The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday morning as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
SmileDirectClub is bracing for a windfall of cash.
The company, which provides invisible teeth-straightening devices, is looking to sell up to $1 billion in stock in an initial public offering, three people with knowledge of the matter said.
SmileDirectClub is currently on file confidentially and aiming to flip its IPO prospectus to be public sometime next month, with a debut targeted for September, said the people, who asked not to be named discussing private details about the offering.
The size and timing of the offering could still change depending on market conditions.
SmileDirectClub was most recently valued at $3.2 billion in a private fundraising round led by Clayton, Dubilier & Rice, Kleiner Perkins and Spark Capital. The exact valuation that SmileDirectClub is targeting could not be learned but is expected to be much higher than their most recent round.
SmileDirectClub, based in Nashville, Tenn., manufacturers and sells invisible braces. The company allows consumers to book a 3D imagery in their "SmileShop" or get an at-home kit sent to their home. They will then send clear aligners for $1,895, which the company says can take six months of full-time wear, on average, to straighten teeth. Company is doing approximately $1 billion in run rate revenue for 2019, one of the people said.
Since the company was founded in 2014 by Alex Fenkell, 30, and Jordan Katzman, 29, SmileDirectClub has grown to 300 SmileShop locations and 5,000 employees. The CEO, David Katzman (Jordan's father) also seeded the company in addition to 1-800-Contacts and Quicken Loans.
In April, CVS Health and SmileDirectClub signed a partnership to put SmileShops in hundreds of CVS Pharmacy locations this year.
The company competes with Align Technology, the publicly traded maker of Invisalign, which acquired a 17 percent stake in SmileDirectClub in 2016. Since then, the two have feuded.
SmileDirectClub brought arbitration alleging that Align breached its non-compete and misused confidential information. In March, a judge ruled in favor of SmileDirectClub and ordered Align to close all 12 of its Invisalign stores and prevented it from opening new stores. The ruling also required Align to return its ownership back to SmileDirectClub at 2017 levels, which is well below their latest fundraising round.
JPMorgan and Citigroup are the lead underwriters on the IPO, two of the people said. Bank of America, Credit Suisse and Jefferies are also managing the offering, they said.
Axios had earlier reported that SmileDirectClub had hired JPMorgan for an IPO.
"The company as a matter of policy does not comment on market rumors," said a representative for SmileDirectClub by email in response for a request to comment on the IPO. "However, we always are exploring financing alternatives to take advantage of favorable market conditions."
JPMorgan, Bank of America, Credit Suisse, Citi and Jefferies declined to comment.