million Archives - Zxcoachoutlet

$100 Million More In COVID-19 Relief Grant Money Coming To NJ

October 13, 2020

NEW JERSEY – An additional $100 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to support New Jersey residents and businesses affected by the COVID-19 pandemic, according to officials.

The bulk of the money, $70 million, will be distributed to restaurants, microbusinesses, and other small businesses through Phase 3 of the New Jersey Economic Development Authority (NJEDA) Small Business Emergency Assistance Grant Program.

“Small businesses and the people they employ are the backbone of New Jersey’s economy, yet they have borne a disproportionate share of the burden of the COVID-19 pandemic,” said Governor Phil Murphy. “If we are to emerge from this pandemic stronger and more resilient than we were before, it is incumbent on us to support them in any way possible. This additional funding helps us accomplish that goal.”

An additional $10 million will be used to help small businesses purchase Personal Protective Equipment (PPE)

Oxford Finance Provides $55 Million Credit Facility to SpendMend

October 11, 2020

| No Comments

| finance

ALEXANDRIA, Va. and GRAND RAPIDS, Mich., Oct. 8, 2020 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $55 million senior credit facility and revolving line of credit to SpendMend (or “the Company”), a portfolio company of Sheridan Capital Partners.

The proceeds were used to refinance existing debt, fund the acquisition of Turnkey Pharmacy Solutions (“Turnkey”) and Elevate340B (“Elevate”), and provide ongoing working capital. Oxford Finance is the sole lead arranger and administrative agent in this transaction.

Established in 1993, SpendMend is the leading outsourced provider of cost cycle management services and tech-enabled solutions to the healthcare market. A majority of the nation’s top healthcare systems partner with SpendMend to improve patient care through innovative cost-savings solutions.

“SpendMend is a recognized leader in cost cycle management,” said Tracy S. Maziek, head

Regeneron board member and executive sell $1 million in stock after Trump touts treatment

October 10, 2020

| No Comments

| business

A Regeneron executive and one of its directors sold $1 million worth of stocks two days after President Donald Trump announced he was taking their therapeutic, recent filings from the Securities and Exchange Commission reveal.

a sign on the side of a building: Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

© Michael Nagle
Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

Last Friday night, the White House announced that as part of Trump’s treatment for coronavirus, he had received Regeneron’s experimental antibody cocktail that has not passed formal trials or been approved by the Food and Drug Administration.

One day later, the president appeared in a video posted to his Twitter account about his treatment at Walter Reed National Military Medical Center.

“They gave me Regeneron,” he said, saying the company name instead of the treatment’s name, REGN-COV2. “It was like, unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

At another point in the video he

The Ford Foundation announces $180 million in new racial justice grants, supported by proceeds from social bonds

October 10, 2020

| No Comments

| business

The Ford Foundation announced $180 million in new grant funding for U.S. racial justice and civil rights groups, the organizations large and small who are doing essential work to address systemic racism and support full democratic inclusion. This latest funding doubles the Foundation’s existing commitments in the civil justice arena to $330 million.

Darren Walker wearing a hat

© Michael Loccisano—Getty Images

This latest allocation has been made possible by a deft use of capital markets—unprecedented in philanthropic history. In June, the Foundation announced its plan to borrow $1 billion in social bonds to increase its grant-giving capacity at a time when mission-critical organizations large and small are losing revenue due to the coronavirus.

Load Error

“What was creative was figuring out a way to increase our giving while not diminishing the current value of our endowment,” Ford Foundation president Darren Walker tells Fortune.

He recalls the time in March and April when the Foundation

Billionaire U.S. investor Dan Och seeks $750 million for SPAC

October 9, 2020

| No Comments

| business

By Svea Herbst-Bayliss

BOSTON, Oct 9 (Reuters) – Billionaire investor Daniel Och, who founded hedge fund Och-Ziff Capital Management, said in a filing on Friday that he plans to raise $750 million through a blank check acquisition vehicle, becoming the latest major hedge fund investor to launch one.

Och, who started Och-Ziff in 1994, retired as its chief executive in 2018 and left the firm, which is now called Sculptor Capital Management SCU.N, last year.

Ajax I, will be managed by Och and investor Glenn Fuhrman, who co-founded MSD Capital, which manages Michael Dell’s fortune, in 1998. Instagram co-founder Kevin Systrom, Square co-founder Jim McKelvey, 23andme co-founder Anne Wojcicki and Chipotle founder Steve Ells will serve on the board.

Ajax sponsors have reduced the promote to 10% instead of the usual 20%, according to the regulatory filing.

Ajax said it will seek a company that operates in the

COVID-19 biotech Atea Pharmaceuticals files for a $100 million IPO

October 9, 2020

| No Comments

| business

Atea Pharmaceuticals, a clinical stage biotech developing therapies for COVID-19 and other viral infections, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

Atea Pharmaceuticals is developing antiviral therapeutics for life-threatening viral infections. The company has built a proprietary purine nucleotide prodrug platform to develop novel product candidates to treat single stranded ribonucleic acid, or ssRNA, viruses, which are a prevalent cause of severe viral diseases. The company’s most advanced candidate, AT-527, is currently in a Phase 2 trial in approximately 190 adult patients with moderate COVID-19, with topline data expected in the 1H21.

The Boston, MA-based company was founded in 2014 and plans to list on the Nasdaq under the symbol AVIR. J.P. Morgan, Morgan Stanley, Evercore ISI and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.

The article COVID-19 biotech Atea Pharmaceuticals files

Coppell man charged with scamming $17 million in PPP money to buy luxury cars and homes

October 9, 2020

| No Comments

| money

Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them

Mudrick Capital’s distressed debt SPAC Mudrick Capital Acquisition II files for a $300 million IPO

October 9, 2020

| No Comments

| business

Mudrick Capital Acquisition II, the second blank check company formed by distressed debt investor Jason Mudrick to acquire a post-bankruptcy business, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable $11.50. At the proposed deal size, Mudrick Capital Acquisition II would command a market value of $375 million.

The company is led by CEO and Chairman Jason Mudrick, the founder and CIO of distressed debt investment firm Mudrick Capital Management. Mudrick’s previous SPAC, Mudrick Capital Acquisition, went public in February of 2018 and recently closed on its acquisition of Hycroft Mining Holding (HYMC; -24% from $10 offer price) in May of this year. Mudrick Capital Acquisition II plans

Sports and entertainment SPAC Sports Ventures Acquisition files for a $200 million IPO

October 9, 2020

| No Comments

| business

Sports Ventures Acquisition, a blank check company targeting sports, media, and entertainment, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Bal Harbour, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. At the proposed deal size, Sports Ventures Acquisition would command a market value of $256 million.

The company is led by CEO and Chairman Alan Kestenbaum, who is currently the CEO of Stelco (TSX:STLC) and Bedrock Industries and is a minority shareholder in the Atlanta Falcons NFL team. He is joined by President, CFO, and Director Robert Tilliss, who is the founder and CEO of sports merchant banking boutique Inner Circle Sports and has been involved in numerous transactions and financing activities of professional sports

Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

October 9, 2020

| No Comments

| insurance

Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

$79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;
$93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;
$93,137,000 Class M-1C