At 10:21 a.m. ET, the company's stock was indicated to open at $350, up 40% from a reference price of $250 per share, making its implied value more than three times that of exchange operator Nasdaq. The listing, launched directly to investors instead of through a traditional IPO process run by banks, marks a victory for digital currency advocates in a year that has seen a clutch of mainstream, top-tier firms dive into the space. The San Francisco-based firm's value has surged in line with bitcoin's own huge gains: the world's best known digital currency hit a record of $62,741 on Tuesday.
The filing comes after SpaceX, whose investors include Alphabet Inc and Fidelity Investments, in February disclosed that it raised about $850 million, which had reportedly lifted its valuation to about $74 billion. The private space company had raised $1.9 billion in August in its largest single fundraising round, according to financial software and data provider PitchBook. In February, a prototype of SpaceX's Starship rocket, SN9, blew up on its final descent, like SN8 before it.
Line of Duty star Martin Compston has said that viewers will 'need therapy' after the next episode of the hit BBC drama.
Keyboards, cars, vents - this cleaning gel does it all.
he "Myelodysplastic Syndrome Global Clinical Trials Review, H2, 2020" clinical trials has been added to ResearchAndMarkets.com's offering.
Business has been booming for The Dalmore Group’s private and public Reg A+ business.
Instagram is launching a small global test on Wednesday where users can choose whether to hide like counts on their own posts or other people's posts, a Facebook spokeswoman said. The photo-sharing site, which is owned by Facebook Inc, said this latest test came after seeing mixed responses to its experiments in which it removed likes, commonly used as a measure of popularity. "In 2019, we started hiding like counts for a small group of people to understand if it lessens some pressure when posting to Instagram," the spokeswoman said in a statement.
The supermarket said it was ‘taking the precautionary action of recalling Taste the Difference Medjool dates’.
In the wake of escalating violence against Asians in the U.S., crowdfunding site GoFundMe collaborated with independent film director Bao Nguyen to produce a short film that shines a light on the historical issue of anti-Asian racism in the country — with the participation of Olivia Munn, Ken Jeong, Lisa Ling, and other entertainment and […]
Debuting just over a year after “F9: The Fast Saga” was originally set to open in theaters, the new trailer for the latest installment in the 20-year-old film franchise showcases even more wild vehicular shenanigans deployed by Vin Diesel’s Dom, Michelle Rodriguez’s Letty, and the rest of the “Fast & Furious” family. Much of the […]
Netflix has set May 12 for the worldwide premiere of “El Baile de los 41” (“Dance of 41”), the fact-based drama about the early 20th century scandal that rocked Mexican high society. Penned by Monika Revilla and directed by David Pablos (“The Chosen Ones”), “El Baile de los 41” focuses on the 1901 scandal of the […]
Things got so bad that the jobless rate in April of 2020 soared to 14.7% -- a record high. Since then, the unemployment rate has been steadily improving, but a lot of people are still out of work. The good news is that the recently-signed $1.9 trillion American Rescue Plan includes a $300 weekly boost to unemployment benefits.
The Banff World Media Festival has revealed the full list of nominees for its 2021 Rockie Awards International Program Competition. In the English comedy category, contenders include FX’s “Better Things,” HBO Max’s “The Flight Attendant,” Hulu’s “The Great,” FX’s “What We Do In The Shadows,” Hulu’s “Woke” and Sky One’s “Brassic.” English-lingo drama nominees include […]
When news of the coronavirus outbreak broke in early 2020, Google (NASDAQ: GOOGL) was one of the first companies to instruct employees to begin working from home. Furthermore, workers can only apply for remote-work allowances in 12-month increments, and that's for exceptional circumstances.
(Bloomberg) -- A top Republican senator on Wednesday formally requested that the Justice Department and the Securities and Exchange Commission probe Avantor Inc. for what he called the company’s “deeply troubling connection” to the U.S. opioid crisis.“I am writing to urge you to conduct an investigation of a publicly-traded American company for its apparent longstanding contribution to the opioid epidemic that killed 50,000 of our fellow citizens in 2019,” Senator John Cornyn of Texas wrote in a letter to Attorney General Merrick Garland and Allison Herren Lee, the acting chair of the SEC.Cornyn is one of the nation’s most influential lawmakers on drug issues, serving for more than a decade on the bipartisan Senate Caucus on International Narcotics Control. He credited an investigation by Bloomberg Businessweek that exposed how Avantor’s Mexican sales of an essential heroin-making chemical, called acetic anhydride, were easily diverted by narcotics traffickers.Mexican drug cartels are the virtual monopoly suppliers of heroin sold in the U.S., where both supply and overdose deaths skyrocketed in the last decade. Cartel chemists also have used the chemical to make methamphetamine.An SEC spokeswoman declined to comment on Cornyn’s request. The Justice Department didn’t immediately respond to a request for comment.In his letter to Garland and Lee, Cornyn likened Avantor’s conduct to that of Purdue Pharma, as he did in an interview with Bloomberg News in March. The now-bankrupt drug maker helped ignite and fuel America’s prescription opioid epidemic with its painkiller OxyContin. Cornyn said Purdue admitted in an $8 billion settlement with the government that it marketed and sold the pills to health care providers “even though it had reason to believe those providers were diverting them to abusers.”Of Avantor, Cornyn told Garland and Lee that “it is simply not credible to believe or argue” that the company “was not aware of the use of its product in Mexico for the production of heroin,” the vast majority of which was exported to the U.S.An Avantor spokeswoman did not immediately reply to a request for comment, but the company has previously said it had “no indication that its acetic anhydride product was potentially being diverted” to make heroin.Avantor started gathering and destroying all of its inventory of the chemical across Mexico on the day Bloomberg’s investigation was first published last August, before announcing it had ceased Latin American sales. The company has said it followed all appropriate Mexican laws, it sold only to authorized buyers, and its resellers were responsible for their own sales.Since December, the company has repeatedly declined to say whether Justice Department prosecutors have subpoenaed it or otherwise formally notified the firm that it’s under investigation. Cornyn asked Garland whether there are active civil or criminal investigations and, if so, whether Avantor is cooperating. The Mexican Attorney General’s Office launched an investigation last year, but its status is unclear.Read More: Cocaine-Making Chemical Is Curbed After Use by Cartels ExposedBloomberg found Avantor had supplied the chemical to retailers and distributors across Mexico in jugs that were big enough to make lucrative quantities of narcotics, but small enough to load into the trunk of a car. Each of the company’s 18-liter jugs could make 20 pounds of pure “China white,” or about 90,000 hits. Although acetic anhydride is one of the most strictly regulated drug-making chemicals under international narcotics laws, Bloomberg found Avantor sold thousands of its jugs in Mexico, where there was little to no regulation throughout the thick of America’s heroin epidemic. In 2019 alone, its Mexican sales reached at least 21 tons.‘Dangerous Precursor’Reporters uncovered crime-scene photos showing Avantor’s chemicals at narco labs in Mexico’s top heroin-producing regions across the last decade. Distributors said the ready availability of the company’s product was an open secret in Mexico and that it was a favorite of traffickers. Experts also have raised questions about whether the jugs had any significant legitimate use.Cornyn said the company’s Mexican sales should be investigated under the Foreign Corrupt Practices Act. He also said it was “alarming” that the company has yet to disclose in security filings “that a dangerous precursor chemical it produced in Mexico had helped fuel the opioid epidemic in the United States,” which he said “certainly warrants further investigation” by both agencies.Although his letter makes no mention of it, Cornyn’s requests come amid a partisan Senate fight over one of President Joe Biden’s Justice Department nominees who has financial ties to Avantor. Vanita Gupta, Biden’s choice to be associate attorney general, has held a $14.5 million stake in the company that she pledged to sell following questions from Republicans. She also has said she’ll recuse herself from any matters related to the company. Her father, Rajiv Gupta, is Avantor’s chairman.Four other Republican Senators from the Judiciary Committee planned to join as cosigners on the letter to Garland and Lee, according to Cornyn’s staff, including Charles Grassley, who led opposition to the nomination.Cornyn has said he would press for a Senate investigation regardless of whether the Justice Department takes action. The chamber’s narcotics-trafficking caucus, which acts on a consensus basis, has investigative authority.(Updates with SEC spokeswoman declining to comment in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Gigantic flying reptiles had impressive wingspans of up to 12 metres – and a special trick in their necks.
(Bloomberg) -- Nasdaq Inc., an exchange that has never hosted a major direct listing, is about to try its hand on the most valuable company to go public using one.Coinbase Global Inc., the largest U.S. cryptocurrency exchange, is set to debut on Wednesday through a direct listing, an alternative to a traditional initial public offering that has only been deployed a handful of times. While Slack Technologies Inc., Palantir Technologies Inc. and most recently Roblox Corp. all listed on the New York Stock Exchange, Coinbase picked the younger bourse known for tech-oriented companies.Early indications Wednesday showed the stock opening at $340 per share, which would give Coinbase a market valuation of $63 billion, and a fully diluted valuation of almost $89 billion, according to Bloomberg calculations. That would make it the biggest company to take the direct listing route to market.Nasdaq on Tuesday set a reference price of $250 a share for Coinbase’s direct listing, a number that’s a requirement for the stock to begin trading, but not a direct indicator of the company’s potential market capitalization. Every major direct listing has so far opened significantly above its reference price, with Roblox shares debuting at $64 each –- 42% higher than the number set by the exchange.Coinbase shares changed hands at a roughly $90 billion valuation in early March, Bloomberg News reported at the time, in what was one of the last chances for investors to trade its private stock before the company went public.Digital Currency Group founder Barry Silbert, who’s built an empire that spans the crypto world, tweeted Tuesday that his shares would definitely not be changing hands at the reference price.Nasdaq has hosted smaller direct listings by insurance, financial technology and biotechnology companies, but has never before landed a big one.Coinbase’s Chief Financial Officer, Alesia Haas, said in an interview Wednesday morning that one of the reasons that the company picked Nasdaq is because the bourse offered the ticker symbol ‘COIN,’ which was not part of the New York Stock Exchange’s pitch.“Ultimately that they had the ticker coin and that was a really great ticker for us to get,” Haas said.Nasdaq’s ability to provide a private market for the shares, as well as services it offers such as investor relations work, were among its selling points, according to a person familiar with the matter.Appropriately for a company that in May said it was committing to a “remote-first” work culture and doesn’t list a headquarters on its filing, Coinbase’s pitch meetings with Nasdaq happened virtually, the person added. “We evaluated both NYSE and Nasdaq and ultimately felt that the Nasdaq platform was aligned with our value as a tech company,” Haas said.In a direct listing, a company’s shares begin trading without it issuing new shares to raise capital. That avoids diluting the shares and also, unlike a traditional IPO, often allows the company’s existing investors to put their shares on the market without waiting for lockup period -- typically six months -- to expire.Luring Coinbase is a win for Nasdaq, whose years-long fight for a larger share of mega listings gained traction in the past year. Half of the 10 largest U.S. IPOs, excluding blank-check companies, were on on Nasdaq, according to data compiled by Bloomberg. That included the third largest, Airbnb Inc.’s $3.8 billion IPO in December, which was the biggest listing on Nasdaq since Facebook Inc.’s $16 billion monolith in 2012.Crypto UpstartsPutting his trust in the stock exchange is Coinbase Chief Executive Officer Brian Armstrong, who started the company with Fred Ehrsam in 2012. At the time, few people had even heard of Bitcoin, and many crypto exchanges were run by amateurs from their garages and homes. Unlike most rivals, Coinbase’s founders always envisioned strict regulatory compliance as a cornerstone of the operation, which has helped the exchange to grow in the U.S., where many early Bitcoin traders and investors were located.Ehrsam left the company in 2017, and is now investing in crypto startups. Both Armstrong and Ehrsam own huge swaths of Coinbase, with stakes worth about $15 billion and about $2 billion, respectively.Coinbase is going public as Bitcoin, which together with Ethereum made up 56% of its 2020 trading volume, jumped to an all-time high. The token breached the $64,000 level for the first time Wednesday, exceeding the previous peak a day earlier. Ether, the second-largest cryptocurrency, climbed to a record, while Bitcoin Cash jumped more than 10% at one point.On the back of the boom, Coinbase last week said it expects to report a first-quarter profit of $730 million to $800 million, more than double what it earned in all of 2020.“They are going to build out a full financial services company,” said Barry Schuler, a co-founder of Coinbase investor DFJ Growth who until last year sat on the company’s board. “Like a crypto version of a Goldman Sachs or a Morgan Stanley.”Skeptics, RegulationThe company’s rapid growth hasn’t been without controversy, ranging from frequent outages during periods of heavy trading to new restrictions Armstrong placed on employee discussions of politics last fall. In March, Coinbase also settled with the Commodity Futures Trading Commission for $6.5 million, after the agency said the company reported inaccurate data about transactions and that a former employee engaged in improper trades.Then there are the crypto skeptics, as well as the regulators around the world who are stepping up oversight and casting doubt on Bitcoin’s usefulness as a currency.European Central Bank executive board member Isabel Schnabel, in an interview this month with Der Spiegel, called Bitcoin “a speculative asset without any recognizable fundamental value.”Coinbase’s early investors disagree.“I think Coinbase is this decade’s Microsoft, Netscape, Google or Facebook,” Garry Tan, founder and managing partner at Initialized Capital and an early-stage Coinbase investor, said in an interview with Bloomberg Television Tuesday. (Updates with details from CFO interview starting in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A lesbian teacher named Karen Pack says she was sacked by a Sydney religious school after a furious member of the public pressured them to denounce her “demonic actions”.
Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Vroom, Inc. ("Vroom" or "the Company") (NASDAQ: VRM) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Root securities between June 9, 2020 and March 3, 2021, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/vrm.
Scans of remains discovered in Morocco reveal a complex spoke-like structure.