(Bloomberg) -- Visa Inc. and Mastercard Inc. are considering revoking Wirecard AG’s ability to process payments on their networks in a move that would cause further pain for the firm after it started insolvency proceedings.The world’s largest payment networks have begun reaching out to some Wirecard clients to prepare them for the possibility, according to people familiar with the matter, who asked not to be named because the information isn’t public.“We continue to closely monitor developments and assess new information as it becomes available,” Visa said in a statement. “Our priority is, and will always be, maintaining the integrity of the Visa payments system and protecting the interests of consumers, merchants and our clients.”Wirecard helps businesses around the world accept electronic payments from customers, so its relationships with Visa and Mastercard -- and being able to process payments with the companies -- are critical to its business.“Mastercard is aware of the...
(Bloomberg) -- PG&E Corp. raised more than $5 billion in a common share and equity unit offering to help finance its exit from the biggest utility bankruptcy in U.S. history.The California power giant sold more than 420 million shares at $9.50 apiece, it said in a statement dated Friday, representing a 2.4% discount to Thursday’s close of $9.73. The share sale, as well as separate offering of equity units, which have a coupon of 5.50%, netted the company about $5.15 billion, according to the statement.The effort is one the year’s largest stock offerings and part of the company’s plan to raise $9 billion in equity to help pay for claims from wildfires through its Chapter 11 case. PG&E has also raised more than $13 billion in the debt markets to finance its bankruptcy, which began after its equipment sparked deadly blazes in Northern California.PG&E said it expects to emerge from Chapter...
Shares in sports betting company DraftKings (DKNG) have exploded by an incredible 237% since its Nasdaq debut in April. So it’s perhaps not surprising that insiders have taken advantage of this rally as quickly as possible. Although the extent to which the stock has been offloaded is still eyebrow-raising- with a whopping $596 million-worth of shares sold on June 23, according to a June 25 filing.Most notably, co-founder Paul Liberman has just sold $31 million worth of DKNG stock, leaving him with a $15 million holding. Robins Jason sold $70 million of DraftKings stock, while director Hany Nada sold off $37 million. Director Steven Joseph Murray made a $40 million share sale, with directors Shalom Meckenzie and John Salter each selling shares worth over $125 million. SBTech founder Meckenzie still owns over $1 billion in DKNG stock following the transaction- giving him a holding of over 10% in the company.On June 17...
Shares in Vaxart (VXRT) exploded by 96% in Thursday’s trading, and continued to rally a further 27% after-hours, after the biotech announced a deal for its oral Covid-19 vaccine.The company revealed that it has now signed a Memorandum of Understanding with Attwill Medical Solutions Sterilflow, affirming the parties’ intent to establish AMS as a resource for lyophilization development and large-scale manufacturing including tableting and enteric coating for Vaxart’s oral COVID-19 vaccine.AMS will be assigning dedicated resources and equipment for the scale up and commercial production of the vaccine upon entering a formal agreement, Vaxart said.“We believe AMS’ experience coupled with its ability to manufacture a billion or more doses per year would be a beneficial addition to our group of CDMO partners and enable the large scale manufacturing and ultimate supply of our COVID-19 vaccine for the US, Europe and other countries in need,” said Andrei Floroiu, CEO of Vaxart Inc.He continued: “We believe...
Zogenix, Inc (ZGNX) has announced that the U.S. Food and Drug Administration (FDA) has finally approved Fintepla (fenfluramine) oral solution, CIV for the treatment of seizures associated with Dravet syndrome in patients 2 years of age and older.The drug will now be launched through a restricted distribution program, and is expected to be available through Zogenix’s specialty pharmacy partner by the end of July.“The approval of Fintepla by the FDA is a significant milestone” cheered Stephen Farr, CEO of Zogenix. “We began this global development program nearly six years ago after researchers in Belgium recognized the potential of fenfluramine, a drug with distinct pharmacology from all other anticonvulsant agents, to treat intractable seizures in Dravet syndrome.”Dravet syndrome is a rare childhood-onset epilepsy marked by frequent and severe treatment-resistant seizures, as well as significant developmental and motor impairments, and an increased risk of sudden unexpected death.“There remains a huge unmet need for the many Dravet syndrome...
According to the Diesel Technology Forum, California’s truck and bus fleet rule has effectively kept older, higher-emitting trucks on the road for longer, in turn delaying emissions reductions and cleaner air. ...
(Bloomberg) -- PG&E Corp. raised $5.5 billion in a common share and equity unit offering to help finance its exit from the biggest utility bankruptcy in U.S. history, according to people familiar with the matter who asked not to be identified.The California power giant sold $4 billion of shares at $9.50 apiece, according to the people, representing a 2.4% discount to Thursday’s close of $9.73. The equity units, which raised about $1.5 billion, have a coupon of 5.50% and a conversion premium of 22.50%, said the people.PG&E declined to comment. The company launched the offering Monday intending to raise a total of $5.23 billion.The effort is one the year’s largest stock offerings and part of the company’s plan to raise $9 billion in equity to help pay for claims from wildfires through its Chapter 11 case. PG&E has also raised more than $13 billion in the debt markets to finance its...
