Friday , March 29 2024
Home / Tag Archives: Business News (page 70)

Tag Archives: Business News

Astra Seeks Deadline Extension from Nasdaq to Avoid Delisting

In addition to seeking the grace period from Nasdaq, Astra also mentioned a possessive reverse stock split. Rocket launch startup Astra Space (NASDAQ: ASTR) has drawn a plan to avoid a delisting from the Nasdaq. The stock trading platform gave the small rocket builder a deadline to exceed a share price level of $1 or face removal. This came after Astra’s share remained below $1 for 30 consecutive business days, violating Nasdaq listing rules. At press time, Astra trades at $0.42, having...

Read More »

This US Lawmaker Says Signature Bank Collapse Was Due to Instability in Crypto

Senator Michael Bennet from Colorado said that Signature Bank didn’t make “prudentially sound” decisions while dealing with crypto. Other US lawmakers believe crypto is being made a scapegoat in the failed banking policies of the Fed. Michael Bennet, the United States Senator from Colorado, recently opened up about the shutting down of crypto-friendly Signature Bank, with the intervention of the Fed and the FDIC. He said that the bank with crypto clients didn’t make “prudentially sound”...

Read More »

Marathon Digital (MARA) Shares Up 7% though Firm Reports Lower Q4 2022 Revenue

Marathon Digital has also revealed the nature of its exposure to the now-defunct crypto-focused Silvergate Bank. Embattled Bitcoin (BTC) mining firm, Marathon Digital Holdings Inc (NASDAQ: MARA) has released its performance report for the fourth quarter (Q4) of 2022 in which it unveiled a poorer-than-expected revenue. According to the firm, its revenue came in at $28.4 million, down by 58% from its year-ago record. Marathon Digital operates in a very strained market as the global economy,...

Read More »

Stripe Valued at $50 Billion after $6.5 Billion Raise

Stripe has retained its entity as a privately owned enterprise over the past ten years, despite persistent speculations about an IPO. Payment processor Stripe raised $6.5 billion at a $50 billion valuation, the firm announced, with a steep discount from its record valuation of $95 billion in 2021. According to the press release, the company doesn’t require money for expanding its business. The cash collection, with participation from Andreessen Horowitz, Founders Funds, Goldman Sachs, and...

Read More »

Judge’s Order for Binance.US Acquisition of Voyager Digital Reaffirmed

When the financial woes of FTX also lead to the exchange’s bankruptcy, the deal could not proceed, pitching Binance.US as the next major favorite to bail out the company. Judge Michael Wiles, the presiding Judge over the Binance.US and Voyager Digital acquisition case with the United States Securities and Exchange Commission (SEC) has reaffirmed his order for the deal to proceed. The Judge canceled the petition from the SEC to halt the proposed sale of the bankrupt crypto brokerage...

Read More »

Baidu Shares Fall 6% as CEO Unveils AI Chatbot to Rival OpenAI’s ChatGPT 

Baidu recently saw its shares take a massive hit following a pre-recorded unveiling demo of ChatGPT rival Ernie bot.  The shares of Chinese multinational tech company Baidu plunged to an 8-week low after the company unveiled a ChatGPT rival. On Thursday, Baidu provided a sneak peek into the functionality of its Chinese-language bot but also forewarned of its imperfections. However, during a live-streamed release event, CEO Robin Li described how the Chinese-language ChatGPT would improve...

Read More »

Cathie Wood’s Ark Invest Raises $16 Million for Another Crypto Fund

Cathie Wood praised crypto assets for proving to be safe havens as crisis unfolded in the US banking system last week. Ark Investment‘s Cathie Wood is known for making some of the bold bets in crypto. Even during the strong downfall of 2022, Cathie Wood has been a regular investor in crypto companies like Coinbase. In another such development, ARK Investment Management LLC managed to raise a staggering $16 million from investors for a new crypto-focused investments fund. On Wednesday,...

Read More »

Virgin Orbit (VORB) Shares Down Over 40% with Company Furloughing Almost Entire Staff

As of the end of Q3, Virgin Orbit has $71.2 million in cash and $30.9 million in revenue. Shares of aircraft engineering company Virgin Orbit Holdings Inc (NASDAQ: VORB) dropped by 33% in extended trading as the company is discharging nearly all its workers. According to people familiar with the matter that spoke to CNBC, the company is additionally suspending operations for a week as it seeks a funding lifeline. Currently, at premarket trading, Virgin Orbit has declined further, with its...

Read More »