WISCONSIN (CoinChapter.com) — Stocks experienced a significant decline on Wednesday as concerns over the US banking industry persisted, and the focus is on an important US inflation report.
Here are the five stock market losers:
Tigo Energy Inc. (NASDAQ: TYGO)
Tigo Energy Inc. (Nasdaq: TYGO) issued a statement today announcing its decision to redeem all outstanding public and private warrants.
These warrants, issued under the Warrant Agreement dated August 5, 2021, allow for purchasing shares of the Company’s common stock. The agreement was made between Tigo Energy Inc. and Continental Stock Transfer & Trust Company, acting as warrant agents.
Any warrants remaining outstanding after 5:00 p.m. New York City time on September 8, 2023, will be redeemed for $0.01 per warrant. Shares tanked 42% on the news.
Wheels Up Experience Inc. (NYSE: UP)
Wheels Up Experience Inc. (NYSE: UP) flagged its inability to continue operations on Wednesday, casting “substantial doubt” on its survivability.
Despite revealing a short-term financial boost from Delta Air Lines, this announcement led to a drastic 42% drop in its share value. The Company, known for chartering planes by the hour, initiated numerous restructuring actions this year, such as job reductions and management overhauls.
The measures come in response to a decline in private jet traffic, which had surged during the pandemic due to high demand from affluent travelers. Delta has indicated it will provide interim capital support to Wheels Up via a secured promissory note.
Nuvei Corp. (NASDAQ: NVEI)
Shares of Nuvei Corp. (NASDAQ: NVEI) plunged 37.59% in Wednesday’s trading session following the Company’s downward revision of its full-year guidance for revenue, total volume, and adjusted EBITDA.
The revised figures fell below market expectations, triggering a significant drop in stock value. The payments firm also reported a more substantial decline in second-quarter earnings. Nuvei now forecasts total revenues between $1,170M and $1,195M for the year, falling short of the average analyst estimate of $1.24B.
Bruush Oral Care Inc. (NASDAQ: BRSH)
Bruush Oral Care Inc. (NASDAQ: BRSH) experienced a steep sell-off today with no fresh news. The most recent news was on August 1, when the Company announced a 1-for-25 reverse split; this consolidation was largely done to meet NASDAQ’s minimum bid price requirement.
The NASDAQ requires that a stock have a minimum initial bid price of $5.00 and later remain at or above $1.00. The stock split was well over one week ago and had no effect on today’s selling.
Upstart Holdings Inc. (NASDAQ: UPST)
After a stellar rally in 2023, Upstart Holdings Inc. (NASDAQ: UPST) saw a significant downward correction today. Its shares fell by 31%, following a nearly 300% increase on the year ending Tuesday.
The tumble comes in the wake of Morgan Stanley reiterating a sell rating for the stock, urging investors to offload after its recent rally. The stock was heading towards its third-largest single-day percentage decline on record, and the worst since it plummeted 56.4% on May 10, 2022.
