Bitmine Hits $9.8B Asset Mark; Rocket Lab to Acquire Iridium
A wave of strategic consolidations and capital raises defines the day's corporate activity across finance, space, and healthcare.
Financial Services earnings roundup
Bitmine Immersion Technologies (BMNR) has grown its total crypto and cash holdings to $9.8 billion. The company now owns 5.70 million ETH tokens, representing 4.7% of the total coin supply.
Commodity-linked funds saw divergent results for May. United States Natural Gas Fund, LP (UNG) reported net income of $61.87 million, while United States Commodity Index Funds Trust (USCI) posted a net loss of $7.78 million. United States Oil Fund, LP (USO) faced a steeper decline, reporting a net loss of $270.12 million.
Healthcare & Pharma earnings roundup
Viridian Therapeutics (VRDN) received U.S. FDA approval and launched Lumvoa for the treatment of thyroid eye disease. The product is the first approved treatment for the condition to show a statistically significant effect in both diplopia response and complete resolution of diplopia.
Clinical setbacks hit Evommune (EVMN), as its Phase 2b trial for EVO756 in moderate-to-severe chronic spontaneous urticaria failed to meet its primary endpoint. The company intends to continue developing the drug for migraine and atopic dermatitis.
Shoulder Innovations (SI) closed two new credit facilities totaling up to $50 million. The arrangement includes a $15 million growth capital term loan to refinance existing debt and a $30 million undrawn line of credit. Establishment Labs Holdings (ESTA) expanded its governance by appointing Taylor Harris to its Board of Directors.
Korn Ferry (KFY) entered a definitive agreement to acquire UK-based AMS from OMERS Private Equity. The merger will create a global consulting leader with more than 16,000 employees. In the industrial sector, Allegiant Travel Company (ALGT) received tenders for $377.53 million of its 7.250% Senior Secured Notes due 2027. Frontdoor (FTDR) added Hilla Sferruzza, a finance and real estate executive, to its board.
Rocket Lab Corporation (RKLB) will acquire Iridium Communications (IRDM) for $54 per share in a cash and stock transaction. The deal values Iridium at approximately $8.0 billion and creates a vertically integrated space powerhouse.
SharonAI Holdings (SHAZ) closed a $1.6 billion strategic financing round. The capital raise consisted of a $900 million private placement of stock and warrants alongside $700 million in 4.75% Convertible Senior Notes due 2032.