24H|SMCI Jumps 38% in Overnight Trading; Bakkt Gains 26% after Soaring 162% Monday; Destiny Tech100 Rises 4%

Tiger Newspress
19 Nov 2024

Beleaguered server maker staves off delisting SUPER MICRO COMPUTER INC Inc. late Monday said it gave Nasdaq a "compliance plan" to support its request for a filing extension in order to keep its listing, and announced a new auditor.

Super Micro shares will remain listed pending the plan's review. The stock rallied more than 38% in overnight trading after the news.

The company also said that BDO USA has been named its independent auditor, effective immediately.

Bakkt gained 26% in overnight trading after soaring 162% in the previous trading day. Trump Media & Technology fell 3% in overnight trading.

Donald Trump’s social media company is in advanced talks to buy Bakkt, a cryptocurrency trading venue owned by Intercontinental Exchange, as it pushes to expand beyond online conversation.

The US president-elect’s Trump Media and Technology Group, in which he has pledged to retain his 53% stake, is closing in on an all-share purchase of Bakkt, said two people with knowledge of the talks. The valuation under discussion was not immediately clear but Bakkt’s market capitalisation stood at just over $150mn on Monday.

A successful deal would deepen Trump’s move into the cryptocurrency market after he began promoting a new crypto venture set up by longtime business partners, World Liberty Financial, from which he stands to earn significant fees. Crypto markets have also soared following his election victory, with bitcoin up more than 30% on speculation that his administration would enact favourable legislation for the industry.

Bakkt, which has struggled for profitability since its launch, was created by ICE, and the owner of the New York Stock Exchange still holds a 55% economic interest in it.

Destiny Tech100 Inc rose 4% in overnight trading.

The SpaceX company is DXYZ's largest holding, making up about 37.6% of the portfolio.

President-elect Donald J. Trump plans to attend a SpaceX launch in Texas on Tuesday, according to two people familiar with the planning, in yet another demonstration of the billionaire Elon Musk’s increasing closeness to the incoming president.

SpaceX will be conducting its sixth test of its Starship rocket, the largest and most powerful rocket ever built, which it soon hopes to use to deliver more of its Starlink communications satellites into orbit and to carry NASA astronauts to the moon. Eventually, Mr. Musk wants to use Starship to take humans to Mars.

The test launch is planned for 5 p.m. Eastern time. Mr. Trump’s plans could always change.

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