All articles tagged with #cash infusion
Rockstar is offering a free GTA$1,000,000 to all GTA Online players who log in before September 17, with GTA+ members receiving an additional GTA$1,000,000. The update also features vehicle discounts on popular supercars and bikes, available until August 28, enhancing the summer experience for players. This generous promotion aims to ease the summer grind and boost engagement as GTA Online approaches its final days before GTA 6.
Electric vehicle startup Fisker has announced a six-week pause in production of its Ocean SUV as it grapples with a cash crunch, revealing just $121 million in cash and cash equivalents as of March 15th. The company is facing significant financial challenges, including a high accounts payable balance and doubts about its ability to continue operations without raising new capital. Fisker's rollout of the Ocean SUV has been marred by software issues and customer service problems, with the National Highway Traffic Safety Administration investigating the vehicle for rollaway and braking system issues. The company is in negotiations with an automaker for a potential partnership and investment, while also seeking to raise $150 million through the sale of convertible notes.
New York Community Bank, led by a new management team including former Treasury Secretary Steven Mnuchin, announced a $1 billion cash infusion to reassure investors after revealing a 7% drop in deposits and a dividend cut. The bank's shares rose following the announcement, signaling a positive response from the market despite a tumultuous year marked by financial concerns and downgrades. Analysts view the cash injection as a step in the right direction, but caution about ongoing ambiguity in the bank's strategic direction and business mix.
New York Community Bancorp is seeking a cash infusion and assessing investor interest in its stock after experiencing pressure from a surprise fourth-quarter loss and identifying "material weaknesses" in internal controls related to its exposure to commercial real estate. The bank's shares tumbled nearly 32% amid trading halts, and it has pledged to reduce its exposure to CRE. Analysts have raised concerns about potential additional capital reserves needed for potential losses on loans, and the bank has revised its quarterly loss, citing a goodwill impairment, and replaced its CEO.
NIO's stock rises as the Chinese electric vehicle (EV) maker secures a $2.2 billion cash infusion from an investment group backed by Abu Dhabi's government. CYVN Holdings is increasing its stake in NIO to over 20% by purchasing new shares, after already investing nearly $1.1 billion earlier this year to hold a 7% stake.
Digital World Acquisition Corp (DWAC), the blank-check acquisition company planning to merge with Donald Trump's social media firm, has announced that it will return $533 million raised for a cash infusion in the deal, after some investors backtracked on another $467 million of commitments. This development casts doubt on whether the merger will proceed, leaving DWAC with $293 million in cash from its initial public offering. The amended merger agreement includes an option for either party to terminate the deal if they no longer believe it will benefit shareholders. DWAC has faced challenges, including investigations by the U.S. Department of Justice and the Securities and Exchange Commission, CEO ousting, and board shakeup.
EQRx, a biotech company, will be acquired by Revolution Medicines in an all-stock transaction. As part of the merger, EQRx's ongoing R&D portfolio programs will be discontinued, and the intellectual property will be returned to its partners. The deal will provide Revolution Medicines with $1 billion in net cash, which will be used to focus on RAS inhibitor candidates and mutant-selective RAS(ON) programs. The new capital will help fund pivotal clinical trials for Revolution Medicines' lead candidate, RMC-6236, potentially starting in 2024.
PacWest Bancorp has secured a $1.4bn cash infusion from Atlas Merchant Capital after its deposits fell by 20%. The banking company has been hit hard by the pandemic and the economic downturn, leading to a decline in deposits. The cash infusion will help PacWest to continue its operations and support its customers during these challenging times.