Securitization

Exela Technologies, Inc. Reports Preliminary Second Quarter 2023 Results

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Monday, August 14, 2023

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IRVING, Texas, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA, XELAP), a global business process automation leader, announced today its financial results for the second quarter ended June 30, 2023.

Key Points:

Operating income/(loss): Operating income for Q2 2023 was $11.2 million, compared with operating loss of $20.9 million in Q2 2022.
Net Loss: Net loss for Q2 2023 was $30.9 million, compared with a net loss of $79.2 million in Q2 2022.
EBITDA(4): EBITDA for Q2 2023 was $31.6 million compared to a loss of $17.6 million in Q2 2022.
Exela will host a conference call to discuss its second quarter 2023 financial results at 8:30 AM ET on August 14, 2023.

Securitize Acquires Onramp Invest, Extending Tokenized Alts to RIAs Managing $40B in AUM for First Time

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Thursday, August 17, 2023

Ethereum, WisdomTree Investments, Partnership, Securitization, Polygon, RIA, KKR, AUM, Acquisition, Investment, Registered investment adviser, CoinDesk, RIAS, News, Private credit, Cryptocurrency, Financial adviser, Interchange (road), Algorand

NEW YORK, Aug. 17, 2023 /PRNewswire/ -- Securitize, the leader in expanding investor and business access to tokenized alternative assets, today announced its acquisition of digital asset wealth platform Onramp Invest.

Key Points:

Onramp Invest is the premier advanced digital asset wealth platform for forward-thinking financial professionals.
Onramp already offered RIAs easy access to digital assets, so it is a very natural extension to offer them tokenized alternative assets to complement their portfolios," said Securitize CEO Carlos Domingo.
Looking forward, Onramp is expected to continue operating as a subsidiary of Securitize and to integrate Securitize products into their existing offering over time.
The transaction is anticipated to close in the next several days and the terms of the transaction were not disclosed.

Oportun Closes $400 Million Whole Loan Flow Sale Agreement with Castlelake, L.P. to Fund Personal Loan Production

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Tuesday, August 8, 2023

Fintech, Growth, OPRT, Securitization, SAN, Sale, Bank

Under the terms of the deal, Oportun is expected to sell Castlelake $400 million of personal loan production originated by Oportun over the next 12 months.

Key Points:

Under the terms of the deal, Oportun is expected to sell Castlelake $400 million of personal loan production originated by Oportun over the next 12 months.
“This transaction highlights continued strong investor demand for Oportun’s high-quality personal loan assets,” said Jonathan Coblentz, Chief Financial Officer of Oportun.
Castlelake is an experienced investor in the consumer credit sector, having both acquired assets and provided asset-based private credit since 2015.
The firm has invested more than $4 billion in such opportunities since 2015 and originated more than 3.5 million consumer receivable accounts.

Achieve announces close of $214 million, AAA-rated personal loan securitization

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Friday, August 4, 2023

SAN MATEO, Calif., Aug. 4, 2023 /PRNewswire/ -- Achieve, the leader in digital personal finance, announces the August 3 close of an offering of $214.41 million in rated notes backed by Achieve Personal Loans.

Key Points:

SAN MATEO, Calif., Aug. 4, 2023 /PRNewswire/ -- Achieve , the leader in digital personal finance, announces the August 3 close of an offering of $214.41 million in rated notes backed by Achieve Personal Loans.
It is the 17th personal loan securitization sponsored by Freedom Consumer Credit Fund, LLC (FCCF), an investment fund managed by Freedom Financial Asset Management, LLC (FFAM), an Achieve company.
"We're proud to reach over $5 billion in FCCF-sponsored securitizations backed by Achieve loans," said Achieve Co-Founder and Co-CEO Andrew Housser.
The underlying Achieve Personal Loans in the securitization were originated by bank partners Cross River Bank and Pathward ® , N.A.

Securitize Expands Modernization of Capital Markets into Europe

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Thursday, July 27, 2023

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Within this sandbox, CNMV will monitor Securitize as it issues and, later this fall, facilitates the trading and settlement of tokenized shares, consistent with the European Union's Distributed Ledger Technology Pilot Regime ( learn more ).

Key Points:

Within this sandbox, CNMV will monitor Securitize as it issues and, later this fall, facilitates the trading and settlement of tokenized shares, consistent with the European Union's Distributed Ledger Technology Pilot Regime ( learn more ).
"European businesses will be a major beneficiary of this innovation, giving businesses a new way to raise capital through primary capital raises, and obtain potential tax benefits and liquidity through secondary trading."
Mancipi's goal is to raise $150 million euros and its registered advisor for this capital raise is ILP Lawyers.
The ability for European companies to issue shares in tokenized form is an important step in expanding business' ability to raise capital and individual investor access to the wealth generated in the private capital markets.

Winston & Strawn Adds Scott Delaney as Partner in Dallas

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Monday, July 24, 2023

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DALLAS, July 24, 2023 /PRNewswire/ -- Winston & Strawn LLP today announced the addition of Scott Delaney as a partner in the firm's Dallas office.

Key Points:

DALLAS, July 24, 2023 /PRNewswire/ -- Winston & Strawn LLP today announced the addition of Scott Delaney as a partner in the firm's Dallas office.
"Adding Scott further strengthens Winston's place as one of the go-to firms for adeptly managing complex energy transactions," said Bryan Goolsby, Dallas office managing partner.
Winston Chairman Tom Fitzgerald said, "Scott will be a welcome addition as we continue to meet our energy clients' legal and business needs."
Winston & Strawn LLP is an international law firm with 16 offices located throughout North America, South America, Asia, and Europe.

Goulston & Storrs Attorneys Tim Carter, Trevor Hoffmann, Douglas Rosner, and James Wallack Named 2023 Leading Bankruptcy & Restructuring Lawyers in Lawdragon 500

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Monday, June 26, 2023

BOSTON , June 26, 2023 /PRNewswire/ -- Goulston & Storrs , an Am Law 200 firm, is pleased to announce that directors Tim Carter , Trevor Hoffmann , and Douglas Rosner , and of counsel James Wallack have been named to the 2023 list of the Lawdragon 500 Leading Bankruptcy & Restructuring Lawyers for their ongoing achievements in financial restructuring.

Key Points:

BOSTON , June 26, 2023 /PRNewswire/ -- Goulston & Storrs , an Am Law 200 firm, is pleased to announce that directors Tim Carter , Trevor Hoffmann , and Douglas Rosner , and of counsel James Wallack have been named to the 2023 list of the Lawdragon 500 Leading Bankruptcy & Restructuring Lawyers for their ongoing achievements in financial restructuring.
Tim Carter has particular expertise in secured finance, UCC matters, out of court workouts, and bankruptcy.
He represents agents, lenders, borrowers, and sponsors in lending and restructuring transactions, as well as debtors, lenders, acquirers, and creditors in insolvency proceedings.
He is active in the Turnaround Management Association and the Boston Bar Association's Bankruptcy Section and received his J.D.

Exodus Announces Addition of Sovryn Dollar to Company Treasury

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Thursday, June 22, 2023

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OMAHA, Neb., June 22, 2023 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (tZERO and Securitize ATS:EXOD), (“the Company”) the leading self-custodial cryptocurrency software platform, and Sovryn, a pioneer in Bitcoin-native DeFi services, today announced the addition of the Sovryn Dollar (DLLR) asset to Exodus’ corporate treasury.

Key Points:

OMAHA, Neb., June 22, 2023 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (tZERO and Securitize ATS:EXOD), (“the Company”) the leading self-custodial cryptocurrency software platform, and Sovryn, a pioneer in Bitcoin-native DeFi services, today announced the addition of the Sovryn Dollar (DLLR) asset to Exodus’ corporate treasury.
The Sovryn Dollar (DLLR) is a decentralized, dollar-pegged stablecoin, fully backed by Bitcoin.
“Our treasury allocation is a step towards a new era of financial control and self-custody,” said JP Richardson, Exodus CEO and Co-Founder.
Yago, core contributor to Sovryn, said: “Exodus' adoption of the Sovryn Dollar in their treasury showcases the value and stability of Bitcoin-backed stablecoins.

WISeKey Meets All WebTrust Requirements for Its OISTE/WISeKey Root of Trust

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Thursday, June 22, 2023

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WISeKey has fulfilled all stipulations across three essential areas:

Key Points:

WISeKey has fulfilled all stipulations across three essential areas:
WebTrust for Certification Authorities: This validates that WISeKey has maintained stringent controls in the issuance and management of digital certificates.
WebTrust for Extended Validation: WISeKey satisfied all regulations against the CA/B Forum “Guidelines for the Issuance and Management of EV Certificates,” ensuring only suitably accredited CAs issue EV SSL.
WISeKey also is recognized as trusted root for the Wi-Sun Alliance and GSMA.
We will continue to adhere to and exceed the globally recognized standards that enhance trust in our digital world."

KBRA Releases Global ABS 2023 Conference: Day 2 Recap

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Thursday, June 15, 2023

Banking, Professional Services, Finance, KBRA, Capital Markets Union, Securitization, ESG, Panel, SRT, Grey Hairs, ABS, RMBS, Association for Financial Markets in Europe, Lisp (programming language), Market, Time from NPL (MSF)

KBRA Europe (KBRA) releases a Day 2 recap of the 27th annual Global ABS conference.

Key Points:

KBRA Europe (KBRA) releases a Day 2 recap of the 27th annual Global ABS conference.
Panels featured a range of topics including broad market outlook and review of performance, as well as discussions on various markets such as ESG, CLOs, solar ABS, SRT, auto ABS, consumer ABS, NPLs, RMBS, and more.
There were also a number of discussions on broader topics similar to Day 1, such as innovation in the market, regulation and ESG and sustainability, including the popular Researchers’ Roundtable series.
Click here to view a quick recap of the day’s panel discussions.