WISCONSIN (CoinChapter.com) — In the hopes that consumer spending will prevent the US economy from entering a recession, Wall Street ebbed upward on Monday ahead of a week of news revealing how strong US consumers remain.
Here are the five stock market losers:
China Liberal Education Holdings Ltd. (NASDAQ: CLEU)
China Liberal Education Holdings Ltd. (NASDAQ: CLEU), a leading education services provider, had no news of importance today to explain the big sell-off. The company’s most recent news was from February when a receipt of a Notification Letter declaring compliance with NASDAQ’s minimum bid price requirement was announced.
The letter was a warning issued to the company by NASDAQ on February 15, 2023, citing its failure to maintain the stipulated minimum bid price. The matter of non-compliance is now officially closed, reinstating CLEU’s standing in the market.
BioXcel Therapeutics Inc. (NASDAQ: BTAI)
BioXcel Therapeutics Inc. (NASDAQ: BTAI) announced a significant 58% reduction in its workforce, resulting in a tumble of 41.89% in its shares. The biopharma company, renowned for using artificial intelligence in developing medicines, also aims to cut its cash burn by over 50%, reducing it to approximately $80 million annually.
The company is strategically prioritizing market opportunities for its commercial product, Igalmi, specifically within the areas of bipolar disorders, schizophrenia, and Alzheimer’s disease.
Aurora Acquisition Corp. (NASDAQ: AURC)
Aurora Acquisition Corp. (NASDAQ: AURC) and Better HoldCo, Inc. announced a significant step forward in their proposed business combination following a majority approval from Aurora’s shareholders at a special meeting held on August 11, 2023.
With 97.7% of the issued and outstanding Aurora ordinary shares owned by Aurora’s sponsor, directors, executive officers, and their respective affiliates, the decision reflects a strong endorsement for the Combination with Better.
AMC Entertainment Holdings Inc. (NYSE: AMC)
AMC Entertainment Holdings Inc. (NYSE: AMC) saw a significant drop in shares today following a ruling by a Delaware judge, giving AMC the go-ahead to convert AMC Preferred Equity (APE) units into common shares in a process known as AMC Stock Conversion.
This decision overturns the judge’s previous stance and concludes a shareholder lawsuit, providing AMC with an opportunity to secure the much-needed capital. Chancery Court Judge Morgan Zurn concurred on Friday that the settlement terms between AMC and the plaintiffs were equitable.
Hawaiian Electric Industries Inc. (NYSE: HE)
Hawaiian Electric Industries Inc. (NYSE: HE) shares took a steep dive on Monday, plummeting by 35%, following concerns over the company’s potential involvement in the devastating Maui wildfires. Questions have arisen regarding the role of the utility company’s equipment in igniting the deadly blaze.
The company, which operates Maui Electric and caters to nearly 95% of Hawaii’s population, allegedly did not activate its “public power shutoff plan.” This strategy, used by other states like California, mandates power companies to cut off electricity in regions where strong winds could potentially trigger fires.
