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2025-01-21
Tesla shares fall as court rejects Musk's $56 bln pay packageThe ruling comes just after Mr Elon Musk’s wealth hit an all-time high thanks to a Tesla stock rally following the presidential election. Mr Elon Musk’s record-setting Tesla pay package was again rejected by a Delaware judge even after shareholders supported reinstating it. Despite the June 13 shareholder vote at the company’s annual meeting, Delaware Chancery Court Judge Kathaleen St. J. McCormick decided to stick with her original finding in January that the company’s board was too much under the influence of the billionaire entrepreneur when it adopted the plan in 2018. The stock options package was initially worth US$2.6 billion (S$3.48 billion) and spiked to US$56 billion by the time the judge cancelled it. The package was worth US$101.5 billion at Dec 2’s closing price. Judge McCormick’s ruling striking down the highest-ever pay arrangement for a US corporate executive could take a giant bite out of Mr Musk’s wealth. Even without the payout, he remains the world’s richest person. Tesla shares fell 1.4 per cent in after-hours trading. The ruling comes just after Mr Musk’s wealth hit an all-time high – surpassing the previous record of US$340.4 billion set in November 2021 – thanks to a Tesla stock rally following the presidential election and a new funding round for his artificial intelligence startup. Richest person Mr Musk, 53, spent much of October campaigning for Donald Trump, including speaking at a Madison Square Garden rally in New York City about a week before the election. The president-elect has tapped Mr Musk to co-lead a cost-cutting effort that the new administration is calling “DOGE,” or the “Department of Government Efficiency.” Tesla and its board, which includes Mr Musk, didn’t immediately respond to a request for comment. In Dec 2’s ruling, McCormick awarded US$345 million to the lawyers who fought Mr Musk and Tesla to kill the pay plan. While that amount was far less than the attorneys’ request to be compensated with 29 million Tesla shares – more than US$10 billion at the company’s current share price – it’s still among the largest lawyer paydays in the history of US litigation. “We hope that the Chancellor’s well-reasoned decision will end this matter for the shareholders of Tesla,” said lawyers at the firm of Bernstein Litowitz Berger & Grossmann who won the ruling on behalf of shareholder Richard Tornetta. Possible appeal Mr Musk now has 30 days to decide whether to appeal McCormick’s ruling under Delaware law. Unlike the US Supreme Court, the state’s highest court reviews all appeals of lower-court rulings. The billionaire is expected to contest McCormick’s finding that Tesla directors awarded him excessive compensation because they were handcuffed by conflicts of interest. He had previously said he needed a bigger stake in Tesla to maintain control of the electric-car maker and expand further into artificial intelligence. “There were undoubtedly a range of healthy amounts that the board could have decided to pay Musk,” Judge McCormick wrote in her 101-page decision. “Instead, the board capitulated to Musk’s terms.” BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel nowgstar28

Amritsar: A group of Panthic leaders , in a meeting on Wednesday, said the punishment handed down to Sukhbir Singh Badal was mild. The meeting was attended by the team which organised the 2015 Sarbat Khalsa and included Mohkam Singh, Jarnail Singh Sakhira, Amrik Singh Ajnala, Satnam Singh Manava, Vassan Singh Jaffarwal, and Gurdeep Singh Bathinda. They said during the Sarbat Khalsa, they had unanimously appointed Jagtar Singh Hawara, imprisoned in Tihar jail, as the jathedar of Akal Takht and reiterated their respect for him and affirmed their continued support for his leadership. Sakhira said it was unacceptable for them to remain silent in the face of incomplete or incorrect decisions by Akal Takht. “Had we not raised voices against the pardon granted to Dera Sacha Sauda chief Gurmeet Ram Rahim by the Sikh high priests, the pardon would never have been revoked,” he said. We also published the following articles recently Cleaning utensils, shoes over SAD rule 'mistakes': Akal Takht issues religious punishment for Sukhbir Singh Badal The Sikh clergy imposed religious penalties on Sukhbir Singh Badal and other Shiromani Akali Dal leaders for actions during their 2007-2017 rule. Badal received 'sewadar' duties at the Golden Temple, including cleaning utensils and shoes. The Akal Takht also revoked Parkash Singh Badal's 'Fakhre-e-Qaum' title and mandated other leaders to perform similar services. 'Wash utensils, clean bathrooms': Why Sikh high priests have punished SAD leader Sukhbir Singh Badal Sukhbir Singh Badal, former Punjab deputy CM, performed public penance at the Golden Temple after being declared 'tankhaiya' for religious misconduct during SAD's rule. He carried a spear and wore a placard displaying Gurbani verses. The Akal Takht Jathedar cited Badal's failure to address the 2015 sacrilege incidents and the pardoning of Gurmeet Ram Rahim Singh in a blasphemy case. Sikh community the real force behind Shiromani Akali Dal (SAD) leader Sukhbir Singh Badals submission, Takhts assertion Sukhbir Singh Badal, former SAD president, admitted his and his late father's wrongdoings during their rule in Punjab before the Akal Takht. Driven by public pressure and electoral losses, this submission reflects a shift in Sikh politics. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .ANDOVER, Mass. , Dec. 2, 2024 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced the appointment of Mr. Gerardo Hernandez as the Company's Chief Financial Officer, effective December 2, 2024 . In this role, Mr. Hernandez joins the TransMedics executive leadership team, succeeding Mr. Stephen Gordon . To enable a smooth transition, Mr. Gordon will remain a non-executive employee of the Company until March 31, 2025 , before serving as a non-employee senior advisor to the Company focusing on national transplant stakeholder engagement until March 31, 2026 . TransMedics also updated its 2024 financial outlook. Dr. Waleed Hassanein , Mr. Gerardo Hernandez and Mr. Stephen Gordon will attend the upcoming Piper Sandler Conference on December 3, 2024 , the TransMedics Investor & Analyst Day on December 10, 2024 , as well as the J.P. Morgan Healthcare Conference in January 2025 . Mr. Hernandez is an accomplished finance leader with over 25 years of experience across the healthcare and consumer packaged goods (CPG) sectors. He most recently served as Vice President Finance, Head of Corporate Financial Planning and Analysis at Alnylam Pharmaceuticals, a biopharmaceutical company focused on RNAi therapeutics. In this role, Mr. Hernandez led a global team as the company scaled rapidly. Prior to his role at Alnylam, Mr. Hernandez spent nearly a decade at Shire, where he rose through the organization, eventually leading corporate FP&A. During his tenure, Shire was acquired by Takeda in a $62 billion transaction, after which he was instrumental in the integration effort. Mr. Hernandez began his career at Unilever where he held several finance roles of increasing responsibility before joining Shire in 2010. Mr. Hernandez holds a Bachelor of Science degree in Finance from the University of Wisconsin , La Crosse and an MBA in Strategy and Economics from Fundação Getulio Vargas , Sao Paulo, Brazil . "Stephen has been an exceptional partner to me as a member of the TransMedics leadership team for nearly a decade. During his tenure we transitioned the Company from a clinical stage organization to a high growth, publicly traded commercial business," said Waleed Hassanein , M.D., President and Chief Executive Officer. "On behalf of the entire management team and the Board, I want to thank Stephen for his countless contributions to our business that will have lasting benefits for the Company. I am grateful for Stephen's dedication and efforts to advance our corporate strategy while delivering considerable shareholder value, and I look forward to his continued partnership to affect a smooth transition as we start our next chapter at TransMedics." "I am delighted to welcome Gerardo to the TransMedics leadership team as our new Chief Financial Officer," added Dr. Hassanein. "His proven record over two decades of leadership across FP&A functions within high-growth, complex global organizations makes him an ideal addition to our team. I am looking forward to partnering with Gerardo as we continue to deliver significant long-term corporate growth and shareholder value." "I am thrilled to join TransMedics as Chief Financial Officer," said Mr. Hernandez. "I look forward to working with the entire leadership team to expand access to the Company's unparalleled products and services in the organ transplant field while enhancing operational efficiency and delivering lasting value to both our shareholders and the patients we serve." Dr. Hassanein concluded, "As we enter the final weeks of the fourth quarter, we are also updating our financial outlook for the full year 2024. Our updated guidance reflects our continued expectation for considerable year-over-year revenue growth. We look forward to providing additional context at our upcoming Investor & Analyst Day." 2024 Financial Outlook TransMedics now expects revenue for the full year 2024 to be in the range of $428 million to $432 million, which represents 77% to 79% growth compared to the Company's prior year revenue. Piper Sandler 36th Annual Healthcare Conference Members of the TransMedics management team will participate in a fireside chat at the upcoming Piper Sandler 36th Annual Healthcare Conference at the Lotte New York Palace. The fireside chat will take place on Tuesday, December 3, 2024 , at 4:00 p.m. Eastern Time . A live and archived webcast of the fireside chat will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com . The Company's standard investor presentation is also available through this link. TransMedics Investor & Analyst Day Details TransMedics will discuss the transition and updated financial outlook, as well as the Company's growth strategy, clinical pipeline, and operations, in greater detail at its Investor & Analyst Day in New York City on Tuesday, December 10, 2024 , at 10:00 a.m. Eastern Time . A live and archived webcast of presentations and Q&A sessions will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com . Please note management will only take questions from the live audience during the question-and-answer session following formal presentations. About TransMedics Group, Inc. TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts , the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure. Forward-Looking Statements This press release contains forward-looking statements with respect to, among other things, a leadership transition and our full-year guidance. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: our ability to maintain profitability on a sustained basis; our ability to attract, train and retain key personnel; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreement to which we will remain subject until maturity; the fluctuation of our financial results from quarter to quarter; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; our dependence on the success of the Organ Care System or OCS; our ability to expand access to the OCS through our National OCS Program or NOP; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our ability to improve the OCS platform and develop the next generation of the OCS products; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States , the European Union, and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration or FDA, or other competent authorities, follow-up inquiries in a timely manner; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our logistics capabilities to support our NOP and reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration or FAA or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; the timing or results of post-approval studies and any clinical trials for the OCS; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; the impact of any product recalls or improper use of our products; our estimates regarding revenues, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. Investor Contact: Brian Johnston Laine Morgan 332-895-3222 Investors@transmedics.com View original content to download multimedia: https://www.prnewswire.com/news-releases/transmedics-appoints-gerardo-hernandez-as-chief-financial-officer-and-provides-updated-2024-financial-outlook-302320060.html SOURCE TransMedics Group, Inc.



LUKE LITTLER stormed into the quarter-finals of the Players Championship Finals with a 10-3 win over Danny Noppert. The Nuke, 17, breezed into the third round earlier in the day with a 6-23 victory over Ritchie Edhouse - having already beaten Rob Cross 6-0 in his opening match . Edhouse was left applauding Littler after he hit double bullseye to complete a 120 checkout. And it was more exhibition stuff from the teenager in the evening session as he booked a last-eight clash with Mike De Decker. Littler won the opening two legs before Noppert pegged him back to level at 2-2. That sparked the world championship runner-up into life as he proceeded to claim six legs on the spin to effectively put the match to bed. Noppert pulled one back to add some respectability to the scoreline, before Littler finished it off. Littler averaged a breathtaking 104.70 to Noppert's 88.92. But the supreme talent batted away talk of breaking 16-time world champion Phil Taylor's records when asked in his post-match interview. He said: "It’s crazy to think about trying to beat Phil Taylor’s records of 16 world titles. But I guess I’ll just have to keep going for years and years!" CASINO SPECIAL - BEST CASINO WELCOME OFFERS On the potential of a nine-dart finish, he added: "Every time I start any leg with a 180 they expect me to follow up. "Tomorrow if I do get a shot it’s going to be treble 17 for double 15, so I’ll switch it up." Littler also took the time to speak about his next opponent, De Decker. He said: "I’m sure it will be another great game. Obviously at the Grand Slam it was incredible to be a part of that game against Mike. "I’ll go back now and chill out on my phone and play a bit of my Nintendo Switch. Go to bed and up early." Reacting to the performance, one darts fan said: "Different class to anyone right now." While another added: "Didn’t get out of second gear, such maturity from Littler 🎯🎯🎯." And a third said: "No contest, different class again." Littler has won both of his previous meetings against De Decker. The latest of those came last week at the Grand Slam of Darts where the pair battled it out in an epic. Littler trailed 8-4 but came roaring back to claim a 10-9 win in the last-16 clash. He then went on to win the tournament - his first ranking title.

Stock market today: Wall Street hits records despite tariff talkCyber Monday shoppers expected to set a record on biggest day for online shoppingIt's bleak, but all is not lost for the New York Jets this season. With six games remaining, the Jets have an opportunity to begin building toward the future. It's an ideal time to evaluate lesser-known commodities in real-game situations and determine whether or not they're worth keeping once the new regime is in place. According to Bleacher Report , undrafted rookie defensive lineman Leonard Taylor III is a player who warrants more action as the season winds down. From Prioritizing Every Roster's Biggest Weaknesses Before Week 12 : Move to Make Now: Give Leonard Taylor III more snaps The Jets primarily play Quinnen Williams and Javon Kinlaw on the inside. Leonard Taylor III, Eric Watts and Bruce Hector have been getting some run as rotational players. Moving beyond 2024, it's unclear whether Kinlaw will remain with the team. He's a free agent and Robert Saleh, who coached him in San Francisco, is no longer the coach. Taylor is an undrafted free agent who was once considered a Day 1 or 2 pick when he was at Miami. He had two tackles for loss on Sunday and should get an extended look the rest of the season. — Bleacher Report Taylor may actually be ready to help the Jets right now as their interior line play hasn't been stellar. He's already appeared in eight games, playing fewer than 20 defensive snaps per outing. RELATED: Mysterious benching potentially influenced by Jets' owner Woody Johnson The 25-year-old Taylor has been active seven weeks in a row for the Jets. He's made multiple tackles in five consecutive appearances. Meanwhile, the Jets may have unlocked a wider opportunity for Taylor by releasing Hector earlier this week to create a roster spot for kicker Anders Carlson. With Williams being the lone defensive tackle on a long-term contract, Taylor can establish himself as part of the future. Kinlaw, Solomon Thomas and Leki Fotu are all on one-year deals and seem unlikely to return in 2025. The Jets should use this time wisely to see what they have in Taylor. More New York Jets News: • Boomer Esiason's reason why Aaron Rodgers-led Jets lack downfield pass game • Ex-Jets' QB Ryan Fitzpatrick drags Aaron Rodgers in viral social post • Who is New York Jets' interim general manager Phil Savage? • Three serious candidates for Jets' head coaching job • Aaron Rodgers assesses Jets' interim head coach after 5 games

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