Why this matters: Tesla is in the news again and this time for allegedly failing to deliver on its contractual agreement with JPMorgan. Tesla had sold warrants to JPMorgan in 2014 that would pay off if their “strike price” were below Tesla’s share price upon the warrants’ expiration in June and July 2021. They’ve allegedly failed to keep up their end of the bargain and the bank is now seeking $162.2 million plus interest, attorneys’ fees, and expenses. (Yahoo Finance)
AMC stock is on the move
AMC (AMC) stock went up despite a lukewarm weekend box office performance.
Why this matters: It seems like moviegoers are slowly returning to the cinemas. Marvel (DIS)’s Eternals experienced a 61% decline from its opening weekend last week but still managed to top the domestic charts by bringing in $27.5 million. AMC also announced that it would start accepting Bitcoin, Ethereum, and Litecoin as online payments. AMC shares went up nearly 6%. (Barron’s)
RBI acquires Firehouse Subs for $1 billion
Restaurant Brands International (QSR) announced its acquisition of sub sandwich chain, Firehouse Subs for $1 billion.
Why this matters: Firehouse Subs was launched by two former firefighter brothers in 1994. They will be the newest addition to Restaurant Brands’ already existing chain which includes Burger King and Popeyes. Restaurant Brands estimates the value of the U.S. quick-service sandwich category at about $30 billion. (Market Watch)