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  • Takeoff Technologies Continues Robust Marketing and Sale Process as it Files Voluntary Proceedings Under Chapter 11 Protection
    by on May 30, 2024 at 7:17 am

    $9.6 Million Debtor-in-Possession Financing Secured to Support Ongoing Operations and Chapter 11 ProcessWALTHAM, Mass.--(BUSINESS WIRE)--Takeoff Technologies, Inc. (“Takeoff” or “the Company”), a provider of e-grocery fulfillment solutions to leading grocery retailers across the globe, today announced that the Company and its subsidiaries filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”). Through the chapter 11 process, Takeoff intends to complete a marketing process to solicit interest in one or more sales of some or all of its assets. To continue operating the business during the chapter 11 cases, Takeoff has requested Court approval to enter into an agreement with a consortium of its customers to provide approximately $9.6 million in debtor-in-possession (“DIP”) financing. This financing is expected to enable remaining operations to continue in the ordinary course through the marketing and sale process. Should no viable or qualified bidders emerge during the Court-facilitated process, the consortium of customers that are providing Takeoff with DIP financing may acquire some or all of the business. Takeoff intends to implement an orderly wind down of any assets that are not acquired through the sale process. Prior to the commencement of its chapter 11 cases, Takeoff explored a series of strategic alternatives in response to the Company’s recent financial challenges and absence of additional equity funding, including discussions with its key partners and customers regarding the potential sale of some or all of the Company's assets. Ultimately, the Company determined that a Court-supervised proceeding was the best way to effectuate a value-maximizing marketing process, while maintaining industry-critical operations for customers. “Takeoff is taking this necessary next step after careful consideration and in consultation with management, advisors, and the Board. The interest demonstrated by our customers in continuing to do business with us demonstrates the strong need for Takeoff’s products and services in the marketplace,” said John DiDonato, Managing Director at Huron Consulting Group and Chief Restructuring Officer at Takeoff. “Through this process, our priority is minimizing disruption for our valued customers and employees, and the communities they serve, as we continue to engage in discussions with potential buyers to maximize value for our stakeholders. The e-grocery fulfillment solution is an essential service in the food retail industry and our customers are reliant upon Takeoff’s lower-cost-to-serve technology. We extend our deepest gratitude to our employees, customers, partners, and the communities we serve.” Additional information regarding the Company’s chapter 11 process is available at Stakeholders with questions may call the Company’s Claims Agent, Kroll Restructuring Administration, at 833-533-7749 or +1 646-747-4268 if calling from outside the U.S. or Canada, or email Sheppard, Mullin, Richter & Hampton LLP is serving as legal counsel, Huron Consulting Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. About Takeoff Technologies Takeoff Technologies offers eGrocery solutions that empower grocers to thrive online using hyperlocal fulfillment. Founded in 2016, Takeoff’s solutions range from fully manual fulfillment technology to highly automated Micro Fulfillment Centers (MFCs) powered by a seamless integration with global automation leader KNAPP. Takeoff Technologies is driven by a mission to transform the grocery industry by making online grocery operations as efficient and cost effective as traditional brick-and-mortar stores. Contacts MediaKatie Reimel C Street Advisory Group

  • GXS Bank Achieves Remarkable Onboarding Efficiency Using FICO Platform
    by on May 30, 2024 at 4:45 am

    Singaporean challenger bank successfully onboards vast majority of customers in less than 3 minutesSINGAPORE--(BUSINESS WIRE)--FICO (NYSE: FICO): Highlights: GXS Bank is using FICO® Platform to make credit decisions in milliseconds and issue loans in under 3 minutes upon approval, for vast majority of customers GXS Bank is leveraging alternative data and FICO Platform’s Intelligent Decisions capabilities to extend credit to applicants with thin to no credit history The implementation of FICO® Platform took just three months to complete GXS Bank has won a 2024 FICO® Decisions Award for Customer Onboarding & Management GXS Bank (GXS), Singapore’s first digital bank for consumers and businesses, is using the industry-leading capabilities of FICO® Platform to streamline its onboarding process for GXS FlexiLoan, its personal loan product. This has resulted in an onboarding time of under three minutes for the vast majority of approved GXS FlexiLoan applications. GXS uses FICO Platform to automatically generate credit decisions in milliseconds, executing complex policy rules that utilise traditional and alternative data, to provide loans to a wider pool of consumers without compromising the bank’s credit risk appetite. GXS leverages user-permission data from its ecosystem partners, Grab and Singtel, to expand credit access to underserved users. Utilizing data from 'super app’ Grab, a dominant force in Southeast Asia akin to Uber in the Americas, and Singtel, a major regional telco, offers valuable insights. This ecosystem data is then layered onto information from conventional sources like credit bureau scores. By integrating these datasets, GXS enhances applicant assessments, providing more accurate evaluations and personalized interest rates. Thanks to this innovative approach, individuals previously overlooked by traditional banks—such as those starting their careers or entrepreneurs with fluctuating incomes—can now secure loans. “Digital banks play an important role in extending banking and credit facilities to a large and underserved group of individuals and small businesses across Southeast Asia,” said Vaman Sriraman, Group Chief Risk Officer at GXS Bank. “FICO has been an invaluable partner for us in our bid to drive financial inclusion in Singapore. FICO Platform enables us to leverage alternative data and expand our offerings. Its agile infrastructure enables us to iterate quickly while ensuring robust risk controls are in place.” More information: Agility and Adaptability: Empowering Innovation in Digital Banking “Introducing GXS FlexiLoan exemplifies our commitment to pioneering customer-centric solutions in the digital banking realm,” added Sriraman. “The implementation of FICO Platform in just three months was nothing short of remarkable, especially when considering the traditional timelines of up to a year for other providers’ on-premises solutions.” FICO Platform capabilities will be deployed for upcoming credit products in Singapore as well as across the region, in Malaysia and Indonesia. The collaboration with FICO has set the stage for the GXS’ continued innovation and growth. “FICO Platform plays a pivotal role in advancing financial inclusion by enabling banks like GXS to leverage alternative data sources and streamline credit decisioning processes,” said Nikhil Behl, EVP of sales and chief marketing officer at FICO. “Moreover, the implementation of the FICO Platform in just three months is a testament to our dedication to delivering tangible, rapid value to our clients.” As a digital-only bank, GXS recognises the paramount importance of agility and efficiency in its operational processes. The imperative to swiftly go-live while upholding stringent risk controls posed a challenge. With the FICO Platform, GXS has been able to configure and deploy risk policies with remarkable speed and precision, utilising advanced analytics, rule design, and flow orchestration. For its achievements, GXS Bank won a 2024 FICO® Decisions Award for Customer Onboarding & Management. “The ability to architect scalable solutions while maintaining unprecedented speed is what impressed the judges with GXS Bank,” said Paul Mah, senior editor at CDO Trends and one of the FICO Decisions Awards judges. “GXS Bank’s commitment to excellence and customer satisfaction allowed it to extend credit access to underserved segments of the population, fostering economic empowerment and creating opportunities for individuals who may have previously been excluded from traditional banking services.” To see the full list of 2024 FICO Decisions Awards winners, check out: About GXS GXS Bank (GXS) is a digital bank with a relentless focus to make banking better for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses. The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data. GXS holds a banking licence issued by the Monetary Authority of Singapore. It is backed by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group. GXS is a separate entity and is not associated with the businesses of Grab Holdings, Singtel and their entities. GXS is also not associated with or related to the businesses of FICO or its entities. About the FICO® Decisions Awards The FICO Decisions Awards recognize organisations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2024 judges are: Andrew Birmingham, editor, Mi3 Eric Kavanagh, CEO Bloor Group and host, InsideAnalysis Elizabeth Lumley, deputy editor, The Banker Paul Mah, senior editor, CDO Trends Laura Martins, editor, IT Forum Paul Robinson, VP credit management at Canadian Tire Bank (previous winner) Shiv Sehgal, EVP audience analytics at RSG Media (previous winner) Nick Vitchev, director at Chartis The winners of the FICO Decisions Awards were spotlighted at and won tickets to FICO® World 2024, April 15 – April 18, 2024 in San Diego, California About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Contacts Neil Mirano RICE for FICO +65 3157 5680 Saxon Shirley FICO +65 9171 0965

  • ZeroMark Secures $7M in Seed Funding for “Handheld Iron Dome”
    by on May 30, 2024 at 4:12 am

    AI-powered auto-aim tech to combat drones, other threatsNEW YORK--(BUSINESS WIRE)--ZeroMark, a pioneering defense technology startup, has announced a $7 million seed funding round led by prominent venture capital firms Ground Up Ventures and Andreessen Horowitz. This investment accelerates the development of ZeroMark's groundbreaking AI-powered auto-aiming system, which transforms standard infantry rifles into highly effective counter-drone solutions, providing a "handheld Iron Dome" accessible to every soldier. "The proliferation of drone technology poses an evolving threat to our armed forces," said Joel Anderson, CEO of ZeroMark. "Our mission is to empower every soldier with a cost-effective, highly portable counter-drone solution that delivers unparalleled performance. With the support of our investors, we are ready to deploy this critical capability and ensure our defenders maintain a decisive edge on the battlefield." ZeroMark's cutting-edge technology revolutionizes modern warfare by seamlessly integrating advanced computer vision and precision robotics with conventional firearms. The system is the only solution on the market that physically augments the operator's aim, enabling them to engage threats with unparalleled speed and accuracy. By enhancing the capabilities of standard-issue rifles without impeding their functionality, ZeroMark's unique approach improves the lethality and precision of armed forces while significantly enhancing operational safety and decision-making efficiency on the ground. This innovative technology ensures that the human remains in control while empowering soldiers to effectively combat fast-moving, low-altitude drone threats. Jordan Odinsky, Partner at Ground Up Ventures, emphasized the critical need for companies like ZeroMark in protecting freedom and democracy. "As a firm with deep roots in Israel, we have witnessed firsthand the critical need for companies like ZeroMark to provide superior precision hardware and software systems to those that protect and defend freedom and democracy," Odinsky stated. "We are thrilled to lead this funding round which will enable ZeroMark to have an outsized impact on the way the United States and its allies protect their citizens, law enforcement, and warfighters." Andreessen Horowitz (a16z), one of the most prominent venture capital firms in the world and the driving force behind the American Dynamism movement, also led the funding round. "Military precision is critical in the next generation of warfare. We’re proud to support ZeroMark as they build new technology to protect and serve armed forces on the battlefield,” said Katherine Boyle, a General Partner at Andreessen Horowitz. ZeroMark's groundbreaking work has earned them a place in a16z's American Dynamism portfolio. The seed funding will accelerate product development, enhance feature integration, and expand operational capabilities. ZeroMark's technology seamlessly installs on any standard carbine or rifle without tools, and features real-time threat analytics, identification of friend vs foe, and automatic aim augmentation — crucial for maintaining tactical superiority in complex environments. ZeroMark's impressive traction is driven by a team of experts and veterans from across the military and technology sectors, including former special operators, leading engineers in computer vision and robotics, and advisors with deep government and security experience. About ZeroMark ZeroMark is a defense technology company specializing in advanced counter-UAS solutions and precision targeting systems. With a commitment to innovation and soldier accessibility, ZeroMark equips defense and security forces with the most effective and user-friendly capabilities to counter emerging threats. About Ground Up Ventures Ground Up Ventures is an early-stage venture capital firm based in the United States and Israel. The firm invests in mission-oriented founding teams and helps them build enduring businesses from scratch as an extension of their headcount. About Andreessen Horowitz Andreessen Horowitz is a venture capital firm that backs bold entrepreneurs building the future through technology. The firm’s American Dynamism practice invests in founders and companies that support the national interest: aerospace, defense, public safety, education, housing, supply chain, industrials, and manufacturing. Contacts For further information or to schedule an interview, please contact: ZeroMark Media Relations Email: press@zeromark.comPhone: (212) 903-2227 Website:

  • Alibaba Group Announces Completion of US$5 Billion Offering of Convertible Senior Notes
    by on May 30, 2024 at 2:30 am

    HANGZHOU, China--(BUSINESS WIRE)--Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), “Alibaba,” “Alibaba Group” or the “Company”) today announced the completion of its private offering of US$5 billion aggregate principal amount of 0.50% Convertible Senior Notes due 2031 (the “Notes”), which amount includes the exercise in full by the initial purchasers of their option to purchase an additional US$500 million aggregate principal amount of the Notes (the “Option Exercise”). In connection with the Option Exercise, the Company also entered into additional capped call transactions with one or more of the initial purchasers and/or their affiliates and/or other financial institutions, using US$63.75 million of the net proceeds from the sale of the additional Notes. The capped call transactions are generally expected to reduce potential dilution to the ADSs and the ordinary shares of the Company upon conversion of the Notes by effectively increasing the conversion premium from approximately 30% to 100% over the last reported sale price of US$80.80 per ADS on the New York Stock Exchange on May 23, 2024. The Notes have been offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to certain non-U.S. persons in offshore transaction in reliance on Regulation S under the Securities Act. The initial conversion rate for the Notes is 9.5202 ADSs per US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately US$105.04 per ADS. The initial conversion price represents a premium of approximately 30% over the last reported sale price of US$80.80 per ADS on the NYSE on May 23, 2024. The conversion rate is subject to adjustment in some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or following our delivery of a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or such notice of redemption, as the case may be. The Notes, the ADSs deliverable upon conversion of the Notes, if any, and the ordinary shares represented thereby or deliverable upon conversion of the Notes in lieu thereof, have not been and will not be registered under the Securities Act or any state securities laws, and are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transaction in reliance on Regulation S under the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. About Alibaba Group Alibaba Group’s mission is to make it easy to do business anywhere. The Company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “aim,” “estimate,” “intend,” “seek,” “plan,” “believe,” “potential,” “continue,” “ongoing,” “target,” “guidance,” “is/are likely to” and similar statements. In addition, statements that are not historical facts, including statements about the Company’s beliefs, plans and expectations, are or contain forward-looking statements. Alibaba may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in Alibaba’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Contacts Investor Relations ContactRob Lin Head of Investor Relations Alibaba Group Holding Limited Media Contacts Justine Chao Ivy Ke

  • The Manitowoc Company to Participate in Investor Conferences
    by on May 30, 2024 at 12:35 am

    MILWAUKEE--(BUSINESS WIRE)--The Manitowoc Company, Inc. (NYSE: MTW) announced today that its management will participate in two upcoming investor conferences: Stifel Cross Sector Insight Conference in Boston, MA on Wednesday, June 5, 2024 IDEAS Conference in New York, NY on Thursday, June 13, 2024 No presentations are planned at this time. About The Manitowoc Company, Inc. The Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. Contacts Ion Warner Senior Vice President Marketing and Investor Relations +1 414-760-4805