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CNBC
6 minutes ago
- CNBC
Firefly Aerospace prices shares at $45, above the expected range
Firefly Aerospace priced shares in its IPO at $45 on Wednesday, above its expected range. The Texas-based rocket maker will debut on the Nasdaq Thursday under the ticker symbol "FLY." The offering raised $868 million and values the company at about $6.3 billion. Firefly filed its initial prospectus in July and upped its IPO range this week to $41 to $43 a share, from an initial range of $35 to $39. The space technology sector has seen rising investor interest over the last few years as billionaire investors such as Elon Musk and Jeff Bezos put their money behind SpaceX and Blue Origin, respectively. So far this year, space technology companies Voyager Technology and Karman Holdings have gone public. The broader IPO landscape has also seen major public debuts this year from Figma, CoreWeave and Circle as the market for public offerings reopens following a prolonged drought. Firefly creates lunar landers, rockets and space technology, and won a $177 million contract with NASA last month. Earlier this year, the company successfully landed its lunar lander known as Blue Ghost on the moon. The company has worked with key defense contractors such as Lockheed Martin and L3Harris. Northrop Grumman invested $50 million in Firefly earlier this year. For the quarter that ended in March, Firefly reported a net loss of about $60.1 million, widening from $52.8 million in the year-ago period. Revenue jumped sixfold to $55.9 million from $8.3 million. Its backlogged totaled about $1.1 billion.
Eater
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- Eater
Goldburger's Chinatown Location Suddenly Closes After Less Than a Year
is an editor of the Southern California/Southwest region, who covers the evolving landscape of LA's food scene. Los Angeles hamburger mini-chain Goldburger suddenly closed its Chinatown location on August 3 after less than a year open. The restaurant took over the former Burgerlords space in fall 2024. Owner Allen Yelent announced the closure in a post on Instagram on August 4, writing, 'We're sad as all hell it didn't work out for us here.' The post attributed the closure to a 'historic downturn' for restaurants in Los Angeles, and the cumulative effects of the 2025 fires, curfews, and slow traffic in the Chinatown Central Plaza. Goldburger's other locations in Los Feliz and Highland Park remain open, with a new location in Granada Hills still in progress. A vegan grocer expands to the Original Farmer Market East Hollywood vegan grocery store Besties has opened an outpost at the Original Farmers Market right next to Singapore's Banana Leaf. The shop offers a range of plant-based ingredients, snacks, and treats, alongside vegan hot dogs and soft serve. Meghan at Funke Meghan, Duchess of Sussex, shared on Instagram that she recently celebrated her birthday at Funke. In the post, she calls the meal one of the top five of her life. Chagee expands to Long Beach Just a few months after opening its first U.S. location at Westfield Century City, China-based tea company Chagee is expanding. Long Beach food scene reports that the tea shop is developing a new location in Long Beach, at the former site of a Dave's Hot Chicken. Ditroit at Cafe Telegrama Arts District taqueria Ditrioit is popping up at Cafe Telegrama in Melrose Hill on August 7. From 10 a.m. to 2 p.m., Ditroit will serve tacos, quesadillas, conchas, and more on the patio.
UPI
8 minutes ago
- UPI
First U.S. automaker gets federal automated vehicle exemption
Transportation Secretary Sean Duffy called it a "win-win for safety and innovation" after the nation's first automaker received an exemption from some federal regulations while developing its autonomous vehicle on Wednesday. File Photo by Annabelle Gordon/UPI | License Photo Aug. 6 (UPI) -- California-based Zoox is the first U.S. manufacturer of automated vehicles to be exempted from full compliance with federal motor vehicle safety standards. The Department of Transportation announced the exemption for Zoox after earlier enabling foreign makers of autonomous vehicles to request the same exemption. "This is a win-win for safety and innovation," Transportation Secretary Sean Duffy said in a news release on Wednesday. "Companies like Zoox have a process to create and test their latest technologies," Duffy continued. "America, not China, can and will drive the future of self-driving cars forward." Zoox is based in Foster City, Calif., and announced it is launching an autonomous ride-hailing service in Las Vegas this year. "From the moment guests step into our robotaxi, they're immersed in the future of transportation, with the freedom to focus on their next adventure rather than the road ahead," Zoox Chief Product Officer Michael White said. Because Zoox received the exemption, it cannot display signs saying its vehicles comply with federal motor vehicle safety standards. Officials with the National Highway Traffic Safety Administration in April expanded its Automated Vehicle Exemption Program to include U.S. firms after initially only exempting qualifying foreign-made AVs. NHTSA officials called the program an "unnecessary regulatory barrier" for U.S.-built autonomous vehicles, which don't have drivers. NHTSA can exempt such vehicles for research, demonstrations and other purposes that enable their manufacturers to develop and improve the emerging technologies. "This exemption promotes innovative designs, such as prototype vehicles, through a ... review process that considers the overall safety of the vehicle along with the purposes for which the exemption is requested," NHTSA Chief Counsel Peter Simshauser said in April. "To cultivate this nation's tremendous potential for automotive innovation, the same exemption opportunities enjoyed by foreign vehicles must be made available for vehicles built in the United States," Simshauser added. He did not say why only foreign automakers were allowed to request the exemption before April. NHTSA did not immediately respond to a UPI request for comment on Wednesday afternoon.
