Bloomberg: iM3NY files for bankruptcy
(WIVT/WBGH) – The Endicott-based lithium-ion battery manufacturer, iM3NY, has filed for Chapter 11 bankruptcy, according to reporting by Bloomberg.com.
The article written by Jonathan Randles of Bloomberg.com, one of the media leaders in economics and technology coverage, states iM3NY and the affiliate Imperium3 filed in the US Bankruptcy Court for the District of Delaware Monday, Jan. 27. This comes just months after iM3NY laid off a large number of its staff, and then resumed battery production two weeks later at the end of October 2024.
As reported by Randles, iM3NY's CEO Lukasz Cianciara said in the court filing that the company used all of the funds it raised from investors, over $70 million, and more than $100 million in debt.
According to the article, Imperium3 'incurred a total net operating loss of $142.6 million' and owes a minimum of $125 million, per the court documents.
Randles stated that iM3NY's court filing mentioned that the hiring of Hilco Corporate Finance at the end of 2024 was to sell its assets to potential suitors. He also mentioned the Chapter 11 loan would provide iM3NY with $2.5 million in relief, which must be approved by a bankruptcy judge before the firm receives it.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Air Force spends millions on relaxation cubes that may prove worth it
At dozens of bases across the Air Force, troops are undertaking tried-and-true relaxation techniques — biofeedback, meditation — in shiny mirrored cubes that can project light patterns and even galaxies. The experience, as one researcher put it, is more like a 'Disney ride' than a studio or clinical office. This is Lumena Mindgym, a flashy new curriculum-based therapeutic tool that's taking the Air Force by storm. More than two dozens Mindgyms have been installed at base fitness centers and support facilities for about $100,000 apiece; Mindgym just marked its first installations outside the continental United States, in Kuwait and Turkey, earlier this year. As the number of Mindgym advocates across the Air Force grows, other services are also entering talks to purchase the technology. It's a lot of flash and glitz to deliver relaxation to stressed-out service members. But the number of passionate advocates for Mindgym in the military is growing, and some argue the attention it's getting from troops who might otherwise avoid meditation and de-stressing techniques might make it worth every penny. The technology itself was created by an entrepreneur with a finance background, rather than a scientist; company executives make clear they are not the clinical experts. 'We don't have anybody in-house that's a neuroscientist or Ph.D.,' Brandon Murphy, head of growth for Lumena, told Military Times in an interview, adding that they did maintain an advisory board of doctors and researchers. Nor was Mindgym designed with the military specifically in mind. Founders were shopping the technology at a Colorado-based sporting tradeshow in 2019, Murphy said, when they encountered Adam Strang, Biotechnology Product Line Lead at the Air Force Research Laboratory. Strang was intrigued by the tech and connected the team with veteran Air Force pilot and human performance expert Jannell MacAulay, who'd become a vocal advocate for Mindgym and help develop the curriculum to be used by airmen. 'It's like a flight simulator for your mind,' MacAulay posted on Facebook in April during a visit to one of the Air Force's facilities. By 2022, a seed fund grant had enabled the installation of the first Mindgym at Hill Air Force Base, Utah, complete with a clinically validated curriculum and wearable components that measured brain activity and heart rate. The first users were explosive ordnance disposal technicians from Hill's 775th Civil Engineering Squadron. And that initial group of 55 airmen gave Mindgym its best evidence for effectiveness. Over 219 20-minute training sessions, according to Lumena Labs, the group self-reported an average 30% improvement in mood. The biodata receptors documented a 16.2% reduction in stress indicators, while 61% of users said their stress management capabilities improved. Sleep quality also improved for 15% of users. 'Many in the group reported stronger focus during the Weighted Airmen Performance Systems (WAPS) testing — the program that determines promotions for Staff Sergeant (E-5) and Technical Sergeant (E-6),' Lumena stated in study analysis. 'They also cited decreased incidents of road rage and across-the-board improvements in their marital relations, gym workouts, and even their golf scores.' While follow-up studies have not been conducted, the feedback appears to demonstrate how even a small amount of therapeutic attention to the brain and the mental resilience of service members under stress can make a significant difference. Strang, at the Air Force Research Lab, told Military Times in an interview that Mindgym compared favorably to the sensory deprivation float tanks popular for promoting relaxation and stress reduction. 'Float tanks are messy and maintenance is challenging,' Strang said, adding that it was never clear to him if the atmosphere of the tank or the opportunity to take a nap in it made the most difference to his mental state. 'I hopped into Mindgym, and it didn't feel like a waterless float tank to me at all,' he said. 'It felt like a psychedelic experience.' AFRL has plans to study the efficacy of Mindgym in comparison with other mindfulness and relaxation technologies, though those are predicated on future funding awards. Strang emphasized that Mindgym is not a panacea for mental health or resilience but said boosting cognition and reducing stress, particularly in a 'next frontier' warfare environment where troops are joining a real fight from their desks as drone pilots or Space Force satellite operators, was worth the dedicated investment. 'They're $100,000 cubes, I think, the last time I checked,' Strang said. 'Let's say they facilitate relaxation and recovery across 100 people by 10%; what's the operational impact of that? I don't know. But what happens if one person who is flying an F-35 sits in that cockpit and, because of these interventions, prevents a mishap of a $60 million aircraft? Would that be worth it? Probably.' As the Air Force continues to install Mindgyms, the company has recently had more conversations with Navy officials, even demonstrating the Mindgym at the Sea Air Space naval trade show earlier this year. Murphy said he saw value for the technology particularly in the submarine community, where stress and operational tempo were high. There are now 32 different sessions a service member can select in Mindgym; a grant last year enabled the recent development and deployment of a stroboscopic light therapy protocol that is supposed to promote higher theta brain wave state, enabling reduced stress in high-intensity situations. 'I'd honestly love to have [a Mindgym] on every military base on the globe,' Murphy said, 'so that there's not a service member that doesn't have access to something like this.'
Yahoo
38 minutes ago
- Yahoo
Hologic Climbs 13% in a Month: How Should You Play the Stock?
After lagging for months, Hologic HOLX has picked up momentum in recent weeks. Shares of the Marlborough, MA-based company have climbed 13.3% over the past month, higher than the industry and the broader Medical sector's gains of 2.4% and 3.4%, respectively. The current price is now 23.9% above the 52-week low of $51.90, boosted in part by reports that Hologic declined a private takeover bid from TPG and Blackstone. HOLX has also managed to outperform two of its key competitors — Exact Sciences EXAS and Becton, Dickinson and Company BDX, or BD, in the same time frame. Image Source: Zacks Investment Research Investor sentiment was already subdued after the release of the company's fiscal 2025 second-quarter earnings in early May. Hologic met adjusted EPS expectations with a modest revenue beat but revised its annual outlook due to the growing tariff impact from China and Costa Rica, funding cuts affecting the Africa business, and a soft capital equipment market. In contrast, Exact Sciences anticipates 'little to no tariff impact' due to all domestic operations, while BD expects $90 million in tariff expenses for fiscal 2025, mostly from China imports. That said, let's explore what might be driving Hologic's recent rally. On May 27, HOLX shares rose nearly 15% following a report from the Financial Times that the company turned down a non-binding offer from private equity (PE) firms TPG and Blackstone. The deal was valued at up to $16.7 billion, including debt. These firms, known for their solid history of healthcare investments, teamed up last year to explore a potential acquisition of Bausch + Lomb, which eventually did not happen. The proposed takeover bid of Hologic would have been one of the largest leveraged buyouts of the year, valuing the company's shares between $70 and $72 — roughly a 30% premium to the May 23 closing price of $54.28. The report also stated that there is a possibility the deal discussions might resume, according to people with knowledge of the matter. Hologic has attracted buyers' attention for a while now. Of late, the take-private activities by PE firms have seen a sharp increase, such as Sycamore Partners' $24 billion deal for Walgreens Boots Alliance, Thoma Bravo's $10.6 billion acquisition of Boeing's software unit, and 3G Capital's $10.5 billion deal for Skechers. Nonetheless, the high premium in the offer signals strong confidence in Hologic's growth potential. The company presented new data showing the significant clinical impact of the Breast Cancer Index ('BCI') test at the 2025 American Society of Clinical Oncology Annual Meeting held on June 2. The molecular, gene expression-based test from Hologic's subsidiary, Biotheranostics, has been a key growth driver in the molecular diagnostics business over the past few quarters. The latest data from the prospective, multi-center BCI Registry Study highlights how this genomic test plays a critical role in guiding extended endocrine therapy decisions for women with early-stage, hormone receptor-positive (HR+) breast cancer. With more than 2,800 patients involved, the study found that BCI testing led to a change in treatment recommendations for about four in 10 cases. Additionally, physicians' confidence in their treatment recommendations got a boost, while patients felt comfortable in their decisions, citing fewer concerns about cost, drug safety and preference related to extended endocrine therapy benefits. Hologic looks attractive from a valuation standpoint. The stock has been trading at a price-to-sales (P/S) of 3.40X over the past five years compared to its median of 4.33X and the industry average of 4.16X. It has a Value Score of B at present. Image Source: Zacks Investment Research Meanwhile, both Exact Sciences and BD are trading at a premium to their industry average, with P/S of 3.16X and 2.20X respectively. Molecular Diagnostics assays are likely to continue to be the principal revenue-generating component in the Diagnostics division. As Hologic drives awareness and reimbursement in the highly unpenetrated U.S. vaginitis market, the BV CV/TV assay is poised to see a strong uptake. Aligning with its long-term revenue diversification strategy, the company's Breast Health service revenues are now larger and growing more steadily than the gantry business. The 2024 acquisition of Endomagnetics boosted the Interventional Breast portfolio with market-leading product lines and strong R&D capabilities for further portfolio expansion. The upcoming launch of innovations like the Envision Mammography Platform is likely to gain a favorable reception. In Surgical, Myosure's strong international growth points to the high demand for minimally invasive options for treating uterine polyps and fibroids. Hologic continues to expand this division both organically and through acquisitions such as Gynsesonics, leveraging its established sales channel. Further, the company is building capabilities to grow internationally on a consistent basis by going directly into more geographies and businesses. A consistently strong profitability has contributed to a fortress balance sheet over time, allowing Hologic to execute on both tuck-in M&A and share repurchases. Based on short-term price targets offered by 15 analysts, the Zacks average price target is $68.13 per share. The average suggests a potential 8.02% upside from last Friday's closing price. Image Source: Zacks Investment Research Hologic has some promising catalysts for long-term expansion, supported by an attractive valuation relative to its industry. However, despite outperforming peers over the past month, the Zacks Rank #3 (Hold) stock is navigating a turbulent macroeconomic landscape, which is expected to weigh on its financial performance in the near term. Hence, those eyeing HOLX may find it wise to wait for a better entry point, while current shareholders should retain their position. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Becton, Dickinson and Company (BDX) : Free Stock Analysis Report Hologic, Inc. (HOLX) : Free Stock Analysis Report Exact Sciences Corporation (EXAS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
40 minutes ago
- Yahoo
Ecksand Awarded the Canadian National Mark, a Rare Honour in Fine Jewellery
Toronto, Ontario--(Newsfile Corp. - June 9, 2025) - Ecksand, the Montreal-based fine jewellery maison known for its ethical Canadian-made craftsmanship, has officially been awarded the Canadian National Mark, a prestigious designation granted by the Commissioner of Competition. Under the Precious Metals Marking Act, this government-regulated hallmark confirms that each Ecksand piece is made in Canada, from gemstone sourcing to final polish, under strict standards of quality and traceability. With only 108 National Mark certificates issued to date, and estimates showing that even fewer brands have been able to maintain this standard in recent years, this award is a rare distinction in the jewellery world, placing Ecksand among an elite group of brands recognized for genuine Canadian production. Unlike typical "Made in Canada" labels, the National Mark demands verified local manufacturing, traceable materials and compliance with stringent purity and quality standards, making it one of the highest acknowledgements of authenticity and trust in a brand. For Ecksand, this recognition is more than a stamp. It is a powerful affirmation of the maison's commitment to transparency, ethical sourcing and artisanal integrity. In an industry where vague origin claims are common, the Canadian National Mark sets Ecksand apart with certified accountability. "At Ecksand, sustainability isn't just a responsibility, it's part of our design and craftsmanship philosophy. Every detail, from our ethical noble materials to the thoughtful sculpting of each piece, is guided by the belief that beauty should last," says Erica Bianchini, Ecksand's Creative Director. "The Canadian National Mark affirms what we've always stood for: transparency, artistry and craftsmanship rooted here at home." Founded in 2009, Ecksand has built a reputation for creating fine jewellery with purpose. With a fully vertical, green atelier in Montreal, the maison oversees every step of its jewellery-making process in-house, producing heirloom-quality engagement rings and handcrafted bracelets, necklaces and earrings. Each piece is a reflection of Ecksand's artisanal skill and environmental care. Not only does this ensure full creative control, it also guarantees a transparent supply chain and sustainable practices that align with the values of today's discerning buyer. The Canadian National Mark now serves as formal recognition of these long-standing commitments and reinforces the maison's mission to deliver responsible luxury that lasts for generations. Explore Ecksand's certified collections and learn more about the Canadian National Mark at About: Founded in 2009, Ecksand is a French-Canadian fine jewellery Maison renowned for its iconic collections and sustainable practices. Headquartered in Montreal, the brand is led by Creative Director Erica Bianchini, whose creative vision guides a passionate team dedicated to crafting high-end jewellery that combines responsibly sourced materials with artisanal manufacturing. This year, Ecksand was officially awarded the Canadian National Mark—a rare hallmark granted by the Commissioner of Competition under the Precious Metals Marking Act. With only a handful of National Mark certificates issued to date, this prestigious designation confirms that every Ecksand piece is a Product of Canada, made under strict standards of traceability and quality. The award affirms the Maison's long-standing commitment to transparency, ethical sourcing, and exceptional Canadian craftsmanship. As one of the leading Canadian jewelers in sustainable luxury, Ecksand prides itself on its eco-conscious ethos. Every creation begins with Erica Bianchini's thoughtful design vision, paired with precise engineering to ensure exceptional quality. From there, noble materials—such as recycled gold and traceable natural gemstones—are brought to life through meticulous craftsmanship. Each ring spends at least six hours in the hands of Ecksand's skilled artisans, undergoing a multi-step process rooted in time-honoured techniques. Ecksand doesn't count the hours it takes to perfect a piece—it trusts the expert workmanship established in its state-of-the-art workshop. Every jewel is handcrafted in Ecksand's fully green, vertically integrated Montreal atelier—an environment optimized for minimal environmental impact. There, each piece undergoes final polishing, inspection, and refinement to meet the Maison's highest standards. With a focus on iconic design, Ecksand offers a curated selection of bridal and fine jewelry, including signature collections such as The Mark, Duel, Arctic Dragon, and Starlight. Featuring handcrafted engagement rings, diamond earrings, and one-of-a-kind gemstone pieces that honour the Maison's French-Canadian artisanal heritage, Ecksand continues to champion its mission of responsible luxury made to last for generations. This commitment has brought Ecksand to red carpets from the Oscars to New York Fashion Week, as the Maison's timeless artistry becomes a staple among international celebrities. Ecksand is available online and ships internationally. The brand also welcomes clients at its Montreal and Toronto boutiques, where personalized consultations can be booked for a tailored shopping experience. Alanna Arsenault alanna@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
