Ørsted Launches $9.4bn Rights Issue at Significant Discount Amid Policy Challenges
Ørsted plans to sell shares at a 67% discount through a $9.4 billion rights issue, indicating a significant fundraising effort.,
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Rights Issue
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Ørsted to raise $9.4 billion in rights issue amid U.S. market challenges
Orsted's shares dropped over 25% after the company announced a $9.4 billion rights issue due to adverse developments in the U.S. market, which prevented it from raising funds through a stake sale in the Sunrise Wind project.
"Byju's Investors Successfully Oust CEO Raveendran in Contentious Vote"
A group of Byju’s investors, including Prosus Ventures and Peak XV Partners, voted to remove founder and CEO Byju Raveendran and filed an oppression and management suit against the leadership to block a recently launched rights issue. The decision comes after more than a year of unrest among some of Byju’s largest investors, who assert that the $22 billion Indian edtech startup has played fast and loose with accountability. Byju’s has been facing challenges in its fundraising efforts and has been forced to abandon its plan for an IPO.
Atos Seeks Bank Assistance for Refinancing Amid Rights Issue Setback
Atos is in talks with creditors for refinancing after canceling a €720 million rights issue, facing over €2 billion in debt payments next year. The company is also negotiating the sale of its Tech Foundations and BDS business, while its subsidiary Eviden is involved in building Europe's first exascale supercomputer system. Atos faces challenges in restructuring and managing its maturing debts, with potential changes to its capital structure that could impact existing shareholders.
Investors Demand Byju Raveendran's Ouster from Byju's
Byju's and its investors are publicly clashing over leadership changes, with the company stating that investors do not have the right to seek the removal of founder Byju Raveendran. The company is proceeding with a $200 million rights issue and has received support from multiple investors, while blaming investors for causing a crisis and seeking leadership changes. Investors, including Prosus and General Atlantic, are calling for governance and leadership changes, marking the third time they have sought an extraordinary general meeting. Byju's, once valued at $22 billion, has reset its valuation to $25 million in the rights issue, and the company emphasizes the criticality of the rights issue for its survival.
"Byju's Faces Financial Struggles: Cuts Valuation, Launches Rights Issue, and Reports Record Losses"
Byju's, the world's most valuable edtech startup, has launched a rights issue to raise $200 million, cutting its valuation ask by 99% in an effort to address its working capital needs. The post-money valuation of the startup is expected to drop to $220-250 million, a significant decrease from its previous $22 billion valuation. Byju's founder Byju Raveendran has appealed to shareholders for support, citing personal sacrifices made for the company. The startup's struggles to raise capital come amid a severe funding crunch, with its IPO plans put on hold due to market conditions.
"Byju's Rights Issue Raises $200 Million at $225 Million Valuation Amid Cash Crunch"
Byju's plans to raise $200 million through a rights issue at a valuation of about $220–230 million, a significant drop from its once $22-billion worth. The funds will be used to clear immediate liabilities and meet operational requirements, with founder Byju Raveendran emphasizing the importance of raising capital to prevent further value impairment. This move comes as the edtech company aims to navigate legal and financial challenges and achieve operational profitability, marking a significant shift from its unicorn status to stay afloat in a tough funding environment.