Founder Wants to Take LendingClub Private
According to Reuters, LendingClub Corp (NYSE:LC)‘s former CEO Renaud Laplanche has talked with various private equity funds and banks about securing enough financing to buy out the beleaguered online lending company and take it private. Laplanche left LendingClub in May after the company found that the executive had taken actions that were potentially in violation of the company’s business practices. Given the regulatory scrutiny around LendingClub and around Laplanche’s exit, the former CEO may have a harder time raising the funds needed to make a bid. The talks are preliminary and there is no guarantee of a deal. LendingClub rescheduled annual meeting is now set for June 28. 23 funds that we track owned shares of LendingClub Corp (NYSE:LC) at the end of the first quarter, up by five from the end of the previous quarter. LendingClub shares are up by 6% in pre-market trading.
Gevo’s Momentum Continues
A day after nano-cap Gevo, Inc. (NASDAQ:GEVO)‘s shares surged by 50% on the news that Alaska Air Group, Inc. (NYSE:ALK) flew the first commercial flight using Gevo’s renewable alcohol-to-jet fuel technology, Gevo, Inc. (NASDAQ:GEVO) shares look poised to rally further out of the morning gate. Shares of the company are up by almost 98% in the pre-market, as speculators and technical traders chase momentum. Alaska Airlines estimates that the 20% biofuel blend it is using for the maiden flights could reduce greenhouse emissions by around 50%. Of the funds in our database, just two owned shares of Gevo, Inc. (NASDAQ:GEVO) at the end of the first quarter. As with all nano-caps, investors should exercise due-diligence before buying or selling.
Skullcandy Rallies on SEC Filing
Skullcandy Inc (NASDAQ:SKUL) is considerably higher in the pre-market on light volume after founder Rick Alden disclosed in a 13D filing that firms associated with him own 12.7% of the company. In the 13D, Alden also said that he is, “determined to explore potential transactions in which he may cause one of his affiliates to make an offer to purchase some or all of the shares of the Issuer’s Common Stock.” The number of funds in our system long Skullcandy Inc (NASDAQ:SKUL) rose by one quarter-over-quarter to 12 as of the end of March.