Missfresh Gains On Share Purchase Agreements For Financing And Business Acquisition
Shares of Missfresh Limited (MF) gains over 289% on Friday after the company announced that it entered into share purchase agreements for financing and business acquisition.
MF is trading on the Nasdaq at $2.00, up 289.39% or $1.49 per share. It has traded between $0.41 and $6.30 in the past 52-week period.
As per the Share Purchase Agreements for Financing, the investors have agreed to buy a total of 5.4 billion Class B ordinary shares of the Company for $27.0 million. Additionally, the Company has agreed to purchase all ordinary shares of Mejoy Infinite Limited from its shareholder for a total of $12.0 million in cash as per the Share Purchase Agreement for Business Acquisition.
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Tupperware Up 46% On Debt Restructuring Agreement
Shares of Tupperware Brands Corporation (TUP) are up 46% on Friday after the company announced a debt restructuring agreement with lenders to restructure its existing debt obligations.
TUP is trading on the New York Stock Exchange at $5.16, up 46.59% or $1.64 per share. It has traded between $0.61 and $12.86 in the past 52-week period.
The company stated that it has entered into an agreement to improve its financial situation. This will involve making changes to credit obligations and extending the maturity of certain debt facilities.
As part of the agreement, the company will reduce and reallocate approximately $150 million in cash interest and fees. They will also extend the maturity of around $348 million of principal and reallocated interest and fees to the fiscal year 2027 with PIK interest.
In addition, the required amortization payments until the fiscal year 2025 will decrease by roughly $55 million. Finally, the company will have access to a revolving borrowing capacity of approximately $21 million immediately.
Ryerson Holding Slips 7%
Ryerson Holding Corp. (RYI) shares are sliding more than 7 percent on Friday morning trade after the company announced the pricing of its secondary public offering of 4,000,000 shares of the common stock.
Ryerson said the offer is pursuant to an SEC shelf registration statement by an affiliate of Platinum Equity LLC. The company will not be offering any shares of its common stock and will not receive any of the proceeds from the sale of the shares offered by the Selling Stockholder.
Currently, shares are at $30.30, down 7.06 percent from the previous close of $32.58 on a volume of 922,869.
Icahn Stock Falls 30% On Slashing Quarterly Dividend
Shares of Icahn Enterprises L.P. (IEP) are falling 23.9 percent on Friday after the company decided to take significant measures to preserve cash after being heavily criticized by short seller Hindenburg Research.
Icahn is currently trading at $24.87, down $7.81 or 23.90 percent. The stock opened its trading at $21.50 after closing Thursday’s trading at $32.68. The stock has traded between $18.03 and $55.16 in the past 52-week period.
In response to the mounting pressure, the company announced on Friday that it would slash its quarterly dividend in half, reducing it from $2 to $1 per share. This move comes as a bid to address concerns raised by Hindenburg Research regarding the sustainability of the company’s substantial payouts.
The criticism from Hindenburg Research had a significant impact on Icahn Enterprises’ stock performance, causing a sharp decline of more than 50% in early May. The research firm specifically questioned the company’s substantial debt levels and its reliance on the sizeable payouts, which further exacerbated the downward spiral of the company’s shares.
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Global Partners Down 6% As Q2 Results Miss Street
Global Partners LP (GLP) saw a 6% decline in its shares on Friday after the announcement of its second-quarter results, which fell short of Street estimates in terms of earnings and revenue.
GLP is trading on the New York Stock Exchange at $31.80, down 6.04% or $2.04 per share. It has traded between $24.25 and $39.24 in the past 52-week period.
The company reported a net income of $35.6 million or $1.05 per share for the quarter, a decrease from last year’s profit of $157.2 million or $4.61 per share.
Analysts on average had expected the company to earn $1.28 per share, according to figures compiled by Thomson Reuters.
Revenue increased to $3.83 billion from $5.32 billion the previous year. It missed the consensus estimate of $4.09 billion.
Amneal Stock Rises 21% After Q2 Profit Beats Estimates, Raises Guidance
Shares of Amneal Pharmaceuticals, Inc. (AMRX) are rising 21 percent on Friday after turning to profit in the second quarter, compared to a loss last year and also beat estimates.
Amneal is currently trading at $4.08, up $0.72 or 21.57 percent. The stock opened its trading at $5.66 after closing Wednesday’s trading at $4.12. The stock has traded between $2.48 and $6.70 in the past 52-week period.
The company reported earnings of $11.9 million, or $0.08 per share for the second quarter, compared with a loss of $120.8 million, or $0.80 per share in the comparable quarter last year.
Excluding one-time items, the company reported earnings of $56.8 million or $0.19 per share. The analyst estimates were $0.11 per share.
Revenue in the quarter was $599 million, compared with $559.3 million last year.
Looking forward, the company raised its full-year Adjusted Diluted EPS to $0.45 – $0.55 from $0.40 – $0.50 provided earlier. Analysts are looking for an adjusted EPS of $0.47.
Looking forward, the company has raised its full-year revenue outlook to $2.30 billion – $2.40 billion from $2.25 billion – $2.35 billion provided earlier. Analysts are looking for an annual revenue of $2.32 billion.