Business News – 11-22-2021

Authentic Brands Group delays IPO to sell stake in deal, making company worth $12.7B

  • Authentic Brands Group has canceled its plans for an IPO and instead has planned to sell significant equity stakes in its business to private equity firm CVC Captial, and other current shareholders which value the company at $12.7 Billion
  • The CEO of Authentic Brands, Jamie Salter said that that the company will move its IPO target date to 2023 or 2024 

Electric boating start-up, Pure Watercraft sells 25% share to GM

  • On November 22, General Motors acquired a 25% share of Pure Watercraft, a start-up that makes fully electric outboard motors for all kinds of boats
  • With this investment, General Motors will become a supplier for Pure watercraft and a co-developer of fully electric boating products

Shares of Astra increased by 30% after the company reached orbit successfully

  • A rocket-building company called Astra has its stock surge by 30% in trading on Monday after the company reached orbit for the first time on November 20
  • Astra’s rocket LV0007 launched from the Pacific Spaceport Complex in Kodiak, Alaska
  • Astra is currently trading at $11.39, up from its previous price of $9.53

Target to keep its stores closed on Thanksgiving going forward

  • In an announcement from Target, the company will no longer open its stores on Thanksgiving Day and will make a permanent shift to the unofficial start of the holiday season
  • On November 22, Target said its distribution and call centers will have some staff on thanksgiving Day but stores will remain closed

More visa-holders will be allowed back into Australia as it recovers from a skills shortage

  • Taking place on December 1, Australia will allow eligible vis shoulders to enter without needing to apply for a travel exemption 
  • This announcement was made on November 22 by Prime Minister Scott Morrison and he says that those eligible include: skilled workers, students, and refugees

By K Buenavista

Mr. Buenavista is a writer that specializes in breaking down complex topics into easy to understand formats that appeal to a wide range of news seeking readers, without missing the important details. He handles a majority of the daily news reporting at Easy-Ad, and has written on many other websites. He resides in Southern California.