In today’s top stories, HSBC is hiring investment bankers laid off by Silicon Valley Bank. Elsewhere, Twitter is to merge with Elon Musk’s shell company X Corp. Cinema advertiser National CineMedia has filed for Chapter 11 bankruptcy, after AMC bought a major stake and sent the stock skywards. The semiconductor arm of Sony Corporation has invested in Raspberry Pi, while shares in lunar transportation start-up ispace—which hopes to land a probe on the moon by the end of April—went untraded on its market debut on Wednesday, as buy orders outpaced sell offers. Lastly, Harita Nickel debuted on Jakarta’s stock exchange on Wednesday in the country’s largest IPO this year.
Musk merges Twitter with X Corp
Twitter “no longer exists” and will merge with Elon Musk’s shell company X Corp, according to a regulatory filing from earlier this month. Last October, Musk tweeted that “buying Twitter is an accelerant to creating X, the everything app”. The Tesla CEO gave an interview to the BBC yesterday in which he said that he hadn’t wanted to sell his stock in the EV maker to close the deal. He also admitted owning the social media site has been painful.
National CineMedia shares fall on Chapter 11 news
Cinema advertiser National CineMedia [NCMI] has filed for Chapter 11 bankruptcy in order to “meaningfully strengthen the company’s balance sheet and position the company for long-term growth”. It comes after the stock rocketed 61.5% on Tuesday in reaction to cinema operator AMC [AMC] disclosing that it had bought a 9% stake, becoming the second-largest shareholder. National CineMedia shares fluctuated before markets opened on Wednesday, gaining as much as 32%.
Sony invests in Raspberry PI
The semiconductor arm of Sony Corporation [6758.T] has invested in Raspberry Pi, which makes very small computers. “Our goal is to provide new value to a variety of industries and support them in solving issues using our innovative edge AI sensing technology built around image sensors,” said Sony Semiconductor Solutions president and CEO, Terushi Shimizu. Elsewhere, the New York Police Department announced it is planning to deploy “Digidogs”, or robotic dogs that will support beat officers with surveillance.
Moon probe maker blasts off
Shares in lunar transportation start-up ispace [9348.T] went untraded on its market debut on Wednesday as buy orders outpaced sell offers. The Japanese company is hoping to land a probe on the moon by the end of April and has a contract with NASA to ship payloads to the moon from 2025. “A successful landing will help more people see that lunar businesses have become a reality,” founder and CEO Takeshi Hakamada said in a press conference.
Nickel miner debuts in Jakarta
Indonesian mining and metal giant Trimegah Bangun Persada [NCKL.JK] debuted on Jakarta’s stock exchange on Wednesday in what was the country’s largest IPO this year. The listing attracted the interest of both domestic and foreign investors looking to gain exposure to the electric vehicle (EV) supply chain, reported Bloomberg. The company, which is also known as Harita Nickel, converts low-grade nickel into metal suitable for use in EV batteries.
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