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Cambium Networks

Cambium Networks Corp provides wireless broadband networking infrastructure solutions for network operators, including medium-sized wireless Internet service providers, enterprises, and government agencies. The company geographically operates in North America; Europe, Middle East and Africa; Caribbean and Latin America; and Asia Pacific. It derives maximum revenue from North America.

Cambium Networks Corporation - Ordinary Shares

Cambium Networks Corp

Elon Musk&#8216;s SpaceX said on Thursday that its Starlink <a href="https://www.benzinga.com/news/24/09/40826886/t-mobile-sends-first-wireless-emergency-alert-via-spacexs-starlink-satellites-in-space">satellite internet service</a> is providing connectivity to over 4 million people around the globe.
What Happened: The company made the announcement via a post on social media platform X, adding that the 4 million Starlink customers are spread across over 100 countries, territories, and other markets.
Starlink announced that it is connecting over 3 million customers merely a few months back on May 20, implying that the segment added a million customers in just 4 months. 
Starlink first hit a million subscribers in December 2022 after starting limited beta internet service in 2020. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Starlink is connecting more than 4M people with high-speed internet across 100+ countries, territories and many other markets. Thank you to all of our customers around the world! &#x1f6f0;&#xFE0F;&#x1f30e;&#x2764;&#xFE0F; → <a href="https://t.co/zR6w4t1qM9">https://t.co/zR6w4t1qM9</a> <a href="https://t.co/sk7wucihxH">pic.twitter.com/sk7wucihxH</a>
&mdash; Starlink (@Starlink) <a href="https://twitter.com/Starlink/status/1839424733198344617?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Starlink uses a constellation of satellites in low-Earth orbit to provide connectivity to customers <a href="https://www.benzinga.com/news/24/09/41023552/hawaiin-airlines-airbus-planes-take-flight-with-starlink-internet-service-at-no-additional-cost-to-c">including airlines</a>. Earlier this month, SpaceX launched its <a href="https://www.benzinga.com/news/24/09/40744852/elon-musks-spacex-rockets-past-new-milestone-launches-7-000th-starlink-satellite">7000th Starlink satellite into space</a>. Of these, over 6000 are working, according to data kept by astronomer Jonathan McDowell. 
Earlier on Thursday, Air France said that it will start rolling out onboard Wi-Fi service in all its aircraft with Starlink from 2025. 
&#8220;During the flight, customers will be able to easily stay in touch with friends and family, follow all the world&#8217;s news live, play video games online, and of course stream TV, films, and series,&#8221; the airline company said. &#8220;The service will be accessible from smartphones, digital tablets, and laptops, and each customer will be able to connect several devices simultaneously.&#8221;
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo courtesy: Shutterstock

News

SPACE

Tech

SpaceX's Starlink Now Connects 4M Customers With More Than 6K Operational Satellites, Adds A Million Users In 4 Months

The Central and Eastern Europe Fund, Inc. (NYSE:<a href="https://www.benzinga.com/stock/CEE#NYSE">CEE</a>) (the "Fund"). As previously reported, certain of the Fund's Russian holdings have been valued at zero since March 14, 2022 in light of measures adopted by the Russian Central Bank and Government, as well as sanctions implemented by the United States and other countries in response to Russia's invasion of Ukraine. The effects of the sanctions and measures adopted by the Russian Central Bank and Government are far-reaching and include, among others, the freezing of certain Russian assets held by entities, such as the Fund, that are organized in countries viewed as "unfriendly" by the Russian Government.
The Fund's investment manager has been monitoring the situation closely and, as previously disclosed, has observed occasional privately negotiated transactions in depositary receipts of certain non-sanctioned Russian issuers taking place (at prices that are generally deeply discounted from those taking place through the facilities of the Moscow Stock Exchange). On May 30, 2024, the Fund announced that in May 2024 the Fund had been successful in selling depositary receipts of one non-sanctioned Russian issuer in such a privately negotiated transaction resulting in positive impact to the Fund's net asset value ("NAV"). In August and to date in September 2024, the Fund was successful in selling additional depositary receipts of five non-sanctioned Russian issuers in privately negotiated transactions resulting in positive impact to the Fund's NAV.
The Fund will continue to monitor developments in this area and may make further opportunistic sales of depositary receipts for Russian securities to the extent that such sales are deemed to be in the best interests of the Fund and its stockholders and consistent with applicable sanctions and other laws and regulations. However, there can be no assurances that any further such sales will be feasible or considered to be in the best interests of the Fund. The Fund notes that pursuant to a license issued by the Office of Foreign Asset Control of the US Department of Treasury ("OFAC"), transactions in certain Russian equities are currently permitted through October 12, 2024. Any future transactions by the Fund in Russian equities and in depositary receipts for such equities after such date will be prohibited unless a license permitting such a transaction is obtained from OFAC. There can be no assurance that such licenses, if requested, will be granted. Also, it should be noted that nine of the Fund's remaining twelve positions in Russian securities are held as either "local shares," or depositary receipts for securities of issuers that are subject to U.S. sanctions such that it would not be possible for the Fund to sell them, absent receipt of special permissions granted by the U.S., which permissions are unlikely to be forthcoming if requested at the present time. Moreover, a recent Russian Presidential Decree may result in the expropriation of certain Russian assets held by certain foreign investors, which potentially could include the Fund.

Government

Regulations

Asset Sales

Central and Eastern Europe Fund Sells Russian Assets, Boosts NAV Amid Sanctions

Carnival Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/CCL/earnings">opening bell on Monday, Sept. 30.</a>
Analysts expect the Miami, Florida-based company to report quarterly earnings at $1.16 per share, up from 86 cents per share in the year-ago period. Carnival projects to report revenue of $7.83 billion for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Carnival, last month, unveiled new itineraries for seven ships sailing in 2026 and 2027 from Miami, Port Canaveral, Galveston, and Baltimore. The new itineraries include Half Moon Cay, which will expand with a larger beach, enhanced dining, and a new pier for Carnival's Excel class ships, including Mardi Gras and Carnival Celebration.
Carnival shares gained 3.6% to close at $18.68 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586bcbd9351b9b0001ab738c/matthew-boss">JP Morgan analyst Matthew Boss </a>maintained an Overweight rating and raised the price target from $23 to $25 on July 24. This analyst has an accuracy rate of 67%.</li>
<li>Truist Securities analyst Patrick Scholes maintained a Hold rating and boosted the price target from $17 to $20 on July 23. This analyst has an accuracy rate of 68%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5975f4d735f48b0001d47eff/nicholas-thomas">B of A Securities analyst Nicholas Thomas</a> maintained a Buy rating and raised the price target from $23 to $24 on June 27. This analyst has an accuracy rate of 67%.</li>
<li>Argus Research analyst John Eade maintained a Buy rating and boosted the price target from $20 to $25 on June 27. This analyst has an accuracy rate of 74%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59282ae5290fa70001853256/james-hardiman">Citigroup analyst James Hardiman</a> maintained a Buy rating and raised the price target from $18 to $22 on June 26. This analyst has an accuracy rate of 67%.</li>
</ul>
Considering buying CCL stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="508" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27030755/image-216-1024x508.png" alt="" class="wp-image-569111" style="width:568px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27030755/image-216-1024x508.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27030755/image-216-300x149.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27030755/image-216-768x381.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27030755/image-216.png 1336w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

Earnings

Price Target

Markets

Analyst Ratings

Trading Ideas

Carnival Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

CION Investment Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CION#NYSE">CION</a>) (the "Company" or "CION") announced today that it has priced an underwritten public offering of $150.0 million aggregate principal amount of unsecured notes due 2029 (the "Notes"), which will result in net proceeds to the Company of approximately $145.4 million after the payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. The Notes will mature on December 30, 2029 and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 30, 2026. The Notes will be issued in denominations of $25 and integral multiples of $25 in excess thereof and will bear interest at a rate of 7.50% per year, payable quarterly, with the first interest payment occurring on December 30, 2024. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of Notes to cover overallotments, if any.
The offering is expected to close on October 3, 2024, subject to customary closing conditions. The Company intends to list the Notes on the New York Stock Exchange under the symbol "CICB."
The Company intends to use the net proceeds of the offering of the Notes to pay down borrowings under the Company's senior secured credit facility with JPMorgan Chase Bank, National Association.

Offerings

CION

CION Plans to Pay Down Debt With Proceeds From $150M Unsecured Notes Offering

BeiGene, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGNE#NASDAQ">BGNE</a>, HKEX: 06160, SSE: 688235)))), a global oncology company, announced the U.S. Food and Drug Administration (FDA) Oncologic Drugs Advisory Committee (ODAC) recognizes the favorable benefit-risk profile of PD-1 inhibitors, including TEVIMBRA&#xAE; (tislelizumab-jsgr), for the first-line treatment of patients with locally advanced unresectable or metastatic esophageal squamous cell carcinoma (ESCC) expressing PD-L1 (&gt;1%) and gastric/gastroesophageal junction (G/GEJ) cancers expressing PD-L1 &gt;1%.
The committee reviewed efficacy and safety data from the Phase 3 RATIONALE-305 (G/GEJ) and RATIONALE-306 (ESCC) studies, as well as other pivotal studies from the two other PD-1 inhibitors approved in these indications. The Advisory Committee voted 10 to 2, with one abstaining, that the risk benefit assessment was not favorable for the use of PD-1 inhibitors in G/GEJ with PD-L1 expression less than 1%. The ODAC members voted 11 to 1, with one abstaining, that the risk benefit profile was not favorable for ESCC patients with a PD-L1 expression less than 1%. The vote represents a recommended class-wide PD-L1 expression level cut-off across PD-1 inhibitors reviewed during the meeting for these patient populations.
"The survival rates for gastric and esophageal cancer remain strikingly low for the majority of patients who are diagnosed with late-stage disease and there is a need for additional treatments that can extend life," said Sally Werner, RN, BSN, MSHA, CEO at Cancer Support Community. "We appreciate the FDA's recognition of the need for safe and effective treatments for these cancers. Additional treatment options offer physicians and their patients choices on the treatment that is right for them."
"The vote by ODAC members to recommend a class-level cut-off of PD-L1 expression for PD-1 inhibitors used in the treatment of gastric/GEJ cancers and ESCC will help to establish a standard for clinicians and the patients they treat," said Mark Lanasa, M.D., Ph.D., Chief Medical Officer, Solid Tumors at BeiGene. "We look forward to working with the FDA as it completes its review of our BLAs for TEVIMBRA, and we strive to bring this therapy to applicable patients in the U.S."
Both the RATIONALE-305 and RATIONALE-306 studies met their endpoints of overall survival (OS), demonstrating a statistically significant reduction in the risk of death across both indications. The safety profile for TEVIMBRA in combination with chemotherapy is consistent with the known safety profile of anti-PD-1 antibodies, and no new safety signals were identified.
The Biologics License Applications (BLAs) for TEVIMBRA in these indications remain under review with the FDA. TEVIMBRA is currently approved in the U.S. for the treatment of adult patients with unresectable or metastatic ESCC after prior systemic chemotherapy that did not include a PD-L1 inhibitor.

BGNE

BeiGene's TEVIMBRA Gains FDA Panel Support for PD-1 Inhibitors in Advanced Esophageal and Gastric Cancers

Uniti Group Inc. ("Uniti") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UNIT#NASDAQ">UNIT</a>) today announced the pricing of $800 million aggregate principal amount of new 8.250% Senior First Lien Notes due 2031 (the "New Windstream Notes") by Windstream Services, LLC and Windstream Escrow Finance Corp. (collectively, the "Windstream Co-Issuers"), each a subsidiary of Windstream Holdings II, LLC ("Windstream"). The indenture governing the New Windstream Notes will contain provisions that allow for the collapse of Uniti's and Windstream's debt silos (the "Post-Closing Reorganization") upon the closing of the planned merger between Uniti and Windstream. The offering of the New Windstream Notes is expected to close on October 4, 2024, subject to customary closing conditions. &nbsp;
Concurrently with the pricing of the New Windstream Notes, the Windstream Co-Issuers agreed to a $500 million incremental first lien term loan facility (the "First Lien Incremental Term Facility") under Windstream's existing credit agreement (the "Windstream Credit Agreement"). Loans under the First Lien Incremental Term Facility will bear interest based on a floating rate (which, at Windstream's election, may be the Base Rate plus 3.75% or the Adjusted Term SOFR Rate plus 4.75% (each as defined in the Windstream Credit provided that the Adjusted Term SOFR Rate "floor" shall be 0%)) and will mature on October 1, 2031. In addition, Windstream agreed to amend the terms of the Windstream Credit Agreement to permit the Post-Closing Reorganization. The incremental term loan borrowings and amendments to the Windstream Credit Agreement are expected to close on October 4, 2024, subject to customary closing conditions. Upon the amendments becoming effective at closing, all outstanding Windstream indebtedness will permit the Post-Closing Reorganization.
Windstream intends to use the net proceeds from the offering of the New Windstream Notes and borrowings under the First Lien Incremental Term Facility to repay, refinance and reduce certain loans outstanding under the Windstream Credit Agreement and pay any related premiums, fees and expenses, including accrued and unpaid interest, if any. Any remaining proceeds will be used for general corporate purposes, which may include investments in Windstream's network and other capital expenditures, such as expansion and acceleration of its Kinetic fiber-to-the-home buildout.

UNIT

Uniti Group Announces $800M Windstream Notes as Part of Post-Merger Debt Restructuring, Secure $1.3B in New Financing Ahead of Planned Merger

Pasithea Therapeutics Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTTA#NASDAQ">KTTA</a>) ("Pasithea" or the "Company"), a clinical-stage biotechnology company developing PAS-004, a next-generation macrocyclic MEK inhibitor, for the treatment of neurofibromatosis type 1 (NF1) and other cancer indications, today announced that it has entered into definitive agreements for the issuance and sale of an aggregate of 1,219,513 shares of its common stock (or pre-funded warrants in lieu thereof), accompanying Series A warrants to purchase up to 1,219,513 shares of common stock and accompanying short-term Series B warrants to purchase up to 1,219,513 shares of common stock at a purchase price of $4.10 per share (or per pre-funded warrant in lieu thereof) and accompanying warrants in a private placement priced at-the-market under the rules of the Nasdaq Stock Market. The Series A and the short-term Series B warrants will have an exercise price of $3.85 per share and will be exercisable immediately upon issuance. The Series A warrants will expire five years from the issuance date and the short-term Series B warrants will expire 18 months from the issuance date. The closing of the offering is expected to occur on or about September 30, 2024, subject to the satisfaction of customary closing conditions. &nbsp;
H.C. Wainwright &amp; Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the offering are expected to be approximately $5 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. Pasithea intends to use the net proceeds from the offering for working capital and other general corporate purposes.

KTTA

KTTAW

Pasithea Therapeutics Priced $5M Private Placement of $1.2M Shares At $4.10/Share to Advance Next-Gen Cancer Treatments

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has rolled out a new Passwords app as <a href="https://www.benzinga.com/news/24/07/39768442/6-new-hidden-iphone-features-you-probably-havent-discovered-yet-on-ios-18">part of its iOS 18 update</a>. This app serves as a comprehensive password manager for iPhone users.
What Happened: The Passwords app is a key feature of the iOS 18 update because it provides a secure location for all passwords, protected by Face ID.
The app also aids in creating robust, unique credentials and alerts users if their details have been compromised.
The Passwords app, which is synced across all devices via iCloud, uses end-to-end encryption to keep user data safe from third parties.
Before this, Apple provided&nbsp;a <a href="https://www.benzinga.com/news/23/09/34256978/how-to-use-apples-password-manager">basic password manager</a>, the&nbsp;iCloud Keychain. However, the new Passwords app offers improved security and convenience.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40999352/steve-jobs-and-steve-wozniak-once-pranked-the-pope-by-pretending-to-be-henry-kissinger-im-just-calli?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Steve Jobs And Steve Wozniak Once Pranked The Pope By Pretending To Be Henry Kissinger: &#8216;I&#8217;m Just Calling To Make A Confession,&#8217; Said One Apple Co-Founder</a>
How To Use It: Step-by-Step Guide
Step I: Update to iOS 18 by going to Settings &gt; General &gt; Software Update. Then download and install iOS 18.
Step II: Now locate the app on your home screen. It will be labeled as &#8220;Passwords&#8221; with a key icon.
Step III: Open the app and do the first-time setup. Choose whether you want to allow notifications or not and authenticate using Face ID.
Now you will be able to see of dashboard with sections for Passwords, Passkeys, Codes, WiFi networks, deleted items, and Security Recommendations.
Note: You can also create a group to share passwords with trusted contacts, like family members, for easy access to streaming services.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="544" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27021321/File-544x1024.jpg" alt="" class="wp-image-569021" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27021321/File-544x1024.jpg 544w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27021321/File-159x300.jpg 159w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27021321/File.jpg 574w" sizes="(max-width: 544px) 100vw, 544px" /></figure>
Why It&#8217;s Important: Announced <a href="https://www.benzinga.com/news/24/06/39256556/apple-unveils-ios-18-with-satellite-messaging-home-screen-customization-privacy-improvements-and-mor">in June earlier this</a> year during Apple&#8217;s Worldwide Developers Conference, or WWDC, iOS 18 was officially released on Sept. 16, 2024.
This major update introduces a variety of features beyond the new Passwords app. This includes improved customization options for the home screen and control center, smart handwriting and math tools in the Notes app and improved Siri functionalities.
However, users may need to wait until mid-October for the stable release of Apple Intelligence, coinciding with the public launch of iOS 18.1, said Bloomberg columnist Mark Gurman in his weekly <a href="https://www.benzinga.com/news/24/09/40975696/are-big-iphone-overhauls-a-thing-of-the-past-apple-shifts-focus-to-software-upgrades-in-new-smartpho">&#8220;Power On&#8221; newsletter</a>.
He also said that iPhone users probably won&#8217;t have access to the complete set of AI-powered features from Apple Intelligence until next year.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

iOS 18 Includes Apple's New Passwords App with End-to-End Encryption: Here's How You Use It

Provident Financial Holdings, Inc. ("Company"), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company's Board of Directors authorized an extension of the September 28, 2023 Stock Repurchase Plan ("Plan") for a period of one year or until completed, whichever occurs first. There are 99,968 shares currently available to be purchased under the Plan. The Corporation will purchase the shares from time to time in the open market or through privately negotiated transactions depending on market conditions, the capital requirements of the Corporation, and available cash that can be allocated to the stock repurchase program, among other considerations.

Buybacks

PROV

Provident Financial Extends Stock Buyback Plan, Eyes Market Conditions

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.bms.com&amp;esheet=54127503&amp;newsitemid=20240925382351&amp;lan=en-US&amp;anchor=Bristol+Myers+Squibb&amp;index=1&amp;md5=4c5782a9cae61ff07bf3f46354780c2f">Bristol Myers Squibb</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) today announced that the U.S. Food and Drug Administration (FDA) has approved COBENFY&#x2122; (xanomeline and trospium chloride), an oral medication for the treatment of schizophrenia in adults.1 COBENFY represents the first new class of medicine in several decades and introduces a fundamentally new approach to treating schizophrenia by selectively targeting M1 and M4 receptors in the brain without blocking D2 receptors.2,3,4
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240925382351/en/">https://www.businesswire.com/news/home/20240925382351/en/</a>
<img src="https://mms.businesswire.com/media/20240925382351/en/2254707/4/COBENFY%E2%84%A2_Product_Image.jpg" alt="Product Image (Photo: Bristol Myers Squibb)" />
Product Image (Photo: Bristol Myers Squibb)
"Today's landmark approval of our first-in-class treatment for schizophrenia marks an important milestone for the community, where after more than 30 years, there is now an entirely new pharmacological approach for schizophrenia — one that has the potential to change the treatment paradigm," said <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bms.com%2Fabout-us%2Fleadership%2Fleadership-team%2Fchris-boerner.html&amp;esheet=54127503&amp;newsitemid=20240925382351&amp;lan=en-US&amp;anchor=Chris+Boerner%2C+PhD&amp;index=2&amp;md5=6642d2f3554dd82aeef370702f1e3416">Chris Boerner, PhD</a>, board chair and chief executive officer at Bristol Myers Squibb. "As we reenter the field of neuropsychiatry, we are dedicated to changing the conversation around serious mental illness, beginning with today's approval in schizophrenia."
Schizophrenia is a persistent and often disabling mental illness affecting how a person thinks, feels and behaves.5 It is estimated to impact approximately 2.8 million people in the United States.6 Symptoms typically first appear in early adulthood and present differently in each person, making symptoms difficult to diagnose and manage.6 While the current standard of care can be effective in managing symptoms of schizophrenia, up to 60% of people experience inadequate improvement in symptoms or intolerable side effects during therapy.7
"For people living with schizophrenia, it's often difficult to find a treatment that works for them. Having a variety of treatment options gives patients and healthcare providers the tools to help manage this serious condition," said Gordon Lavigne, chief executive officer of the Schizophrenia &amp; Psychosis Action Alliance. "People living with schizophrenia want and deserve more. Today's approval provides a new option as people with schizophrenia move forward with proper support to rebuild their lives."
The FDA approval of COBENFY is supported by data from the EMERGENT clinical program, which includes three placebo-controlled efficacy and safety trials and two open-label trials evaluating the long-term safety and tolerability of COBENFY for up to one year. In the Phase 3 EMERGENT-2 and EMERGENT-3 trials, COBENFY met its primary endpoint, demonstrating statistically significant reductions of schizophrenia symptoms compared to placebo, as measured by the Positive and Negative Syndrome Scale (PANSS) total score change from baseline to week five. COBENFY demonstrated a 9.6-point reduction (-21.2 COBENFY vs. -11.6 placebo, p&lt;0.0001) and an 8.4-point reduction (-20.6 COBENFY vs. -12.2 placebo; p&lt;0.0001) in PANSS total score compared to placebo at week five in EMERGENT-2 and EMERGENT-3, respectively. In EMERGENT-2, COBENFY demonstrated a statistically significant improvement in illness from baseline to week five, as measured by the Clinical Global Impression-Severity (CGI-S) score, a secondary endpoint in the trial.1
The safety and tolerability profile of COBENFY has been established across acute and long-term trials. In the Phase 3 EMERGENT-2 and EMERGENT-3 trials, the most common adverse reactions (≥5% and at least twice placebo) were nausea, dyspepsia, constipation, vomiting, hypertension, abdominal pain, diarrhea, tachycardia, dizziness and gastroesophageal reflux disease.1 COBENFY does not have atypical antipsychotic class warnings and precautions and does not have a boxed warning.
"Due to its heterogeneous nature, schizophrenia is not a one-size-fits-all condition, and people often find themselves in a cycle of discontinuing and switching therapies," said Rishi Kakar, MD, chief scientific officer and medical director at Segal Trials and investigator in the EMERGENT program. "The approval of COBENFY is a transformative moment in the treatment of schizophrenia because, historically, medicines approved to treat schizophrenia have relied on the same primary pathways in the brain. By leveraging a novel pathway, COBENFY offers a new option to manage this challenging condition."
The Company today also announced the launch of COBENFY Cares&#x2122;, a program designed to support patients who have been prescribed COBENFY. Patients will be able to enroll in the COBENFY Cares program in late October corresponding with product availability. The COBENFY Cares phone number is 1-877-COBENFY.

FDA Approves Bristol Myers Squibb's COBENFY, First New Schizophrenia Drug in Decades

Theriva Biologics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOVX#NYSE">TOVX</a>) ("Theriva" or the "Company"), a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need, today announced the pricing of its "reasonable best efforts" public offering for the purchase and sale of up to 1,428,600 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 1,428,600 shares of common stock at a combined offering price of $1.75 per share and accompanying warrant (the "Offering"). The Company expects to receive aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses, and assuming no exercise of the warrants. The warrants will have an exercise price of $2.00 per share, will be exercisable immediately and will expire five years from the issuance date.

TOVX

Theriva Biologics Priced $2.5M Offering with New Warrants At $1.75/Share, Eyes Unmet Cancer Needs

Pagaya Technologies LTD. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGY#NASDAQ">PGY</a>) ("Pagaya" or the "Company"), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced that its wholly owned subsidiary, Pagaya US Holding Company LLC ("Pagaya US"), priced its offering of $140 million aggregate principal amount of exchangeable senior notes due 2029 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offering size was increased from the previously announced offering size of $125 million aggregate principal amount of notes as a result of strong demand on the offering. The issuance and sale of the notes is scheduled to settle on October 1, 2024, subject to customary closing conditions. Pagaya US also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $20 million principal amount of notes.
Pagaya intends to use the net proceeds from the offering of the notes to repay higher-cost debt facilities and reduce interest expense costs with the remainder for general corporate purposes. The notes will be senior, unsecured obligations of Pagaya US, and will accrue interest at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2025. The notes will mature on October 1, 2029, unless earlier repurchased, redeemed or exchanged. Prior to the close of business on the business day immediately preceding July 2, 2029, the notes will be exchangeable at the option of the holders of notes only upon the satisfaction of specified conditions and during certain periods. On or after July 2, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, the notes will be exchangeable at the option of the holders of the notes at any time regardless of these conditions. Subject to certain conditions, Pagaya US may settle exchanges of the notes by paying or delivering, as applicable, cash, Class A ordinary shares of Pagaya or a combination of cash and Class A ordinary shares of Pagaya, at the election of Pagaya US. The notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by Pagaya.
The initial exchange rate is 71.4669 Class A ordinary shares of Pagaya per $1,000 principal amount of notes, which represents an initial exchange price of approximately $13.99 per Class A ordinary share of Pagaya. The initial exchange price represents a premium of approximately 45% over the last reported sale price of $9.65 per Class A ordinary share of Pagaya on September 26, 2024. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events. If a "make-whole fundamental change" (as defined in the indenture for the notes) occurs, Pagaya US will, in certain circumstances, increase the exchange rate for a specified time for holders who exchange their notes in connection with that make-whole fundamental change.
The notes will not be redeemable prior to October 5, 2027. The notes will be redeemable, in whole or in part (subject to certain limitations on partial redemptions), for cash at the option of Pagaya US at any time, and from time to time, on or after October 5, 2027 and on or before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per Class A ordinary share of Pagaya exceeds 130% of the exchange price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Pagaya US calls any or all notes for redemption, holders of notes called for redemption may exchange their notes during the related redemption exchange period, and any such exchange will also constitute a "make-whole fundamental change" with respect to the called notes so exchanged.
If a "fundamental change" (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Pagaya US to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The offering price of the notes is 95% of the principal amount of notes. Pagaya estimates that the net proceeds from the offering will be approximately $128.1 million (or approximately $146.5 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers' discounts and commissions and Pagaya's estimated offering expenses.

Pagaya Priced Upsized $140M Exchangeable Senior Notes Offering (Up From Prior Size Of $125M) For Debt Repayment

enVVeno Medical Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVNO#NASDAQ">NVNO</a>) ("enVVeno" or the "Company"), a company setting new standards of care for the treatment of venous disease, today announced the pricing of an underwritten public offering led by existing institutional investors of 4,285,715 shares of its common stock (or pre-funded warrants in lieu thereof) at a public offering price of $3.50 per share. The pre-funded warrants will be immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. The purchase price of each pre-funded warrant sold in the offering will be equal to the price at which a share of common stock is sold in the offering, minus $0.0001, and the exercise price of each pre-funded warrant will equal $0.0001 per share. In connection with the offering, enVVeno has granted the underwriter a 30-day option to purchase up to an additional 642,857 shares of common stock from the Company at the public offering price, less underwriting discounts and commissions.
&nbsp;
Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.
enVVeno expects to receive aggregate gross proceeds from the offering, excluding the exercise of the underwriter's option, if any, of approximately $15.0 million, excluding underwriting discounts and commissions and other offering-related expenses. The offering is expected to close on or about September 30, 2024, subject to customary closing conditions.
enVVeno intends to use the net proceeds from the offering primarily for the continued development of enVVeno's two lead products, VenoValve and enVVe, and for general corporate purposes, including working capital.

NVNO

enVVeno Medical's $15M Public Offering of 4.3M Shares At $3.50/Share Aims to Fund VenoValve and enVVe Development

<a href="https://www.globenewswire.com/Tracker?data=V4VPLV2w3U5Vw3KqF-f6DsoJgFHSUUKT-J31R0HD6Tv7XqHDsLHCQT_znPrAdtvX7WAeib9p9A-RWeivnUwpE1V5Dm_5eQaa_C6o-61MkaFCi_FpATDX8XE5vSf4Mq0ZrT1r4lTXBgZ8YsPvhT8FNXP_-0bgxNowoEBTqoik40sNaDspaCYy0jzU9Umyxz5upwkawJ_0QpCXx13ca-skru6-B9_KO8A5RPGxszQbDRDlV5Dx9iYLQXD8nOQ-NBS4edgPHIYVuZyYpBCtmIPqZw==">Cue Biopharma, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CUE#NASDAQ">CUE</a>), a clinical-stage biopharmaceutical company developing a novel class of therapeutic biologics to selectively engage and modulate disease-specific T cells, today announced the pricing of an underwritten public offering of (i) 11,564,401 shares of its common stock and accompanying common stock warrants to purchase an aggregate of 2,891,100 shares of common stock and, (ii) to certain investors in lieu of common stock, pre-funded warrants to purchase 12,435,599 shares of common stock and accompanying common stock warrants to purchase an aggregate of 3,108,900 shares of common stock. Each share of common stock and accompanying common stock warrant are being sold together at a combined public offering price of $0.50, and each pre-funded warrant and accompanying common stock warrant are being sold together at a combined public offering price of $0.499. The aggregate gross proceeds of the offering are expected to be approximately $12.0 million, before deducting underwriting discounts and commissions and other offering expenses. Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until all of the pre-funded warrants are exercised in full. Each common stock warrant will have an exercise price of $0.50 per share, will be exercisable immediately and will expire five years from the date of issuance. The offering is expected to close on or about September 30, 2024, subject to satisfaction of customary closing conditions. All of the securities are being offered by Cue Biopharma.

Cue Biopharma's $12M Public Offering Includes Pre-Funded Warrants at $0.50/Share

<a href="https://www.globenewswire.com/Tracker?data=rpMvfwQxMV1Eeoi8JZRlCfxxQE4iEqItTiplbUCiEkOnZggchzT9o_l9jUXlZpEwoQtqTm6FFqXGYKFuuXH9-Hty_rJri6dZ_HFYlDULop8=">Molecular Partners</a> AG ((SIX: MOLN, NASDAQ:<a href="https://www.benzinga.com/stock/MOLN#NASDAQ">MOLN</a>), a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics, today announced that the Company will present on its lead-212 (212Pb)-labeled Radio-DARPin Therapeutic (RDT) targeting delta-like ligand 3 (DLL3) co-developed with Orano Med, at the European Assocation of Nuclear Medicine (EANM) Congress which runs October 19-23, 2024 in Hamburg, Germany.
The presentation details are as follows:
Title: Preclinical Assessment of Lead-212 (212Pb) Radio-DARPin Therapeutic (RDT) Targeting Delta-like Ligand 3 (DLL3) in Small Cell Lung Cancer (SCLC) Presentation Number: OP-535 Session Number: 1204 Session Title: M2M Track –&nbsp;Top Rated Oral Presentation (TROP) Session: Radiopharmaceutical Sciences + Translational Molecular Imaging &amp; Therapy Committee: From Radionuclide to Clinical Translation Session Timing &amp; Location: October 22, 2024; 8:00-9:30 a.m. CET, Hall X1–X4 Presentation Timing: October 22, 2024; 9:20-9:30 a.m. CET
The presentation will be made available on Molecular Partners' website after the conference.
Molecular Partners is developing a unique and innovative RDT platform for targeted delivery of radioactive payloads to solid tumors. Due to their small size, high specificity and affinity, DARPins are well-suited as vector for efficient delivery of therapeutic radionuclides. In June 2024, Molecular Partners, together with Targeted Alpha Therapy pioneers Orano Med, announced MP0712, a 212Pb-labeled DLL3-targeting radiopharmaceutical as their first co-developed RDT candidate.
DLL3 is a priority target for radiopharmaceutical therapy thanks to its abundant expression in tumors of patients with SCLC (&gt;85%) and other aggressive neuroendocrine tumors, while expression in healthy tissues is low.
At EANM 2024, Molecular Partners will present their preclinical results supporting MP0712 as a promising treatment candidate for SCLC, with an attractive biodistribution profile, potent antitumor activity and a good safety profile.

MOLN

Molecular Partners to Showcase Small Cell Lung Cancer Therapy at EANM 2024

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fpuretechhealth.com%2F&amp;esheet=54127950&amp;newsitemid=20240926084146&amp;lan=en-US&amp;anchor=PureTech+Health+plc&amp;index=1&amp;md5=1f7f6d2d9227492c39aebec2cdd52461">PureTech Health plc</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTC#NASDAQ">PRTC</a>, LSE: PRTC)))) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to changing the lives of patients with devastating diseases, today announced that KarXT (xanomeline and trospium chloride), which was initially invented and advanced by PureTech, has received U.S. Food and Drug Administration ("FDA") approval for the treatment of schizophrenia in adults. The FDA approval triggers two separate milestone payments to PureTech totaling $29 million under agreements with <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fnews.puretechhealth.com%2Fnews-releases%2Fnews-release-details%2Fprtc-gets-500m-rprx-karxt-royalty&amp;esheet=54127950&amp;newsitemid=20240926084146&amp;lan=en-US&amp;anchor=Royalty+Pharma&amp;index=2&amp;md5=92517127c4a08e419f3c169452750486">Royalty Pharma</a> and PureTech's Founded Entity, Karuna Therapeutics, which was <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fnews.puretechhealth.com%2Fnews-releases%2Fnews-release-details%2F14b-acquisition-prtcs-karuna-bms-completed&amp;esheet=54127950&amp;newsitemid=20240926084146&amp;lan=en-US&amp;anchor=acquired+by+Bristol+Myers+Squibb+%28NYSE%3A+BMY%29+%28%26%238220%3BBMS%26%238221%3B%29+in+March+of+2024&amp;index=3&amp;md5=57f9beb124b27372e777ad8a9e58e6b6">acquired by Bristol Myers Squibb (NYSE:</a><a href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) ("BMS") in March of 2024. Under these agreements, PureTech is also entitled to potential future payments related to additional milestones as well as approximately 2% royalties on net annual sales over $2 billion. Following the acquisition of Karuna, KarXT is now under the stewardship of BMS and will be marketed as Cobenfy.
Cobenfy was invented at PureTech by combining two biologically active molecules – xanomeline and trospium chloride – to address a tolerability challenge that had held back a potential new class of medicines for the treatment of neuropsychiatric conditions, such as schizophrenia. Consistent with its unique model of drug development, PureTech advanced Cobenfy by founding Karuna Therapeutics, which later became a publicly traded company on Nasdaq.
Eric Elenko, PhD, Co-founder and President of PureTech said: "The FDA approval of Cobenfy is a significant milestone in our mission to transform the lives of patients with devastating diseases. Our initial hypothesis was that we could overcome the tolerability issues that had hindered the development of an otherwise promising drug, xanomeline, and we were able to test and validate this concept early on. We are immensely proud that our dedication to this program has led to the first major innovation in decades for those living with schizophrenia, and I am equally pleased that our unique approach to R&amp;D has delivered yet another novel therapeutic to patients. Congratulations to the teams at Karuna and BMS on this historic accomplishment."
The FDA approval of Cobenfy is further validation of PureTech's model and a hallmark of how it creates value both clinically and financially. PureTech's monetization of equity holdings in Karuna, including gross proceeds from the BMS acquisition of Karuna, and a strategic royalty agreement with Royalty Pharma have enabled PureTech to generate approximately $1.1 billion to date after directing $18.5 million toward Karuna's founding and Cobenfy's development. PureTech's business model is designed to repeat and scale this type of outcome, and proceeds from the success of Cobenfy have enabled PureTech to self-fund the advancement of several programs – including LYT-100 (deupirfenidone), LYT-200 (anti-galectin-9 mAb), and the GlyphTM platform supporting the pipeline of Seaport Therapeutics.
Bharatt Chowrira, PhD, JD, Chief Executive Officer of PureTech said: "Congratulations to the Karuna and BMS teams for delivering a groundbreaking treatment to people with schizophrenia. The FDA approval of Cobenfy is a testament to our unique R&amp;D engine, which has now produced three FDA approved therapeutics. We've applied this approach across our portfolio, from our late-stage Internal Program LYT-100 (deupirfenidone) to our newly launched Founded Entity, Seaport Therapeutics, and we will continue to leverage this successful drug development model as we enter our next phase of innovation."
PureTech's next wave of innovation continues to focus on validated biologic and small molecule modalities with human clinical data in diseases with significant unmet need. LYT-100 (deupirfenidone) is PureTech's wholly-owned program in development for the treatment of idiopathic pulmonary fibrosis (IPF), a rare progressive lung disease with no cure. The LYT-100 program leverages extensive prior clinical data and follows the same blueprint used with Cobenfy to unlock the full therapeutic potential of an efficacious but poorly tolerated medicine. PureTech anticipates topline data from the Phase 2b clinical trial of LYT-100 in patients with IPF by the end of the year, as well as additional readouts from its oncology program, LYT-200 (anti-galectin-9 monoclonal antibody).

PRTC

PureTech's Cobenfy Receives FDA Approval for Schizophrenia, Unlocks $29M in Milestone Payments

Former President Donald Trump has called for the prosecution of former Speaker of the House&nbsp;Nancy Pelosi&nbsp;(D-Calif.) over her husband's Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) stock trades. Trump suggested <a href="https://www.benzinga.com/news/24/09/41009461/visa-shares-are-moving-lower-today-what-you-need-to-know">Pelosi was involved in insider trading</a>.
What Happened: During a press conference at Trump Tower in New York, Trump claimed that Paul Pelosi, who is a venture capitalist and real estate investor sold a significant amount of Visa stock just before the Department of Justice announced a lawsuit against the credit card company. 
Financial disclosures show that Paul Pelosi sold 2,000 shares of Visa stock, <a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39618512/nancy-pelosi-loads-up-on-more-nvidia-shares-sells-tesla-she-always-reports-right-before-a-hol">valued between $500,000 and $1 million</a>, on Jul 1.
On Tuesday, nearly three months after the sale, Visa faced a DOJ <a href="https://www.benzinga.com/markets/equities/24/09/40996656/visa-reportedly-faces-doj-antitrust-lawsuit-alleging-monopolization-of-us-debit-card-market-amid">lawsuit for allegedly monopolizing the debit card market</a>. Trump implied that Nancy Pelosi had prior knowledge of the lawsuit and informed her husband. 
&#8220;Think of that. Nancy Pelosi sold vast amounts of Visa stock one day before the big lawsuit that we all read about a few days ago,&#8221; Trump stated. It should be noted that &#8220;Nancy Pelosi Stock Tracker&#8221; — an account on X — <a href="https://x.com/PelosiTracker_/status/1838369997342806452">mentioned</a> the trade on Tuesday, which is the same day the Department of Justice sued the payments processor. 
The X account noted the comments from Trump on the trade and said, &#8220;To be clear, she sold a couple months before the DOJ lawsuit, not a day before.&#8221; It was described as a &#8220;bad look&#8221; by the X tracker.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">LFG Trump called out the story we broke yesterday &#x1fae1; To be clear, she sold a couple months before the DOJ lawsuit, not a day before But his point still remains, it's a very bad look And why we'll keep calling her out <a href="https://t.co/EwylPpyw3Q">https://t.co/EwylPpyw3Q</a>
&mdash; Nancy Pelosi Stock Tracker &#x265f; (@PelosiTracker_) <a href="https://twitter.com/PelosiTracker_/status/1839428772313047550?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Trump, 78, firmly asserted, "She should be prosecuted. Nancy Pelosi should be prosecuted for that." 
Visa shares dropped 5.5% on the day the lawsuit was announced, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>. 
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/41000017/how-to-earn-500-a-month-from-nvidia-stock?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Earn $500 A Month From Nvidia Stock</a>
Why It Matters: The call for prosecution comes amid a heated political climate. Recently, Nancy Pelosi has been vocal about her stance against Trump. On Tuesday, <a href="https://www.benzinga.com/news/24/09/41017128/nancy-pelosi-says-dont-be-distracted-by-whats-his-names-insults-and-conspiracies-asks-voters-to-choo">she urged voters to ignore Trump</a>&#8216;s &#8220;insults and conspiracies&#8221; and focus on electing Democratic presidential nominee Kamala Harris and other Democrats.
Pelosi has also been involved in other significant political debates. In August, she opposed a bill aimed at regulating artificial intelligence <a href="https://www.benzinga.com/government/24/08/40484108/gavin-newsoms-california-wants-to-regulate-ai-but-its-facing-stiff-opposition-from-both-big-tech-as">development in California</a>, showing her influence in legislative matters.
Furthermore, Pelosi has emphasized the importance of unity in the country. In early September, she stated her commitment to ensuring Trump is not re-elected, highlighting the ongoing <a href="https://www.benzinga.com/news/24/09/40670139/nancy-pelosi-the-only-responsibility-i-will-take-for-donald-trump-is-to-make-sure-hes-not-reelected">political rivalry between the two figures</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40979752/elon-musk-says-buses-wont-be-needed-once-tesla-robotaxis-start-operating-will-take-people-point-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Buses Won&#8217;t Be Needed Once Tesla Robotaxis Start Operating: &#8216;Will Take People Point To Point For A Similar Cost&#8217;</a></li>
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Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Global

Trump Wants Nancy Pelosi Prosecuted Over Husband Paul's Visa Stock Sale Before DOJ Lawsuit: 'You Think It Was Luck? I Don't Think So'

In a coordinated effort, the U.S. Justice Department, working with other arms of the state and international law enforcement agencies, seized websites of illegal cryptocurrency exchanges that allegedly supported Russian money laundering networks.
What Happened: According to a press statement released Thursday, the actions encompassed an indictment against a Russian national, Sergey &#8220;Taleon&#8221; Ivanov, a prolific cyber money launderer, whose services have been used by other big cybercriminals to attack major U.S. companies. 
Ivanov allegedly established and ran Russian payment and exchange services UAPS, PinPays, and PM2BTC, which provided money transfer and laundering services to criminals. On-chain analysis disclosed that 32% of all traced Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) sent to the addresses of these platforms originated from addresses associated with criminal activity, like ransomware, and darknet drug trafficking.
The Secret Service got the court&#8217;s approval to seize the domains of UAPS and PM2BTC, along with Cryptex, another notorious platform that advertised its money laundering-as-a-service business.
Acting on this, law enforcement authorities in the Netherlands seized servers hosting PM2BTC and Cryptex, recovering more than $7 million in cryptocurrencies.
Another Russian Timur Shakhmametov, known online as "JokerStash" and "Vega," was charged in the same indictment. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41060014/dogecoin-shoots-up-9-amid-bullish-forecasts-for-the-good-boy-breaking-this-level-will-be-a">Dogecoin Shoots Up 9% Amid Bullish Forecasts For The Good Boy: Breaking This Level Will Be &#8216;A Major Milestone&#8217;</a>
The government&#8217;s confiscation of these domains will impede their use for money laundering. Visitors to these sites will now encounter a message indicating their seizure by the federal government, the DOJ said.
Why It Matters: This crackdown on money laundering operations came in the wake of an increasing number of cryptocurrency-related crimes. 
Earlier this month, the FBI arrested two individuals <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40954186/fbi-arrests-2-people-allegedly-behind-230m-bitcoin-heist-laundered-proceeds-were-spent-on-">suspected of stealing and laundering </a>over $230 million in Bitcoin. The suspects, Malone Lam and Jeandiel Serrano, were accused of attempting to launder thousands of stolen Bitcoins via mixing services. 
These incidents highlight the growing concern over the use of cryptocurrencies in illegal activities and the increasing vigilance of U.S. authorities in combating such crimes.
Image Generated With DALL_E 3
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Russian Cryptocurrency Money Laundering Operations Taken Down By US Authorities, Illegal Exchange Websites Seized

Electric vehicle sales volume in the third quarter <a href="https://www.benzinga.com/news/24/08/40624770/us-ev-sales-in-2024-to-reach-only-9-amid-slower-growth-marking-a-significant-drop-from-12-estimate-r">will increase </a>by about 8% compared to a year ago, according to industry firm Cox Automotive.
What Happened: As per Cox&#8217;s estimates, EVs will witness an 8% growth year-on-year, and account for about 9% of total new vehicle sales in the third quarter. The firm also sees a 69% year-over-year jump in used EV sales in the period.
However, the growth in new EV sales won&#8217;t be due to the rise in EV giant <a href="https://www.benzinga.com/news/24/06/39562565/tesla-loses-lead-in-ev-quality-among-peers-auto-expert-pins-it-on-removal-of-stalks-for-buttons">Tesla&#8217;s vehicle sales</a>, according to Cox. The firm forecasts that Tesla will sell only 152,829 EVs in the third quarter, down by about 2% from a year ago.
EVs Continue To Be A More Expensive Bet: The single-digit market share of EVs could be due to the higher price point of electric vehicles. The average transaction price (ATP) of an EV continued to be higher compared to an internal combustion engine (ICE) vehicle.
In August, the ATP of an EV was at $56,574 when that of a combustion engine vehicle was below $48,000.
Outlook For The Year: Through the end of 2024, Cox now expects 15.7 million vehicles to be sold in the U.S. irrespective of fuel type, owing to the two extra selling days this year as compared to 2023, among other influencing factors. 
However, the firm said that more volatility is expected through the end of the year.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41040877/stellantis-recalls-nearly-16k-fiat-124-spider-roadster-vehicles-in-the-us-over-improper-airbag-deplo" target="_blank" rel="noreferrer noopener">Stellantis Recalls Nearly 16K Fiat 124 Spider Roadster Vehicles In The US Over Improper Airbag Deployment Concerns</a></li>
</ul>
Photo courtesy: Shutterstock

EV Sales Expected To Gain Momentum In US In Q3 Even As Market Leader Tesla Is Projected To Decline: Report

The S&amp;P 500 has surged nearly 50% since Tesla Inc and SpaceX CEO Elon Musk drew parallels between the current market conditions and the <a href="https://www.benzinga.com/markets/24/09/40685476/trump-predicts-a-1929-like-market-crash-if-harris-wins-is-this-possible">infamous 1929 stock market crash</a>. 
What Happened: This remarkable rally, was <a href="https://x.com/carlquintanilla/status/1839314865095123375">highlighted</a> by CNBC&#8217;s Carl Quintanilla.
On Mar. 15, 2023, amid a flurry of bank failures that sent shockwaves through the financial sector, Musk tweeted, &#8220;Lot of current year similarities to 1929.&#8221;
This ominous comparison to one of the darkest chapters in economic history came in response to a now-unavailable post by Ark Invest CEO Cathie Wood, known for her bullish stance on disruptive technologies.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Lot of current year similarities to 1929
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1635811818169044994?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk&#8217;s tweet coincided with the collapse of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Capital, events that briefly paralyzed financial markets and evoked memories of the 2008 financial crisis. 
The turmoil led to significant market value losses for banking giants like JPMorgan Chase and Bank of America, though they later rebounded following swift regulatory intervention.
See Also: <a href="https://www.benzinga.com/trading-ideas/previews/24/09/41054701/inflation-data-will-be-watched-like-a-hawk-friday-after-feds-interest-rate-cuts">Inflation Data &#8216;Will Be Watched Like A Hawk&#8217; Friday After Fed&#8217;s Interest Rate Cuts</a>
Why It Matters: The 1929 reference was particularly chilling for those familiar with financial history. The <a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31353896/cathie-wood-gets-elon-musks-nod-after-slamming-regulatory-failure-over-banking-crisis-lot-">stock market crash of that year</a>, infamously known as Black Tuesday or the Great Crash, triggered the Great Depression, an economic catastrophe unparalleled in modern times. 
During that fateful October, the Dow Jones Industrial Average plummeted 23% in just two days, setting the stage for a decade of economic hardship.
While Musk didn&#8217;t elaborate on the specific similarities he observed between 1929 and the current market, Wood had previously suggested that the rise of cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) had led to the first decline in bank <a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31353896/cathie-wood-gets-elon-musks-nod-after-slamming-regulatory-failure-over-banking-crisis-lot-">deposit levels since the Roaring Twenties</a>. The observation hinted at potential systemic risks lurking beneath the surface of the financial system.
However, contrary to these gloomy forecasts, the S&amp;P 500 has demonstrated remarkable resilience. According to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>, the index closed at 5,745.37 on Thursday, representing a staggering 47.62% increase from its level of 3,891.93 on the day of Musk&#8217;s tweet. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41059891/elon-musk-says-because-almost-none-of-you-do-your-math-sums-the-world-is-largely-not-using-the-big-f">Elon Musk Says Because Almost None Of You Do Your Math Sums, The World Is Largely Not Using The Big Fireball In The Sky: &#8216;All Energy Generation Will Be Solar&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Cambium Networks (NASDAQ:<a href="https://investorplace.com/stock-quotes/cmbm-stock-quote/">CMBM</a>) just reported results for the second quarter of 2024.<ul><li>Cambium Networks reported earnings per share of -25 cents. This was below the analyst estimate for EPS of -21 cents.</li><li>The company reported revenue of $45.95 million.</li><li>This was 0.16% worse than the analyst estimate for revenue of $46.02 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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