Saudi-owned Aramco exercises greenshoe option, raises IPO to record $29.4b
Saudi Arabia's state-owned Aramco, currently by far the the most valuable company in the world at 1.87 trillion USD, has revealed that it exercised its 'greenshoe option' to raise its IPO to a record 29.4 billion USD. The greenshoe option, also called over-allotment, allows a company to issue more shares in its IPO when there is greater demand from initial investors.
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California Pizza Kitchen Files for Bankruptcy Because of Coronavirus
Los Angeles-based casual restaurant chain California Pizza Kitchen, better known simply as CPK, is now officially in chapter 11 bankruptcy as a result of the ongoing economic downturn fueled by the global coronavirus pandemic. While today’s announcement, made at Wall Street Journal, Nation’s Restaurant News, and elsewhere, does not mean that the company is closing its more than 250 locations permanently, though it does put the popular chain in direstraights.
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Human trials for a coronavirus vaccine are starting in late July
The pharmaceutical company Johnson & Johnson announced Wednesday that it is going to begin its human trial phase of developing a potential coronavirus vaccine in the second half of July, rather than September as originally planned. Johnson & Johnson is not the first pharmaceutical company to establish a goal of developing a coronavirus vaccine at an accelerated rate.
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Netflix Plans to Raise $1 Billion Through Debt Offering
Because nearly all of Netflix’s original productions are currently on hold, that will “shift out some cash spending on content to future years,” the company said in the Q1 letter.With its current outlook and balance sheet, Netflix said it has more than 12 months of “liquidity and substantial financial flexibility.” The company ended Q1 with $5.2 billion in cash and equivalents and maintains an untapped $750 million line of credit.
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If You Invested $1,000 in Gilead Sciences' IPO, This Is How Much Money You'd Have Now
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