New York-Based Battery Maker IM3NY Out of Cash, Files Bankruptcy
IM3NY, which has sought to become a major US manufacturer of lithium-ion batteries, has filed bankruptcy months after Australian securities regulators accused the firm's majority owner of failing to disclose problems at a New York production facility.
IM3NY and affiliate Imperium3 sought court protection Monday in Delaware with the intention of selling the business or restructuring its finances. The Endicott, New York-based company 'exhausted' all of its current funds after raising more than $70 million from investors and more than $100 million in debt, Imperium3 CEO Lukasz Cianciara said in a court filing.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
First-time homebuyers are an endangered species in the U.S.
The dream of homeownership is fading for millions of Americans. Figures from the National Association of Realtors (NAR) show that only 24% of housing sales last year were by first-time homebuyers — that's down from 50% in 2010. The typical purchaser is also older than in the past, with an average age of 38, or about 10 years above historical norms. Such trends reflect the challenges of climbing on the property ladder as home prices hover near record highs, inventory remains low and with mortgage rates at their highest level in years. "There are fewer first-time homebuyers and they are older than we've ever seen, both because of headwinds inside and outside of the housing market," NAR deputy chief economist Jessica Lautz told CBS MoneyWatch. Opportunity missed Americans who are shut out from buying their first homes miss out on an opportunity to build wealth through homeownership, Lautz said. "It's their biggest asset, and with the delay into homeownership first-time homebuyers are losing about 10 years of housing wealth. And that's for those who can enter into the market," she said. "For those who can't, they lose out on housing wealth by not having that as the biggest asset in their nest egg." Only about 1 in 5 listed homes in March were affordable for households with $75,000 in annual income, according to a NAR analysis of property listings. Today, a household with annual income of $50,000 can only afford 8.7% of listings, down from 9.4% a year ago, according to the data. "The lack of homes, especially at affordable price points where they would be entering the market, has been plaguing first-time homebuyers for the last several years," Lautz said. "It's been a continual issue, especially with interest rates. It makes the cost of homeownership quite high." Along with inadequate construction of affordable housing, many existing homeowners are reluctant to sell their properties given their lower mortgage rates. "People who are homeowners have no motivational factors to move, so that's not freeing up inventory," Lautz said. "It's almost created a hoarding situation for those in low-interest rate mortgages who don't want to separate from them." Financial squeeze Other factors are making it hard for people to buy a first home. The high cost of rent gets in the way of saving for a down payment, while credit card debt, car loans and child care costs also hold first-time homebuyers back. More recently, meanwhile, the resumption of student loan payments is putting many people under financial pressure. Some Americans are managing to save enough for a first home by temporarily moving in with family or friends to minimize the cost of rent, Lautz said. But that approach isn't viable for everyone. "It has been a pathway to ownership for some. But for someone who is 38-years-old, moving in with mom and dad can get uncomfortable," she said. "For an older homebuyer, that might be less attractive for everyone involved." Australian reporter covering Los Angeles protests shot with rubber bullet by police officer Kristi Noem says "we are not going to let a repeat of 2020 happen" amid L.A. crackdown Magic in the dark: The fantastical worlds of Lightwire Theater
San Francisco Chronicle
25 minutes ago
- San Francisco Chronicle
Comtech: Fiscal Q3 Earnings Snapshot
CHANDLER, Ariz. (AP) — CHANDLER, Ariz. (AP) — Comtech Telecommunications Corp. (CMTL) on Monday reported earnings of $33.9 million in its fiscal third quarter. The Chandler, Arizona-based company said it had net loss of 49 cents per share. Losses, adjusted for non-recurring costs and stock option expense, came to 18 cents per share. The communications company posted revenue of $126.8 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $124.1 million.
San Francisco Chronicle
25 minutes ago
- San Francisco Chronicle
Leaders of ‘orgasmic meditation' women's wellness company OneTaste convicted in forced labor trial
NEW YORK (AP) — The leaders of a sex-focused women's wellness company that promoted 'orgasmic meditation' have been convicted of federal forced labor charges. A Brooklyn jury on Monday found Nicole Daedone, founder of OneTaste Inc., and Rachel Cherwitz, the California-based company's former sales director, guilty of forced labor conspiracy after deliberating for less than two days following a roughly monthlong trial. Daedone's defense team had cast her as a 'ceiling-shattering feminist entrepreneur' who created a unique business around women's sexuality and empowerment. But prosecutors argued the two women ran a yearslong scheme that groomed adherents — many of them victims of sexual trauma — to do their bidding. They said Daedone and Cherwitz used economic, sexual and psychological abuse, intimidation and indoctrination to force OneTaste members into sexual acts they found uncomfortable or repulsive, such as having sex with prospective investors or clients. The two told followers the questionable acts were necessary in order to obtain 'freedom' and 'enlightenment' and demonstrate their commitment to the organization's principles. Prosecutors said OneTaste leaders also didn't pay promised earnings to the members-turned-workers and even forced some of them to take out new credit cards to continue taking the company's courses. OneTaste started in San Francisco around 2005 as a sort of self-help commune that viewed female orgasms as key to sexual and psychological wellness and interpersonal connection. A centerpiece was 'orgasmic meditation,' carried out by men manually stimulating women in a group setting. The company quickly opened outposts from Los Angeles to London following glowing media coverage in the 2010s. At the time, OneTaste was portrayed as a cutting-edge enterprise that prioritized women's sexual pleasure. But Daedone sold her stake in 2017 — a year before OneTaste's marketing and labor practices came under scrutiny. The company's current owners, who have rebranded it the Institute of OM Foundation, have said its work has been misconstrued and the charges against its former executives were unjustified.
