One of the problems surrounding electric vehicles is the fire hazard that lithium-ion batteries pose if they get too hot and have some kind of defect. Now, though, researchers seem to have come up with a type of anti-fire aerogel that is made almost entirely of air and can keep the fire from spreading from one lithium-ion cell to another. The new material is designed by Aspen Aerogels, which to build a new factory in Georgia from the Department of Energy. The hope is that the material—which the company calls a “very ethereal material”— will help passengers get clear of the vehicle should the worst happen. I should be clear here. The new anti-fire aerogel isn’t designed to stop the battery from catching on fire at all. That’s a whole different problem that engineers need to solve. What it does, instead, is stop the fire from spreading, thus causing the entire battery to explode. That’s because what usually happens in this situation is one cell catches fire, and then the temperature continues to rise until the fire spreads, igniting the other cells around it. The new material is perhaps the best thermal insulation in the world right now, John Williams, VP of Technical Services at Aspen Aerogels, told NPR. The material is made up of 99 percent air, George Gould, Chief Technology Officer at Aspen Aerogels, explained. When the company demonstrated the effectiveness of the material to NPR, the reporters noted that it didn’t appear to show any evidence of anything burning, even after having a jet of fire spit out at it. Sign up for the most interesting tech & entertainment news out there. By signing up, I agree to the and have reviewed the If this anti-fire aerogel truly is as amazing as Aspen Aerogels claims, then it could at least help address one of the many concerns surrounding EVs. While range anxiety is already being addressed with , they still rely on lithium-ion cells to power them. This new material could at least help make those batteries safer in the long run. The company says its material is already being placed between the cells in EV batteries found inside certain vehicles made by Toyota, Honda, GM, and more.Sound point Meridian Capital director buys $10,132 in stock
HICKSVILLE, N.Y. , Dec. 13, 2024 /PRNewswire/ -- Flagstar Financial, Inc. (NYSE: FLG ) (the "Company") today announced the appointment of Brian Callanan , Senior Managing Director and General Counsel at Liberty Strategic Capital ("Liberty"), to its Board of Directors, effective December 16, 2024 . Commenting on the appointment, Joseph M. Otting , Chairman, President, and CEO said, "I'm pleased to have Brian join our Board. His proven track record and expertise in financial services, along with his strategic insights will be instrumental as we continue to execute on our transformation and long-term vision. Brian's perspectives will provide valuable guidance, and his leadership will play a critical role in driving sustainable growth, ensuring we achieve long-term success and maximize the value we deliver to our shareholders, employees, and clients." Callanan is a distinguished lawyer with extensive experience in financial regulation, regulatory compliance, and financial technology. At Liberty, Callanan leads the firm's legal function, serves on its Investment Committee, and focuses on financial sector investments. Prior to joining Liberty, he served as General Counsel of the U.S. Department of the Treasury, overseeing 2,000 lawyers across the department. As Chief General Counsel, he played a key role in major initiatives such as economic rescue programs during COVID-19, the design of new economic sanctions, and the implementation of tax reform. While serving as Deputy General Counsel, Callanan managed major litigation and advised on regulatory reform efforts, among other responsibilities. For his service, he received the Alexander Hamilton Award, the department's highest honor. This appointment aligns with the $1.05 billion equity investment in March 2024 , which stipulated that two Board seats would be granted to lead investor Liberty Strategic Capital. With Callanan's addition, the Company's Board of Directors, which was reconstituted earlier in 2024, expands to nine members, including Chairman, President, and Chief Executive Officer, Joseph M. Otting , Milton Berlinski , Alessandro P. DiNello , Alan Frank , Marshall Lux , Lead Independent Director Secretary Steven T. Mnuchin , Allen Puwalski , and Jennifer Whip. About Flagstar Financial, Inc. Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York . At September 30, 2024, the Company had $114.4 billion of assets, $73.0 billion of loans, deposits of $83 .0 billion, and total stockholders' equity of $8 .6 billion. Flagstar Bank, N.A. operates over 400 branches, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and West Coast. In addition, the Bank has approximately 80 private banking teams located in over 10 cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses. Cautionary Statements Regarding Forward-Looking Statements This release may include forward‐looking statements by the Company and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (g) our ability to achieve our financial and other strategic goals, including those related to our merger with Flagstar Bancorp, Inc., which was completed on December 1, 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, and our ability to fully and timely implement the risk management programs institutions greater than $100 billion in assets must maintain; (h) the effect on our capital ratios of the approval of certain proposals approved by our shareholders during our 2024 annual meeting of shareholders; (i) the conversion or exchange of shares of the Company's preferred stock; (j) the payment of dividends on shares of the Company's capital stock, including adjustments to the amount of dividends payable on shares of the Company's preferred stock; (k) the availability of equity and dilution of existing equity holders associated with amendments to the 2020 Omnibus Incentive Plan; (l) the effects of the reverse stock split; and (m) transactions relating to the sale of our mortgage business and mortgage warehouse business. Forward‐looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results. Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; recent turnover in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; the success of our blockchain and fintech activities, investments and strategic partnerships; the restructuring of our mortgage business; our ability to recognize anticipated expense reductions and enhanced efficiencies with respect to our recently announced strategic workforce reduction; the impact of failures or disruptions in or breaches of the Company's operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, military conflict (including the Russia / Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed on December 1, 2022 , and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that the Company may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. Additionally, there can be no assurance that the Community Benefits Agreement entered into with NCRC, which was contingent upon the closing of the Company's merger with Flagstar Bancorp, Inc., will achieve the results or outcome originally expected or anticipated by us as a result of changes to our business strategy, performance of the U.S. economy, or changes to the laws and regulations affecting us, our customers, communities we serve, and the U.S. economy (including, but not limited to, tax laws and regulations). More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K/A for the year ended December 31, 2023, Quarterly Report on Forms 10-Q for the quarters ended March 31, 2024 , June 30, 2024 , and September 30, 2024 , and in other SEC reports we file. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC's website, www.sec.gov . Investor Contact: Salvatore J. DiMartino (516) 683-4286 Media Contact: Nicole Yelland (248) 219-9234 SOURCE Flagstar Financial, Inc.
TELA Bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
THE SAN FRANCISCO BAY AREA , Calif. , Dec. 11, 2024 /PRNewswire/ -- True Global Ventures (TGV) Opportunity Fund, a venture capital firm focused on transformative AI and Blockchain applications, is proud to announce a $7.3 million investment in Prezent AI, a fast-growing, San Francisco Bay Area -based company revolutionizing enterprise business communication through AI-powered storytelling solutions. This investment underscores TGV's commitment to supporting visionary companies led by exceptional entrepreneurs. Prezent AI has emerged as a key innovator in enhancing workplace collaboration and productivity, leveraging artificial intelligence to simplify and elevate how teams create impactful presentations. Over 100 Fortune 2000 companies across industries have unlocked unprecedented efficiency and impact using Prezent's AI technology, particularly in the BioPharma and Tech-Telecom industries. Frank Desvignes , Founding Partner of TGV Opportunity Fund, shared: "Prezent AI's innovative approach to enterprise business communication through AI-driven solutions perfectly aligns with our commitment to investing in fast-growing companies run by exceptional entrepreneurs like Rajat Mishra . We believe Prezent AI is revolutionizing how teams work and communicate, and we are excited to join them on their journey to shape the future of productivity. We are confident that Prezent can become a global leader and category maker in this space." Prezent AI Founder and CEO, Rajat Mishra , expressed his enthusiasm for the partnership: "As Prezent scales up, we were looking for more than a financial partner in a VC. First, we were looking for someone who deeply understands the vision of building the AI-powered enterprise business storytelling category. Second, someone who can roll their sleeves and work alongside the team. Really add value. And, finally, someone who has a global perspective as Prezent scales to Europe and Asia . I feel incredibly blessed to have met Frank Desvignes and the TGV team." This strategic partnership with TGV will enable Prezent AI to accelerate its expansion into Europe and Asia while continuing to innovate in the field of enterprise business storytelling. With its unique AI-driven platform, Prezent AI is on track to set the global standard in business communication, redefining how large organizations in regulated industries such as Life science and Finance approach storytelling and collaboration. The San Francisco Bay Area remains the epicenter of innovation , particularly in artificial intelligence, with its unparalleled concentration of talent, resources, and groundbreaking ideas. Recognizing this, True Global Ventures (TGV) is committed to fostering the next wave of AI-driven solutions with the potential to transform industries across borders. TGV's strategic approach includes supporting San Francisco Bay Area companies , such as Prezent.AI, in their expansion into Europe and Asia , enabling them to access new markets and opportunities. Simultaneously, TGV leverages its extensive network and expertise to help Asian and European companies expand into the U.S. market , driving cross-border growth and innovation. About Prezent Prezent is the first Enterprise Business Storytelling Platform for business communication, empowering busy professionals with an AI-driven platform to effortlessly create compelling presentations and narratives. Trusted by Fortune 500 companies and high-growth enterprises, Prezent combines cutting-edge technology with human-centered design with industry-specific AI models to revolutionize storytelling in the workplace. For more information, visit www.prezent.ai About True Global Ventures True Global Ventures is a global venture capital firm with two actively deploying funds: TGV 4 Plus Fund (early stage) and TGV Opportunity Fund (late stage). The firm focuses on technology-driven businesses like late stage AI applications, with a strong track record in Enterprise AI and blockchain investments, supporting ventures that drive transformative change. For more information, visit www.tgv4plus.com SOURCE True Global Ventures
10-man Barcelona concedes two late goals in draw at Celta Vigo
Share pledging, where corporate insiders uses shares as collateral for personal loans, has been at the heart of several high-profile corporate scandals in recent years. One of the most notorious cases was the . From 1999 to 2002, the U.S.-based telecom company inflated profits to maintain its stock price. The scandal was largely driven by the on his pledged shares. A similar scenario unfolded in China when Leshi Internet Information and Technology and its founder, Jia Yueting, committed from 2007 to 2016. Yueting had pledged 97 per cent of his shares to secure funding for his U.S.-backed company, Faraday Future. To look deeper at this issue, , since Chinese controlling shareholders predominately pledge their shares. Our research found a trouble connection between share pledging by controlling shareholders and the likelihood of corporate misconduct. Our research found that when controlling shareholders engage in pledging, it increases the probability of corporate misconduct. This relationship held true across various types of misconduct and persisted regardless of the severity of penalties imposed. Share pledging Corporate insiders frequently pledge their shares as collateral to secure loans for personal investments and other private benefits. In the U.S., , and the average pledging ratio reached 37 per cent in 2012. A notable example is Elon Musk, CEO of Tesla, who . The trend like Australia, Hong Kong, Singapore and the United Kingdom. In western Europe, pledging is common in a number of countries, including Austria, France, Germany, Ireland, Italy, Norway, Portugal and Spain, and among others. In developing markets like India and Taiwan, between 35 and 50 per cent of publicly listed firms have controlling shareholders who pledge shares. In China, 66 per cent of controlling shareholders pledged their shares between 2003 and 2017, with from RMB$26.22 billion (Chinese Yuan) in 2003 to RMB$2.9 trillion in 2017. , which typically hold at least 50 per cent of voting shares, have significant power over firms. Minority shareholders, on the other hand, receive poor legal protection under concentrated corporate ownership. Concentrated ownership is , particularly in East Asia where . Impacts of deregulation A pivotal shift occurred on May 24, 2013, when the Shanghai and Shenzhen Stock Exchanges, along with the China Securities Depository and Clearing Corporation, through the stock exchange trading system. Before this, share pledging was limited to banks and trusts operating in the over-the-counter market. by offering lower interest rates, fewer restrictions on loan usage and faster approvals. While the deregulation did not target misconduct by securities firms, it created a unique environment for analyzing the causal link between share pledging by controlling shareholders and corporate misconduct. This is what our research looked at. We found that firms located in Chinese provinces with more securities firms (treatment firms) were expected to have greater access to share pledging compared to firms in provinces with fewer securities firms (control firms). Our results confirmed that firms with pledging controlling shareholders were more likely to engage in misconduct following the 2013 deregulation. Prior to 2013, treated and control firms showed no significant differences. However, from 2015 onward, firms in provinces with more securities firms demonstrate an increased likelihood of misconduct compared to firms in provinces with fewer securities firms. This relationship was primarily driven by factors such as financial constraints, stock price inflation, avoidance of margin calls (demands from a broker to fund one’s margin account), and expropriation under weak corporate governance. Factors like political connections, share repurchases and increased bank monitoring didn’t contribute to the link between share pledging and corporate misconduct. Building better financial systems Although our study is based on data from China, its findings offer critical insights for countries beyond its borders. The findings are particularly relevant for countries in Asia, western Europe, and Latin America . The study’s conclusions also hold significance for North America, where financial institutions like pension funds and mutual funds invest portions of their portfolios in emerging markets. For instance, the and . The Canada Pension Plan Investment Board reported that was invested in China in March 2024. These institutions should consider governance risks associated with share pledging when developing their investment strategies. For regulators, our study underscores the importance of monitoring the growing influence of share pledging and its potential to exacerbate corporate misconduct. Weak governance structures can allow controlling shareholders to exploit the system, and strengthened oversight and tailored regulations are needed to alleviate these risks. Institutional and retail investors can likewise benefit from the study’s findings, using them to make investment decisions from the perspective of corporate governance. As markets become increasingly integrated, the importance of assessing governance risks associated with share pledging grows. Our research serves as a vital resource for policymakers and regulators who want to maintain ethical, robust financial systems. To remove this article -US President Joe Biden on Sunday said deposed Syrian leader Bashar al-Assad should be "held accountable" but called the nation's political upheaval a "historic opportunity" for Syrians to rebuild their country. In the first full US reaction to Assad's overthrow by an Islamist-led coalition of rebel factions, Biden also warned that Washington will "remain vigilant" against the emergence of terrorist groups, announcing that US forces had just conducted fresh strikes against militants from the Islamic State organization. "The fall of the regime is a fundamental act of justice," Biden said, speaking from the White House. "It's a moment of historic opportunity for the long-suffering people of Syria." Asked by reporters what should happen to the deposed president, who reportedly has fled to Moscow, Biden said that "Assad should be held accountable." Biden -- set to step down in January and make way for Republican Donald Trump's return to power -- said Washington will assist Syrians in rebuilding. "We will engage with all Syrian groups, including within the process led by the United Nations, to establish a transition away from the Assad regime toward independent, sovereign" Syria "with a new constitution," he said. However, Biden cautioned that hardline Islamist groups within the victorious rebel alliance will be under scrutiny. "Some of the rebel groups that took down Assad have their own grim record of terrorism and human right abuses," Biden said. The United States had "taken note" of recent statements by rebels suggesting they had since moderated, he said, but cautioned: "We will assess not just their words, but their actions." Biden said Washington is "clear eyed" that the Islamic State extremist group, often known as ISIS, "will try to take advantage of any vacuum to reestablish" itself in Syria. "We will not let that happen," he said, adding that on Sunday alone, US forces had conducted strikes against ISIS inside Syria. The US military said the strikes were conducted by warplanes against Islamic State operatives and camps. Strikes were carried out against "over 75 targets using multiple US Air Force assets, including B-52s, F-15s, and A-10s," the US Central Command said on social media. Earlier, Biden met with his national security team at the White House to discuss the crisis. Assad's reported departure comes less than two weeks after the Islamist Hayat Tahrir al-Sham (HTS) group challenged more than five decades of Assad family rule with a lightning rebel offensive that broke long-frozen frontlines in Syria's civil war. They announced Sunday they had taken the capital Damascus and that Assad had fled, prompting celebrations nationwide and a ransacking of Assad's luxurious home. A Kremlin source told Russian news agencies that the deposed leader was now in Moscow, along with his family. The US military has around 900 troops in Syria and 2,500 in Iraq as part of the international coalition established in 2014 to help combat the Islamic State jihadist group. It has regularly struck targets in the country including those linked to Iranian-backed militias. Tehran was a major backer of Assad's government. Biden also confirmed US authorities believe the American journalist Austin Tice, who was abducted in Syria in 2012, still lives. "We believe he's alive," Biden said, but the US has yet "to identify where he is." bur-sms/mlm
LOS ANGELES (AP) — Kendrick Lamar gave music listeners an early holiday present Friday with the surprise drop of a new album. The Grammy winner's 12-track “GNX” is his first release since 2022's “Mr. Morale & The Big Steppers” and his sixth studio album overall. It also comes just months after his rap battle with Drake. Lamar first teased the album with a cover art and video snippet of “GNX,” which features multi-instrumentalist Jack Antonoff as a co-producer on every track except for “Peekaboo.” Other notable producers include Sounwave and DJ Mustard , who both contributed production on the hit “Not Like Us,” the ubiquitous diss track emanating from the Drake feud. Lamar's former Top Dawg Entertainment labelmate SZA appears on a couple songs including “Gloria” and “Luther,” which also features sampled vocals from Luther Vandross and Cheryl Lynn through “If This World Were Mine." On the opening track “Wacced Out Murals,” Lamar raps about cruising in his Buick GNX (Grand National Experimental) car with listening to Anita Baker. He brings up Snoop Dogg posting Drake's AI-assisted “Taylor Made Freestyle” diss track on social media and Nas congratulating Lamar for being selected to headline February's Apple Music Super Bowl Halftime Show in New Orleans. Lamar also shows admiration for Lil Wayne, who expressed his hurt feelings after being passed over as the headliner in his hometown. Lamar, 37, has experienced massive success since his debut album “good kid, m.A.A.d city” in 2012. Since then, he’s accumulated 17 Grammy wins and became the first non-classical, non-jazz musician to win a Pulitzer Prize for his 2017 album “DAMN.” The surprise release caps a big year for Lamar, who was featured on the song “Like That” with Future and Metro Boomin — a track that spent three weeks at No. 1 on the Billboard Hot 100 this year. Lamar is up for seven Grammys, fueled by “Not Like Us,” which earned nods for record and song of the year, rap song, music video as well as best rap performance. He has two simultaneous entries in the latter category, a career first: “Like That” is up for best rap performance and best rap song, too. 1. “Wacced Out Murals” 2. “Squabble Up” 3. “Luther” (feat. SZA) 4. “Man at the Garden” 5. “Hey Now” 6. “Reincarnated” 7. “TV Off” 8. “Dodger Blue” 9. “Peekaboo” 10. “Heart Pt. 6” 11. “GNX” 12. “Gloria” (feat. SZA)