contract. Lyft failed to disclose this information in its Form 10-K for 2019. Lyft has agreed to a cease-and-desist order and to pay a $10 million civil penalty.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:17 pm

SAVA

Cassava Sciences, Inc. (NASDAQ:SAVA) announced a positive interim safety review of simufilam in ongoing Phase 3 clinical trials for Alzheimer's disease. The Data and Safety Monitoring Board (DSMB) recommended that both of Cassava Sciences' Phase 3 studies of simufilam continue as planned, without modification. Patient enrollment is expected to be completed for both Phase 3 studies by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:16 pm

MDRX

Veradigm Inc. (NASDAQ:MDRX) has announced that it will not be able to file its Annual Report on Form 10-K for the year ended December 31, 2022, or its Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2023, and June 30, 2023, due to ongoing audit procedures related to previously disclosed accounting and internal control errors. The company expects to file these reports in Q4 2023. As a result, it anticipates receiving a delisting notice from Nasdaq but plans to request a hearing to stay any suspension or delisting action. Veradigm has also revised the estimated cumulative impact of the accounting errors down to approximately $20 million and updated its financial guidance for FY23.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:14 pm

RDHL

Redhill Biopharma's shares are trading higher following the announcement of the FDA's sNDA approval for Talicia.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:09 pm

CMI

HYLN

Hyliion Holdings Corp. (HYLN) and Cummins Inc. (CMI) have received a Dual Executive Order from the California Air Resources Board (CARB) for the Hypertruck ERX powertrain, which is paired with Cummins' ISX12N natural gas engine. This certification allows the companies to sell the powertrain in California, meeting key environmental requirements. The Hypertruck ERX powertrain qualifies as a near zero emission vehicle under CARB's Advanced Clean Truck and Advanced Clean Fleet rulings. Initial deliveries of the Hypertruck ERX powertrain with the ISX12N Cummins natural gas engine will occur before the end of the year.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:08 pm

LTRN

Lantern Pharma has received IND clearance from the FDA, enabling Phase 1 initiation for drug candidate LP-284 in Non-Hodgkin's Lymphomas. This is the second IND clearance for Lantern in the last 100 days. The drug, developed using Lantern's AI platform, RADR®, has the potential to improve outcomes for 40,000 to 80,000 patients annually, with a global market potential of $4 billion.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:03 pm

ABBV

Allergan Aesthetics, a subsidiary of AbbVie (NYSE:ABBV), announced positive results from the second Phase 3 study of onabotulinumtoxinA (Botox Cosmetic) for the treatment of platysma prominence. The study met all primary and secondary endpoints, supporting the drug as a potential treatment option. The data will be included in a regulatory submission to the U.S. Food and Drug Administration expected by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:01 pm

KBE

KRE

XLF

The Financial Crimes Enforcement Network (FinCEN) reports a record-high 812 banks and credit unions are now working with the cannabis industry in Q2 2023, up from 807 in Q1 and 773 in the previous quarter. This increase could be due to more states launching adult-use marijuana programs and financial institutions becoming more comfortable with cannabis clients as bipartisan congressional lawmakers work to enact the Secure and Fair Enforcement (SAFE) Banking Act. The Senate Banking Committee has scheduled a vote on the cannabis legislation for next week.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 12:55 pm

JOBY

Joby Aviation, Inc. (NYSE:JOBY) plans to build its first scaled aircraft production facility in Dayton, Ohio, investing up to $500 million and creating up to 2,000 jobs. The facility will be capable of delivering up to 500 aircraft per year. The State of Ohio, JobsOhio and local political subdivisions have offered incentives and benefits of up to $325 million to support the development of the facility. Joby has also been invited by the U.S. Department of Energy to apply for financing under the Title XVII Loan Guarantee Program for clean energy projects.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 12:51 pm

AVGR

RDHL

SQL

SeqLL shares are trading higher after the company announced the date of its cash and stock dividend. RedHill announced FDA sNDA approval for Talicia®. Avinger initiates full commercial launch of Tigereye ST Image-Guided CTO Crossing Device.

Portfolio Pulse from ryanfaloona@benzinga.com

September 18, 2023 | 12:48 pm