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Nissan’s U.S. Lending Arm to Pay $4 Million Fine Over Improper Repossessions | Investing News

October 13, 20201 min read

WASHINGTON (Reuters) – Nissan Motor Co’s U.S. lending arm agreed on Tuesday to pay a $4 million U.S. fine to settle a government agency’s allegation that it improperly repossessed hundreds of consumers’ vehicles.

The Consumer Financial Protection Bureau (CFPB) said that between 2013 and 2019, Nissan Motor Acceptance Corp (NMAC), a subsidiary of the Japanese automaker’s North American unit, “wrongfully repossessed hundreds of consumers’ vehicles despite the consumer having made payments” or taken other actions. Nissan must pay up to $1 million to consumers subject to a wrongful repossession.

NMAC said it denied wrongdoing but agreed to settle and takes the agency’s “assertions seriously and share their commitment to fair practices for all our customers.”

NMAC repossessed vehicles from consumers who made payments that decreased delinquency to less than 60 days past due or took other steps that should have prevented repossessions, the bureau said, adding NMAC told consumers it

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$100 Million More In COVID-19 Relief Grant Money Coming To NJ

October 13, 20201 min read

NEW JERSEY – An additional $100 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to support New Jersey residents and businesses affected by the COVID-19 pandemic, according to officials.

The bulk of the money, $70 million, will be distributed to restaurants, microbusinesses, and other small businesses through Phase 3 of the New Jersey Economic Development Authority (NJEDA) Small Business Emergency Assistance Grant Program.

“Small businesses and the people they employ are the backbone of New Jersey’s economy, yet they have borne a disproportionate share of the burden of the COVID-19 pandemic,” said Governor Phil Murphy. “If we are to emerge from this pandemic stronger and more resilient than we were before, it is incumbent on us to support them in any way possible. This additional funding helps us accomplish that goal.”

An additional $10 million will be used to help small businesses purchase Personal Protective Equipment (PPE)

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Riverstone’s SPAC Decarbonization Plus Acquisition lowers deal size by 33% ahead of $200 million IPO

October 13, 20201 min read

Decarbonization Plus Acquistion, a third blank check company formed by Riverstone targeting businesses advancing global decarbonization, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Menlo Park, CA-based company now plans to raise $200 million by offering 20 million units at a price of $10. The company had previously filed to offer 30 million units at $10. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Units previously contained one-third of a warrant. At the revised deal size, Decarbonization Plus Acquistion will raise -33% less in proceeds than previously anticipated.

The company is led by CEO and Director Erik Anderson, founder and CEO of investment firm WestRiver Group, and CFO and CAO Peter Haskopoulos, a Managing Director and CFO of Riverstone. Riverstone co-founders Pierre Lapeyre and David Leuschen will serve as Directors. The company plans

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Workhorse, Electric Truck Maker, to Sell $200 Million of Notes

October 12, 20201 min read

Shares of Workhorse Group (WKHS) – Get Report rose Monday after the electric delivery truck maker announced it will sell $200 million of four-year, 4% senior secured convertible notes to two unnamed institutional lenders.

The proceeds will be used to increase and accelerate production volume, advance new products to market, replace previous higher cost financings, and support current working capital and other general corporate purposes, the company said in a statement Monday.

Workhorse shares traded at $27.22, up 1.68%, in premarket trading. The stock has soared 781% this year through Friday as investors have rushed into electric vehicle stocks.

Workhorse also has forged an agreement with the unnamed holder of its existing 4.5% convertible notes to exchange the $70 million outstanding principal for shares of the company’s common stock. After this transaction, Workhorse will have more than $270 million in cash available.

As for the notes being purchased,

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Praxis Precision Medicines Readies $126 Million IPO (Pending:PRAX)

October 11, 20201 min read

Quick Take

Praxis Precision Medicines (PRAX) has filed to raise $126 million in an IPO of its common stock, according to an S-1 registration statement.

The firm is developing drug treatment candidates for central nervous system disorders.

PRAX has produced intriguing early efficacy results for its lead candidate and the IPO, while not cheap, is worth consideration.

Company & Technology

Cambridge, Massachusetts-based Praxis was founded to advance a pipeline of treatments for both broad psychiatric-related and rare diseases of the central nervous system having to do with neuronal imbalances.

Management is headed by president and Chief Executive Officer Mr. Marcio Souza, who has been with the firm since April 2020 and was previously Chief Operating Officer at PTC Therapeutics.

Below is a brief overview video of symptoms of major depressive disorder:

Source: Psych Hub Education

The company’s lead candidate, PRAX-114, is being developed to treat major depressive disorder as both

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Regeneron board member and executive sell $1 million in stock after Trump touts treatment

October 10, 20201 min read

A Regeneron executive and one of its directors sold $1 million worth of stocks two days after President Donald Trump announced he was taking their therapeutic, recent filings from the Securities and Exchange Commission reveal.

a sign on the side of a building: Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

© Michael Nagle
Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

Last Friday night, the White House announced that as part of Trump’s treatment for coronavirus, he had received Regeneron’s experimental antibody cocktail that has not passed formal trials or been approved by the Food and Drug Administration.

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One day later, the president appeared in a video posted to his Twitter account about his treatment at Walter Reed National Military Medical Center.

“They gave me Regeneron,” he said, saying the company name instead of the treatment’s name, REGN-COV2. “It was like, unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

At another point in the video

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The Ford Foundation announces $180 million in new racial justice grants, supported by proceeds from social bonds

October 10, 20201 min read

The Ford Foundation announced $180 million in new grant funding for U.S. racial justice and civil rights groups, the organizations large and small who are doing essential work to address systemic racism and support full democratic inclusion. This latest funding doubles the Foundation’s existing commitments in the civil justice arena to $330 million.

Darren Walker wearing a hat

© Michael Loccisano—Getty Images

This latest allocation has been made possible by a deft use of capital markets—unprecedented in philanthropic history. In June, the Foundation announced its plan to borrow $1 billion in social bonds to increase its grant-giving capacity at a time when mission-critical organizations large and small are losing revenue due to the coronavirus.

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“What was creative was figuring out a way to increase our giving while not diminishing the current value of our endowment,” Ford Foundation president Darren Walker tells Fortune.

He recalls the time in March and April when the Foundation

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COVID-19 biotech Atea Pharmaceuticals files for a $100 million IPO

October 9, 20201 min read

Atea Pharmaceuticals, a clinical stage biotech developing therapies for COVID-19 and other viral infections, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

Atea Pharmaceuticals is developing antiviral therapeutics for life-threatening viral infections. The company has built a proprietary purine nucleotide prodrug platform to develop novel product candidates to treat single stranded ribonucleic acid, or ssRNA, viruses, which are a prevalent cause of severe viral diseases. The company’s most advanced candidate, AT-527, is currently in a Phase 2 trial in approximately 190 adult patients with moderate COVID-19, with topline data expected in the 1H21.

The Boston, MA-based company was founded in 2014 and plans to list on the Nasdaq under the symbol AVIR. J.P. Morgan, Morgan Stanley, Evercore ISI and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.

The article COVID-19 biotech Atea Pharmaceuticals files

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Coppell man charged with scamming $17 million in PPP money to buy luxury cars and homes

October 9, 20201 min read

Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them

business

Sports and entertainment SPAC Sports Ventures Acquisition files for a $200 million IPO

October 9, 20201 min read

Sports Ventures Acquisition, a blank check company targeting sports, media, and entertainment, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Bal Harbour, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. At the proposed deal size, Sports Ventures Acquisition would command a market value of $256 million.

The company is led by CEO and Chairman Alan Kestenbaum, who is currently the CEO of Stelco (TSX:STLC) and Bedrock Industries and is a minority shareholder in the Atlanta Falcons NFL team. He is joined by President, CFO, and Director Robert Tilliss, who is the founder and CEO of sports merchant banking boutique Inner Circle Sports and has been involved in numerous transactions and financing activities of professional sports

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