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SmartFinancial

SmartFinancial Inc operates as a bank holding company for SmartBank. It offers various banking and financial services to individuals and corporate customers. The principal business of the Bank consists of attracting deposits from the general public and investing those funds, together with funds generated from operations and from principal and interest payments on loans, mainly in commercial loans, commercial and residential real estate loans, consumer loans, and residential and commercial construction loans. The primary source of revenue is interest income from earning assets, namely loans and securities.

SmartFinancial Inc

<a href="https://www.digitimes.com/news/a20241118PD207/tsmc-donald-trump-cowos-capacity-demand.html" title="https://www.digitimes.com/news/a20241118PD207/tsmc-donald-trump-cowos-capacity-demand.html">https://www.digitimes.com/news/a20241118PD207/tsmc-donald-trump-cowos-capacity-demand.html</a>

News

Tech

DigiTimes Reported Earlier, TSMC Adjusts Chip-on-Wafer-on-Substrate (CoWoS) Capacity Plans Amid Trump 2.0 Uncertainty

Wolfe Research analyst Jacob Lacks downgrades Matson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MATX#NYSE">MATX</a>) from Outperform to Peer Perform.

Downgrades

Analyst Ratings

MATX

Wolfe Research Downgrades Matson to Peer Perform

Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUTX#NASDAQ">NUTX</a>), a physician-led, integrated healthcare delivery system comprised of 23 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in ten states and primary care-centric, risk-bearing physician networks, today announced the opening of Milwaukee ER &amp; Hospital, located at 1751 W Layton Ave, Milwaukee, WI 53221.
The staff of medical experts at Milwaukee ER &amp; Hospital are bringing the community 24/7/365 days of concierge-level care. The 20,000 square foot state-of-the-art facility houses 8 emergency room beds, 6 inpatient beds, one procedure room, an in-house pharmacy, laboratory services, and imaging, including MRI, CT scan, X-ray, and Ultrasound.&nbsp; &nbsp;
"Our expert team of emergency physicians looks forward to showing each patient individualized, excellent care," stated Michaela Wood, M.D., Chief Medical Officer at Milwaukee ER &amp; Hospital.
Patients will be met with the convenience of emergency care in the comfort of a relaxing environment, a short wait, and ample one-on-one time with a board-certified physician. No matter the injury or illness a patient presents, Milwaukee ER &amp; Hospital is equipped to treat patients efficiently and effectively.
Following the opening of Green Bay ER &amp; Hospital in Green Bay, Wisconsin and Post Falls ER &amp; Hospital in Post Falls, Idaho, this is the Company's third opening of 2024,
"We are excited to provide concierge level medical care to the south Milwaukee market, which historically has been underserved," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

NUTX

Nutex Health Opens State-of-the-Art ER in Milwaukee, Offering Comprehensive Emergency Services

Corpay, Inc.&#x2A;, (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPAY#NYSE">CPAY</a>) a global leader in corporate payments, is pleased to announce that Corpay's Cross-Border business has entered into a multi-year agreement to extend their successful collaboration with World Aquatics as their Official FX Payments Supplier.
Corpay Cross-Border has provided a range of corporate foreign exchange payments solutions for World Aquatics, the global governing body of six aquatic disciplines – Swimming, Water Polo, Diving, High Diving, Artistic Swimming and Open Water Swimming since 2022. Under this multi-year extension, World Aquatics, along with the global aquatics' community, event hosts and World Aquatics partners will continue to benefit from access to Corpay Cross-Border's innovative global payments and currency risk management solutions.

CPAY

Corpay Extends Partnership With World Aquatics, Continues As Official FX Payments Supplier

TD Cowen analyst Andrew Charles reiterates Sweetgreen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>) with a Buy and maintains $45 price target.

Price Target

Reiteration

TD Cowen Reiterates Buy on Sweetgreen, Maintains $45 Price Target

MakeMyTrip, India's leading online travel company, today announced that it has signed a Business Transfer Agreement to acquire Happay Expense Management Platform from CRED. This acquisition reinforces MakeMyTrip's commitment to becoming the go-to platform for comprehensive corporate travel and expense management solutions.
Happay is a leader in expense management, with robust capabilities in product development, data-driven insights, and scalable solutions that consistently drive value and efficiency for clients. Under the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip.
"We have consistently outpaced industry growth in the corporate travel sector over the past few years by focusing on innovation and seamless user experience," said Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip. "The acquisition of Happay's brand and expense management platform is a natural next step in our strategy to lead this space. By integrating Happay's expertise, which spans over 900 corporate clients, MakeMyTrip is set to redefine the benchmarks once again in corporate travel and expense management in India."
The transaction is expected to close within the next 90 days, subject to closing conditions. Happay's team will continue to seamlessly support the existing client base while working in close partnership with MakeMyTrip's corporate travel services team.

MMYT

MakeMyTrip Takes Over Happay Expense Platform From CRED, Targets Corporate Travel Growth, Financial Terms Undiclosed

BridgeBio Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBIO#NASDAQ">BBIO</a>) ("BridgeBio" or the "Company"), a new type of biopharmaceutical company focused on genetic diseases, announced that positive 18-month results from PROPEL 2, a Phase 2 trial of the investigational therapy infigratinib in children with achondroplasia, were published as an original research article in <a href="https://www.globenewswire.com/Tracker?data=W4AAI_tsT3lahBkwisE2WN9QSsLE3vuuOtWI_3Zzsn5btYiOI7IwxsmVMN15f8uIOENz9_6X_WewflcLzM0REa0Sui-OO3G1AyjJqepD4fMouEus7hLA9AxlbN0TTf_t5FN_CGlPsr6Ju25SI0VJcPgpsMF7RkcVnG5C6LDzLX-tGhFKgbIZQf3up_TKQfC_s8iWUyWQNGBvTUxQcNYBhLl3Ub1vMdJIzCxyoE9w1VE=">the New England Journal of Medicine (NEJM) today</a>. Infigratinib is an investigational oral small molecule designed to inhibit FGFR3 signaling and target achondroplasia at its source. These data, which were also presented today at the 62nd Annual European Society for Paediatric Endocrinology (ESPE) Meeting in Liverpool, demonstrate continued potential best-in-class efficacy and an encouraging safety profile as a first-in-class oral treatment option.
"Publication of results from PROPEL 2 in the New England Journal of Medicine and Breakthrough Therapy Designation of infigratinib by the FDA underscore the significance and importance of these data and the potential of this oral therapy to not only increase height, but more importantly, enhance functionality for children with achondroplasia," said Ravi Savarirayan, M.D., Ph.D., of Murdoch Children's Research Institute in Melbourne, Australia, the global lead investigator for PROPEL 2 and lead author of the NEJM publication.
Key results from the PROPEL 2 dataset were presented today at ESPE in a talk titled "Oral infigratinib for children with achondroplasia: Month 18 results from the PROPEL 2 study demonstrate safety and durability of treatment effect on linear growth with improved body proportionality" by Melita Irving, M.D., a clinical geneticist at Guy's and St Thomas' NHS Foundation Trust, London, UK and investigator for the infigratinib clinical program at the Evelina London Children's Hospital. The key data that were shared included:
<ul>
<li>Statistically significant increase in annualized height velocity (AHV) was observed in children in Cohort 5 who received a daily dose of 0.25 mg/kg/ day of infigratinib), with a mean change from baseline in AHV of +2.50 cm/year (P=0.001) at Month 18</li>
<li>Mean change from baseline in height Z-score was +0.54 (P&lt;0.001) relative to an untreated achondroplasia population at Month 18</li>
<li>Statistically significant improvement in body proportionality (mean upper to lower body segment ratio) was -0.12 (P=0.001) at Month 18</li>
<li>Oral infigratinib was well tolerated at Month 18, with no serious adverse events (SAE) or treatment-emergent adverse events (TEAEs) leading to treatment discontinuation
<ul>
<li>Additionally, there was no accelerated progression of bone age, negative changes in bone mineral density, or other bone-related adverse events observed &nbsp;</li>
</ul>
</li>
</ul>
"We are encouraged to see no safety signals and no adverse changes in bone age or bone mineral density," said Dr. Irving. "These results point to the potential of infigratinib for children living with skeletal dysplasia, and we look forward to further evaluation of infigratinib in PROPEL 3, the ongoing Phase 3 trial, as well as in the Phase 2 portion of the ACCEL program in children with hypochondroplasia."
Infigratinib has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) based on the shared results from the PROPEL 2 clinical trial, which meet the FDA's requirement of potentially demonstrating substantial improvement in efficacy over available therapies on clinically significant endpoints. In addition to receipt of Breakthrough Therapy Designation, infigratinib has also received Orphan Drug Designation, Fast Track Designation, and Rare Pediatric Disease Designation for achondroplasia from the FDA. If infigratinib is approved, BridgeBio may qualify for a Priority Review Voucher.

BBIO

BridgeBio's Achondroplasia Treatment Shows 18-Month Results, Published in NEJM

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) experienced a significant stock surge of 8.76% <a href="https://www.benzinga.com/markets/equities/24/11/42028797/tesla-soars-over-5-in-overnight-trading-as-trump-administration-reportedly-seeks-to-ease-fsd-norms">following the news</a> that President-elect Donald Trump&#8217;s transition team aims to prioritize the establishment of a framework for fully autonomous vehicles within the Transportation Department.
What Happened: As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, Tesla was trading at $346.71 at the time of writing while it closed at $320.72 on Friday.
Other companies in the autonomous vehicle sector, including Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), and Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), did not see similar stock gains. Alphabet&#8217;s self-driving unit, Waymo, competes directly with Tesla in the autonomous vehicle industry.
Meanwhile, Uber and Lyft, facing competition from both Waymo and Tesla in the ride-hailing market, saw their stocks decline by 1.16% and 0.77%, respectively. 
Additionally, Tesla CEO Elon Musk has been appointed to lead the newly formed Department of Government Efficiency (DOGE) under the Trump administration. Musk has previously shown support for federal regulations on autonomous vehicles, highlighting his intention to advocate for the nationwide deployment of self-driving cars during Tesla&#8217;s third-quarter earnings call.
Currently, the National Highway Traffic Safety Administration restricts automakers to deploying 2,500 autonomous vehicles annually, with efforts to increase this cap having been unsuccessful thus far.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42005034/elon-musk-backs-calls-for-end-to-ev-subsidies-but-former-tesla-exec-warns-of-massive-drop-in-manufacturing-investments-if-trump-follows-through?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Backs Calls For End To EV Subsidies, But Former Tesla Exec Warns Of &#8216;Massive Drop&#8217; In Manufacturing Investments If Trump Follows Through</a>
Why It Matters: The recent developments come on the heels of a significant milestone for Tesla&#8217;s Full Self-Driving (FSD) technology. Pierre Ferragu, a Wall Street analyst, noted that Tesla&#8217;s FSD completed a <a href="https://www.benzinga.com/markets/equities/24/11/42029753/teslas-fsd-hits-a-milestone-with-95-mile-unassisted-drive-from-manhattan-to-connecticut-analyst-pierre-ferragu-says-robotaxi-never-felt-that-close-ever-before">95-mile unassisted journey</a> from Manhattan to Connecticut, showcasing the company&#8217;s advancements in autonomous driving capabilities.
Furthermore, there is growing speculation about potential partnerships between Tesla and ride-hailing giants Uber and Lyft. Analysts Tom Narayan and Brad Erickson have <a href="https://www.benzinga.com/24/11/42015996/tesla-to-partner-with-lyft-uber-analyst-says-rising-conviction-for-partnership-in-future">expressed increasing confidence</a> in Tesla&#8217;s autonomous vehicle goals and its competitive advantages in manufacturing.
Uber CEO Dara Khosrowshahi has also <a href="https://www.benzinga.com/news/24/10/41424058/uber-ceo-dara-khosrowshahi-finds-elon-musks-robotaxi-vision-pretty-compelling-says-tesla-will-eventu">acknowledged Tesla&#8217;s potential </a>in the autonomous vehicle space, suggesting that Tesla could either become a rival or a partner, depending on future developments. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/tech/24/11/42025190/nikola-recalls-72-of-its-trouble-ridden-bev-trucks-as-display-failure-raises-crash-risk?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nikola Recalls 72 Of Its Trouble-Ridden BEV Trucks As Display Failure Raises Crash Risk</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

Pre-Market Outlook

General

GOOG

GOOGL

LYFT

TSLA

UBER

Tesla Stock Responds To FSD Nod In Monday Premarket As Trump Team Prioritizes Self-Driving Framework

Macro Economic Events

Econ #s

Economics

Eurozone Trade Balance For September 12.5B Vs. 7.9B Est.; 4.1B (Revised) Prior

Needham analyst Scott Berg reiterates Global E Online (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLBE#NASDAQ">GLBE</a>) with a Buy and maintains $48 price target.

GLBE

Needham Reiterates Buy on Global E Online, Maintains $48 Price Target

Needham analyst Ami Fadia downgrades Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) from Buy to Hold and maintains the price target from $270 to $270.

BIIB

Needham Downgrades Biogen to Hold, Maintains Price Target to $270

Business Outlook
For the fourth quarter of 2024, the Company expects the total revenues to be around RMB135 million, representing an increase of 138.5% year-over-year. With that, the total revenue for the year of 2024 is expected to reach RMB427 million, with a year-on-year increase of 263.5%.

Earnings

Guidance

EHang Expects Q4 Total Revenues To Be Around RMB135M; Sees 2024 Revenue Of RMB427M (+263.5% YoY)

EHang Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EH#NASDAQ">EH</a>) reported quarterly losses of $(0.10) per share which beat the analyst consensus estimate of $(0.12) by 16.67 percent. The company reported quarterly sales of $18.258 million which beat the analyst consensus estimate of $16.243 million by 12.41 percent. This is a 365.53 percent increase over sales of $3.922 million the same period last year.

Earnings Beats

EHang Holdings Q3 2024 Adj. EPS $(0.10) Beats $(0.12) Estimate, Sales $18.258M Beat $16.243M Estimate

Needham analyst Mike Matson reiterates Medtronic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>) with a Hold.

Needham Reiterates Hold on Medtronic

SpaceX COO Gwynne Shotwell on Friday criticized regulators for slowing down the pace of innovation at her rocket manufacturing company.
What Happened: &#8220;Permissions are a different thing. Technology is easy. Physics is easy. People are hard; regulator people are the hardest,&#8221; Shotwell said at a conference hosted by Baron Capital in New York on Friday. The CEO also alleged that regulations are slowing down innovation in the U.S.
&#8220;All we ask is: regulate industries. Make them safe, make them right, make them fair. But we've got to go faster. Much faster,&#8221; Shotwell said. 
In September, SpaceX said in a blog post that the <a href="https://www.benzinga.com/news/24/09/40976555/elon-musk-shares-it-takes-multiple-fish-licenses-to-launch-a-rocket-i-dont-think-the-public-is-quite">delay in getting regulatory approvals </a>for the fifth test flight of its ambitious Starship, despite the launch vehicle being ready, is because the Federal Aviation Administration (FAA) is consulting with the U.S. Fish and Wildlife on the impact of the proposed flight on surrounding wildlife, among other reasons.
The Starship licensing process, the company then said, is being "derailed by issues ranging from the frivolous to the patently absurd."
Bureaucracy is rising and the regulatory red tape is affecting all large projects in America including Starship, company CEO Elon Musk <a href="https://www.benzinga.com/news/24/10/41422292/spacex-ceo-elon-musk-slams-overregulation-in-space-travel-as-he-campaigns-for-trump-if-starship-did">previously alleged. </a>
Why It Matters: President-elect Donald Trump has now named Elon Musk&nbsp;and former Republican presidential candidate&nbsp;Vivek Ramaswamy <a href="https://www.benzinga.com/news/24/11/41965420/elon-musk-vivek-ramaswamy-led-department-of-government-efficiency-opens-account-on-x-says-it-is-working-overtime">to head the</a> Department of Government Efficiency aimed at bringing down government bureaucracy, slashing excess regulations, cutting waste expenditures, and restructuring federal agencies. 
Asked about the impact of Musk being named for the Department, Shotwell said, &#8220;I think the hope is, by the way, with this administration and this committee and probably others, I think everyone is starting to recognize in all industries that regulation really needs to be reinvented.&#8221;
She added that regulatory organizations and regulations both ought to be more efficient, faster, and better. 
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>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/space/24/11/42025066/elon-musks-spacex-delays-starship-test-flight-next-attempt-now-set-for-tuesday" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Photo courtesy: Daniel Oberhaus on Flickr

SPACE

SpaceX's Gwynne Shotwell Accuses Regulators Of Slowing Down Innovation: 'Physics Is Easy. People Are Hard'

Redburn Atlantic analyst Richard Radbourne initiates coverage on Ingram Micro Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INGM#NYSE">INGM</a>) with a Buy rating and announces Price Target of $30.

Initiation

INGM

Redburn Atlantic Initiates Coverage On Ingram Micro Holding with Buy Rating, Announces Price Target of $30

Marc Benioff, the CEO of Salesforce.com Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), has given a ringing endorsement to Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google for its artificial intelligence voice assistant, Gemini Live.
What Happened: In a recent post on X, Benioff expressed his admiration for the AI tool, praising its zero latency and labeling it the &#8220;future of consumer AI.&#8221; He also commended Google CEO Sundar Pichai for the innovation.
<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">Just downloaded Gemini Live, and I'm absolutely blown away. Speaking directly to AI with zero latency—this voice interaction is the future of consumer AI. Incredible work, <a href="https://twitter.com/sundarpichai?ref_src=twsrc%5Etfw">@sundarpichai</a>. Truly groundbreaking. Try it immediately: <a href="https://t.co/PysnzJsh7f">https://t.co/PysnzJsh7f</a>"
&mdash; Marc Benioff (@Benioff) <a href="https://twitter.com/Benioff/status/1858259054277415292?ref_src=twsrc%5Etfw">November 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Benioff&#8217;s positive review of Gemini Live comes in the <a href="https://www.benzinga.com/markets/equities/24/10/41538144/marc-benioff-warns-microsofts-copilot-spills-corporate-data-emphasizes-security-gaps-ahead-of-sa">wake of his public criticism</a> of Microsoft Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) AI assistant, Copilot, which he has previously described as &#8220;disappointing.&#8221;
Google launched the smartphone app for Gemini Live on Apple Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) App Store just a few months after making the virtual assistant free for users. The app allows users to interact with an AI chatbot through natural conversation.
See Also: <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">Nvidia&#8217;s Blackwell Chips Are Extra Toasty, Server Overheating Issues Impact Meta, Microsoft And Elon Musk&#8217;s xAI</a>
Why It Matters: Benioff&#8217;s endorsement of Gemini Live is significant in the context of the ongoing AI race among tech giants. This development underscores the growing importance of AI in consumer and business applications, as well as the increasing competition among companies to develop cutting-edge AI tools.
On Sunday, Elon Musk predicted that AI would <a href="https://www.benzinga.com/tech/24/11/42029736/elon-musk-says-ai-will-surpass-doctors-lawyers-after-chatgpt-tops-medical-diagnoses-humans-becoming-biological-backups">surpass doctors and lawyers</a> after a study revealed that OpenAI&#8216;s ChatGPT-4 outperformed medical professionals in diagnosing illnesses. This further emphasizes the rapid advancements in AI technology and its potential to revolutionize various industries.
Meanwhile, OpenAI is set to launch a new AI agent, codenamed &#8220;Operator,&#8221; in January. This development adds another layer to the AI competition, as companies continue to push the <a href="https://www.benzinga.com/media/24/11/41964846/openais-operator-ai-agent-will-perform-tasks-like-coding-travel-booking-and-more-launch-expected-in-january-next-year-report">boundaries of AI capabilities</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To Broaden Out&#8217;</a></li>
</ul>
Photo courtesy: Google
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

MSFT

Salesforce CEO Marc Benioff Lauds Google's 'Truly Groundbreaking' Gemini AI After Taking Jabs At Microsoft's Copilot

An Ohio-based operator of the darknet cryptocurrency mixer has been sentenced to a three-year prison term after being found guilty of laundering over $300 million in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: According to the <a href="https://www.justice.gov/opa/pr/operator-helix-darknet-cryptocurrency-mixer-sentenced-money-laundering-conspiracy-and">U.S. Department of Justice</a>, 41-year-old Larry Dean Harmon was the brains behind Helix, a darknet mixer that played a crucial role in laundering customers&#8217; Bitcoin from 2014 to 2017. The platform became a preferred choice for online drug dealers looking to hide the trail of their illegal earnings. 
The service processed about 354,468 Bitcoin, equivalent to around $311.14 million at the time of the transactions and more than $32.52 billion at current market rates
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To Broaden Out&#8217;</a>
On Aug. 18, 2021, Harmon admitted to conspiracy to commit money laundering. Besides his prison term, Harmon was sentenced to three years of supervised release and ordered to forfeit over $400 million in seized cryptocurrencies, real estate, and other monetary assets.
Why It Matters: This case is part of a broader crackdown on darknet cryptocurrency mixers in recent years. 
In 2022, Tornado Cash, arguably the most popular of all cryptocurrency mixers, <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36190138/vivek-ramaswamy-thinks-penalizing-tornado-cash-mixer-was-illegal-and-unconstitutional">was blacklisted by the&nbsp;Department of Treasury,</a> making it illegal for U.S. citizens, residents, and companies to use.
Tornado Cash founders, Roman Storm, and Roman Semenov were indicted in 2023 <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/34010989/tornado-cash-founders-indicted-for-1b-crypto-laundering-1-arrest-1-at-large">for allegedly operating a cryptocurrency mixer that laundered more than $1 billion,</a> including funds from the notorious North Korean cybercrime group Lazarus Group.
The darknet has been a hotbed for illicit activities, with cryptocurrencies often used as a medium for transactions. In a similar case, Ross Ulbricht, the creator of the online illegal drug marketplace Silk Road, has been serving a double life sentence since 2013. 
Ulbricht awaits a pardon from President-elect Donald Trump, who <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41929407/silk-road-creator-ross-ulbricht-awaits-trumps-promised-pardon-for-bitcoin-aided-crimes-see-the-light-of-freedom-at-the-end-of-the-tunnel">promised </a>to commute the former&#8217;s sentence if elected to power.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/11/42027165/musks-doge-role-boosts-dogecoin-as-brian-armstrong-shows-support">Musk&#8217;s DOGE Role Boosts Dogecoin As Brian Armstrong Shows Support</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

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Man Who Facilitated Bitcoin Laundering Worth Over $300M Sentenced To 3 Years In Prison

Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) today announced that it has entered into a restructuring support agreement (the "RSA") supported by a supermajority of Spirit's loyalty and convertible bondholders on the terms of a comprehensive balance sheet restructuring. The restructuring is expected to reduce Spirit's debt, provide increased financial flexibility, position Spirit for long-term success and accelerate investments providing Guests with enhanced travel experiences and greater value. &nbsp;
In connection with the RSA, Spirit has received backstopped commitments for a $350 million equity investment from existing bondholders and will complete a deleveraging transaction to equitize $795 million of funded debt. To implement the RSA, the Company has commenced a prearranged chapter 11 process in the United States Bankruptcy Court for the Southern District of New York (the "Court"). Existing bondholders are also providing $300 million in debtor-in-possession ("DIP") financing, which, together with Spirit's available cash reserves and cash provided by operations, is expected to further support the Company through the chapter 11 process.&nbsp;
Spirit expects to continue operating its business in the normal course throughout this prearranged, streamlined chapter 11 process. Guests can continue to book and fly without interruption and can use all tickets, credits and loyalty points as normal. The chapter 11 process itself will not impact Team Member wages or benefits, which are continuing to be paid and honored for those employed by Spirit. Vendors, aircraft lessors and holders of secured aircraft indebtedness will continue to be paid in the ordinary course and will not be impaired.
"I am pleased we have reached an agreement with a supermajority of both our loyalty and convertible bondholders on a comprehensive recapitalization of the Company, which is a strong vote of confidence in Spirit and our long-term plan," said Ted Christie, Spirit's President and Chief Executive Officer. "This set of transactions will materially strengthen our balance sheet and position Spirit for the future while we continue executing on our strategic initiatives to transform our Guest experience, providing new enhanced travel options, greater value and increased flexibility. I'm extremely proud of the Spirit team's hard work and dedication, which is key to our sustained progress in advancing our business and delivering for our Guests."  &nbsp;
As part of the chapter 11 process, Spirit is filing a proposed Plan of Reorganization (the "Plan") that incorporates the agreed terms of the RSA and is subject to confirmation by the Court. The Company has received support from a supermajority of its loyalty and convertible bondholders and expects to emerge from a streamlined chapter 11 process in the first quarter of 2025.&nbsp;
In conjunction with the petition, Spirit has filed a series of first-day motions, which, once approved by the Court, will further facilitate the Company operating its business in the ordinary course during the streamlined chapter 11 process.  &nbsp;
As a result of the chapter 11 filing, Spirit expects to be delisted from the New York Stock Exchange in the near term. The Company expects that its common stock will continue to trade in the over-the-counter marketplace through the chapter 11 process. The shares are expected to be cancelled and have no value as part of Spirit's restructuring.&nbsp;

SAVE

Spirit Airlines Enters Bankruptcy Restructuring: Plans to Cut Debt, Secure $350M Investment

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