Liquid Metal battery startup Ambri files for bankruptcy | Carpetright to layoff head office staff | AstraZeneca initiates COVID-19 vaccine withdrawal

In today’s Portfolio Intelligence Daily:?

• Liquid Metal battery startup Ambri files for bankruptcy
• Carpetright to layoff head office staff
• AstraZeneca initiates COVID-19 vaccine withdrawal

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Liquid Metal battery startup Ambri files for bankruptcy

Ambri Inc., a start-up specializing in Liquid Metal battery technology, aimed to develop a cheaper, more reliable, and environmentally friendly alternative to lithium-ion batteries.

• Despite significant backing from investors like Bill Gates' venture investment firm, the company faced financial challenges due to the high costs of technology development.
• The company, founded in 2010 with $4 million in seed funding, was working on patented Liquid Metal battery tech created by MIT professors.
• Liquid Metal batteries were touted to have advantages over lithium-ion batteries, including lower costs, increased safety, and recyclability.
• Filing for Chapter 11 bankruptcy was deemed the best option, with Ambri seeking $9.5 million in debtor-in-possession financing to continue operations and pursue a sale of assets.

Select timeline

• May 8, 2024 | Bill Gates-backed technology company files Chapter 11 bankruptcy (The Street)
• May 6, 2024 | Battery Developer Backed by Paulson, Gates Files for Bankruptcy (Bloomberg)
• May 6, 2024 | Bill Gates-Backed Ambri Files for Bankruptcy With Plans to Sell Itself (WSJ)

Carpetright to layoff head office staff

Carpetright, a retailer specializing in carpets, flooring, and beds, is planning to lay off more than 25% of its head office staff due to a prolonged downturn.

• The layoffs are primarily targeted at roles in areas such as IT and warehousing, aimed at reducing the company's cost base by ￡22 million
• The decision to reduce head office roles contrasts with no changes planned for the number of stores or retail locations operated by Carpetright.
• Carpetright operates a total of 285 stores and concessions in the UK, along with 120 stores in Belgium, Ireland, and the Netherlands.
• This move reflects the challenges faced by traditional retailers amid changing consumer preferences and economic uncertainties.

Select timeline

• May 8, 2024 | UK’s Carpetright to lay off more than 25% of head office staff (Retail Insight)
• May 7, 2024 | Carpetright To Cut Head Office Staff Numbers (Insight Diy)
• May 7, 2024 | Carpetright to axe over 25% of head office staff (Sky News)

AstraZeneca initiates COVID-19 vaccine withdrawal

AstraZeneca has begun to withdraw its COVID-19 vaccine due to an abundance of updated vaccine options and shifting demand dynamics.

• The decision includes withdrawing marketing authorizations for its Vaxzevria vaccine in Europe.
• The decision comes after AstraZeneca admitted possible side effects of its COVID-19 vaccine, including blood clots and reduced blood platelet counts.
• The occurrence of blood clots is described as "extremely rare," with over 50 reported cases in the UK among vaccine recipients.
• Regulatory support for the vaccine is cited, with the company asserting that the benefits outweigh the risks and potential side effects.

Select timeline

• May 8, 2024 | AstraZeneca to withdraw COVID vaccine globally as demand dips (Reuters)
• May 7, 2024 | European Commission withdraws AstraZeneca’s Covid-19 vaccine’s marketing authorisation, on company request (Business Line)
• April 30, 2024 | AstraZeneca Makes Big U-Turn, Admits Covishield Can Cause Rare Side Effects (NDTV)

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