Market Signal Briefing

Item 1 of 2 A Mercedes-Benz sign is seen reflected on a building in Warsaw, Poland July 6, 2017. REUTERS/Laszlo Balogh/File Photo

[1/2]A Mercedes-Benz sign is seen reflected on a building in Warsaw, Poland July 6, 2017. REUTERS/Laszlo Balogh/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesAthos Silicon to develop energy-efficient chips for self-driving carsAthos receives significant investment and intellectual property from Mercedes-BenzAthos aims for independence to collaborate with multiple carmakersPower savings crucial for electric vehicles, Athos CEO emphasizesSAN FRANCISCO, Sept 26 (Reuters) - Mercedes-Benz on Friday spun out into a new company a group of chip experts in Silicon Valley that is working on creating a new generation of computing brains for self-driving cars, drones and other vehicles.

Athos Silicon, based in Santa Clara, California, will house a group of engineers who for five years worked at Mercedes-Benz Research & Development North America to develop the new chips, which aim to be safe enough for use in cars while using less energy than existing chips.

Sign up here.

As part of the spinout, Athos is receiving intellectual property developed by the group and what Mercedes-Benz described as a "significant" investment, though neither the carmaker nor Athos disclosed the value of the transaction.

For chips used in cars, reliability is key, so critical self-driving functions are often handled by two or more separate chips in order to have backups in case of a failure. The Athos team developed a way to get the same kind of reliability using "chiplets," which are tiny pieces of chips that can be bound together in a single package.

Keeping the chips in a single package can use 10 to 20 times less power than having separate chips that must communicate with one another across a circuit board, Athos Silicon Chief Executive Charnjiv Bangar said in an interview on Friday. Those power savings are important in electric vehicles where the car's computing brains must compete with its wheels for limited battery power.

"For an electric future, electricity is a new currency," Bangar said.

Athos Silicon intends to raise venture capital from other investors. Bangar declined to disclose Mercedes-Benz's precise stake, but said the carmaker will be a minority shareholder and the chip firm will have an independent board.

"Independence is important for Athos, so that we can reach out to other (carmakers), competitors of Mercedes. We need to make sure we have a neutral approach," Bangar said.

Reporting by Stephen Nellis in San Francisco
Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Heritage Financial Corporation (NASDAQ:HFWA) M&A Call September 26, 2025 1:00 PM EDT

Company Participants

Bryan McDonald - CEO, President & Director
Donald Hinson - Executive VP & CFO

Conference Call Participants

Ryan Payne - D.A. Davidson & Co., Research Division
Ashley Aloupis - Piper Sandler & Co., Research Division
David Feaster - Raymond James & Associates, Inc., Research Division
Andrew Terrell - Stephens Inc., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Good afternoon. My name is Elisa, and I will be your moderator for the conference call today. At this time, I would like to welcome everyone to the Heritage Financial Investor Call. [Operator Instructions] Thank you. Bryan McDonald, CEO of Heritage Financial, you may begin.

Bryan McDonald
CEO, President & Director

Thanks, Elisa. Good morning, everyone, and thank you for joining us. We are here to talk about the recently announced combination between Heritage and Olympic Bancorp, the parent of Kitsap Bank. During today's call, we will be referring to a presentation detailing the transaction, and I would encourage everyone to access this on our Investor Relations website. Attending with me are Don Hinson, Chief Financial Officer; Tony Chalfant, Chief Credit Officer; and Jennifer Nino, Chief Accounting Officer.

As a reminder, during this call, we may make forward-looking statements, which are subject to economic and other factors. You can find the investor presentation and press release on our corporate website and important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements are disclosed within these documents. Yesterday, after the market closed, we announced an agreement to acquire Olympic Bancorp, the holding company of Kitsap Bank, a 117-year-old community bank headquartered in Port Orchard, Washington, with total assets of $1.7 billion. Kitsap is a high-quality community bank operating primarily in the Western Puget Sound region through 16 branches and 1 loan

Recommended For You

HomeIndustriesNexstar remains the last holdout in a move by some ABC affiliates to take Kimmel’s show off the air amid government pressure that raised allegations of censorshipPublished: Sept. 26, 2025 at 3:39 p.m. ET

The suspension of Jimmy Kimmel’s show by ABC and its affiliates led to protests and calls to boycott Disney streaming services. Photo: Mario Tama/Getty ImagesLocal-television giant Sinclair Inc. said Friday that it was ending its boycott of late-night host Jimmy Kimmel’s program on the company’s ABC affiliates, leaving Nexstar Media Group Inc. as the last remaining holdout.

Sinclair SBGI said it had made the decision to return “Jimmy Kimmel Live!” to the air following a nearly two-week suspension after the company engaged in “constructive discussions” with ABC and received “thoughtful feedback from viewers, advertisers, and community leaders representing a wide range of perspectives.”

Local TV conglomerate Sinclair Broadcast Group said its ABC-affiliate stations will start airing Jimmy Kimmy Live! again on Friday night, ending its preempting of the show.

Sinclair, along with fellow station owner Nexstar Media Group, continued to preempt Kimmel’s late-night talkshow even after ABC had put Kimmel back on air.

Together, Sinclair and Nexstar’s preemption of the show left about 25% of TV viewers in the US unable to watch it, with the two companies owning 70 ABC-affiliate stations combined.

The two companies are the largest owners of local TV stations in the country. Sinclair currently owns more than 185 TV stations across 85 markets, while Nexstar owns 200 stations across 116 markets.

In a statement, Sinclair said it received “thoughtful feedback from viewers, advertisers and community leaders representing a wide range of perspectives”.

“Our objective throughout this process has been to ensure that programming remains accurate and engaging for the widest possible audience,” the firm said.

The company said that it had “ongoing and constructive discussions” with ABC where Sinclair proposed measures to strengthen accountability and viewer feedback, including having a “network-wide independent ombudsman”. ABC and Disney have not agreed to the measures, and Sinclair noted that it “respects their right to make those decisions under network affiliate agreements”.

The announcement leaves Nexstar as the only TV station owner still preempting the show.

Much of the Kimmel controversy started when Brendan Carr, chair of the Federal Communications Commission (FCC), threatened regulatory blowback to broadcasters if Kimmel’s comments on Charlie Kirk’s killing were not addressed.

Nexstar is seeking FCC approval for a merger with Tegna, another owner of local TV stations. The merger would require the FCC to change limits on the percentage of the national audience that it reaches, which essentially caps the number of TV stations a single company can own.

Nexstar was the first to announce it would preempt Kimmel’s show, followed by Sinclair. Shortly after, ABC announced it would pause production of Kimmel’s show “indefinitely” – a hiatus that lasted almost a week, and prompted widespread criticism.

On Truth Social, Donald Trump praised ABC for taking Kimmel off the air, saying it had “the courage to do what had to be done”, before criticizing the company for reversing the decision.

“I think we’re going to test ABC out on this. Let’s see how we do,” Trump wrote on Tuesday. “Last time I went after them, they gave me $16 Million Dollars,” he said, referring to Disney’s controversial payment to Trump to settle a defamation lawsuit in December.

After ABC announced Kimmel would come back Tuesday, Nexstar said in a statement that it would continue to evaluate the status of the show.

“We are engaged in productive discussions with executives of the Walt Disney Company, with a focus on ensuring the program reflects and respects the diverse interests of the communities we serve,” it said.

In recent days, Sinclair has stressed that its decision to continue preempting Jimmy Kimmel Live! “was independent of any government interaction or influence”.

“Free speech provides broadcasters with the right to exercise judgment as to the content on their local stations,” the company said, adding that it “is simply inconsistent to champion free speech while demanding broadcasters air specific content.”

Sinclair has a history of being influential in boosting the conservative movement in recent years, including requiring local TV news anchors to read a script about “fake news” and “one-sided news stories plaguing our country”, elevating claims that Trump was making at the time during his first presidency.

Electronic Arts Inc (NASDAQ:EA, ETR:ERT) shares climbed more than 14% to $192.25 in late afternoon trading on Friday after the Wall Street Journal reported that the video game maker is in advanced discussions to go private at a valuation of about $50 billion, citing a source familiar with the matter. 

The media outlet noted that the deal, which could be announced as soon as next week, involves a group of investors including private-equity firm Silver Lake and Saudi Arabia's Public Investment Fund.  

In late July, Electronic Arts reported preliminary fiscal first quarter 2026 net bookings of $1.298 billion, which was above the high end of their guidance range and exceeded Wall Street estimates of $1.285 billion. 

The company, though, has forecast second-quarter net bookings below analyst expectations.  

Recently, its Battlefield 6 beta game saw the largest player count in the franchise’s history, beating the 13.2 million record set by Battlefield 1. 

Electronic Arts stock has gained more than 30% year to date.  

Company Stock Will Begin Trading on Split Adjusted Basis October 1, 2025 LAKE BARRINGTON, IL, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Yunhong Green CTI Ltd.

Sinclair said it will end its pre-emption of “Jimmy Kimmel Live!” and air the late-night show again beginning Friday.

Tesla's (TSLA) new Street-high price target on the Mag 7 stock starts a key conversation on today's Next Gen Investing panel: is Tesla a car company or an A.I. company? As Marley Kayden points out, Dan Ives's price target hike points to Tesla being both by using A.I.

Key Takeaways Citigroup partners with Dandelion to integrate WorldLink with its digital wallet network.The collaboration enables near-instant B2C payments into wallets across multiple markets.Clients gain access to over 150 digital destinations, strengthening C's global reach
Citigroup Inc. (C - Free Report) and Dandelion, a subsidiary of Euronet Worldwide, Inc., collaborate to enhance cross-border payments by integrating Citigroup’s WorldLink Payment Services with Dandelion’s extensive digital wallet network.

In recent years, many companies have been taking steps to improve their payment platforms. In April 2025, Barclays PLC (BCS - Free Report) partnered with Brookfield Asset Management Ltd. (BAM - Free Report) to transform its payment acceptance business and drive long-term growth. The partnership combines BCS’s extensive UK client relationships and payments expertise with BAM’s global private equity experience in payments, technology and operational transformation, aiming to create a standalone entity and enhance service offerings for merchants and corporate clients.

Details of the Citigroup–Dandelion CollaborationThis partnership will enable C’s clients to deliver near-instant, full-value payments into digital wallets across multiple markets. The capability will initially be extended to the Philippines, Indonesia, Bangladesh, and Colombia, with further expansion planned.

The collaboration empowers Citigroup’s institutional clients to make faster, cost-effective business-to-consumer (B2C) payments across borders. By paying directly into wallets, the company can address applications such as remittances, payroll, expense reimbursements, customer refunds, compensation payouts and transfers to freelance or gig-economy workers.

Emanuela Saccarola, Citigroup’s head of Cross-Border Payments, Services, stated, “Our collaboration with Dandelion underscores Citi's commitment to delivering innovative and comprehensive payment solutions that meet the evolving needs of our global clients.” Saccarola further stated, “By integrating Dandelion's robust digital wallet network with Citi's global payment infrastructure, we are enabling clients to reach new markets with faster, more transparent and cost-efficient solutions. This reinforces Citi’s leadership in 24/7 real-time global payments.”

Strategic Implications of C's CollaborationThe partnership expands Citigroup’s WorldLink capabilities, allowing clients to make cross-border payments in more than 135 currencies through traditional wires, automated clearing house and cross-border instant payments.

With this partnership, the company extends its reach to over 150 digital destinations, including mobile wallets and debit cards, positioning itself strongly in the evolving global payments landscape.

With Dandelion’s network covering 63 countries, Citigroup clients could gain access to broader digital economies where digital wallets are the primary channel for financial transactions. The integration with wallet providers and card networks will also help to broaden its global payment footprint.

C’s Zacks Rank & Price PerformanceOver the past six months, C’s shares have gained 42.1% compared with the industry’s 28.5% growth.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PUMP, ACDC, PTEN, LBRT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

MONTREAL--(BUSINESS WIRE)--Today, Saint-Gobain Canada officially marked the completion of its expansion and sustainable upgrade project at its CertainTeed Gypsum plant in Sainte-Catherine, Quebec, transforming the facility into North America's first zero-carbon (scopes 1 and 2) gypsum wallboard plant and the largest in the world. First announced in 2022, Saint-Gobain completed major electrification upgrades allowing the plant to be solely powered by renewable electricity. The numerous facility.

Key Takeaways
The U.S. will impose tariffs of up to 50% on furniture, President Trump said, sending some industry players' shares up and others down.Even the companies whose shares are rising have discussed the downside of tariffs on metals and other materials they use.

President Donald Trump's latest tariffs have led to some early winners and losers among furniture stocks.

Newly announced tariffs on furniture ripped through sector stocks on Friday, lifting shares of companies with a significant domestic manufacturing footprint and dragging down high-end retailers, such as RH (RH) and Williams-Sonoma (WSM).

The U.S. will impose a 50% tariff on kitchen cabinets, bathroom vanities and related products, beginning Oct. 1, and a 30% tariff on upholstered furniture, Trump said on Truth Social Thursday night. The import taxes are a response to the "large scale FLOODING" of these products into the U.S., which hurts domestic manufacturing, and therefore, poses a national security threat, Trump said.

The U.S. imported $44.4 billion furniture and fixtures in 2024, according to data from the Commerce Department, including $6.4 billion in upholstered household furniture and at least $8.2 billion in wood cabinets, countertops and furniture.

The White House didn't respond to Investopedia's questions, including whether the tariffs will apply to goods that comply with the United States-Mexico-Canada trade agreement, in time for publication.

What The News Means for Consumers
Most economists believe at least a portion of the cost of tariffs will be passed along to consumers. Gauging when and how import taxes show up via higher prices can be complicated. For instance, tariffs on aluminum and steel may hurt MasterBrand and MillerKnoll, but an import tax on furniture may bolster demand for their domestically sourced products.

Some furniture companies with domestic manufacturing plants saw their shares rise Friday.

Cabinetmaker MasterBrand's (MBC) stock was recently up almost 6%. The Ohio-based business has 15 manufacturing facilities in the U.S., four in Mexico and one in Canada, its website says. Tariffs on materials it uses may have a "significant impact on cost" and weigh on already weakening demand, CFO Andrea Simon said on a conference call last month, according to a transcript.

Shares of MillerKnoll (MLKN), a furniture-maker based in Michigan, recently rose 3%. About 75% of the square footage MillerKnoll rents and owns is located in the U.S., according to its most recent annual report. The company raised prices and announced a surcharge earlier this year to help cover the cost of tariffs, executives said on recent conference calls.

The announcement weighed on shares of RH (RH) and Williams-Sonoma (WSM), which were recently off by about 3% and less than 1%, respectively. Both companies do some upholstery work in the U.S., with RH planning to have 52% of the segment made domestically by the end of the fiscal year, their CEOs said on recent conference calls.

Additional tariffs would hurt smaller players more than their companies and other big players, the CEOs said.

"I run the biggest luxury home brand in the world. Somebody call me," RH CEO Gary Friedman said earlier this month, according to a conference call transcript from AlphaSense. "It's not really us I worry about. I don't want to win because 50% of our competitors, who are really good, hardworking people, get wiped out."

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

Investors in BellRing Brands, Inc. (BRBR - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 21, 2025 $85.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for First Interstate BellRing Brands share, but what is the fundamental picture for the company? Currently, First Interstate BellRing Brands is a Zacks Rank #3 (Hold) in the Food - Miscellaneous Industry that ranks in the Bottom 30% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their estimates for the current quarter, while six have revised their estimates downwards. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from 60 cents per share to 55 cents per share in the same time period.

Given the way analysts feel about First Interstate BellRing Brands right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Looking to Trade Options?Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk.

Click to see the trades now >>

MUSCATINE, Iowa, Sept. 26, 2025 (GLOBE NEWSWIRE) -- On August 4, 2025, HNI Corporation (NYSE: HNI; “HNI” or “the Corporation”) announced a definitive agreement to acquire Steelcase, Inc. (NYSE: SCS; “Steelcase”) in a cash and stock transaction (the “Acquisition”). The companies’ complementary brand portfolios, dealer networks, and industry segments are expected to enhance customer reach and enable the combined company to accelerate strategic initiatives to better serve customers and drive long-term profitable growth. On a pro forma basis, the combined company had net sales of approximately $5.7 billion for the year ended December 28, 2024. HNI is targeting for the Acquisition to close in the fourth quarter of the calendar year 2025. The consummation of the Acquisition is subject to the satisfaction of customary closing conditions, but is not subject to the completion of the Exchange Offer or Consent Solicitation or a financing condition.

In connection with the Acquisition, HNI today announced the commencement of an offer to exchange (the “Exchange Offer”) any and all outstanding 5.125% Notes due 2029 (the “Existing Steelcase Notes”), as issued by Steelcase, for up to $450,000,000 aggregate principal amount of new notes to be issued by HNI (the “New HNI Notes”), as set forth in the table below. The New HNI Notes will be guaranteed by certain subsidiaries of the combined company. Each New HNI Note issued in the Exchange Offer for a validly tendered Existing Steelcase Note will have an interest rate and maturity date that is identical to the interest rate and maturity date of the tendered Existing Steelcase Note, as well as identical interest payment dates and optional redemption prices.

The following table sets forth the Consent Payment, Exchange Consideration, Early Tender Payment and Total Exchange Consideration for Existing Steelcase Notes for which the New HNI Notes are being offered:

Title of
Existing
Steelcase
Notes
 CUSIP
Number of
Existing
Steelcase
Notes
 Maturity
Date  Aggregate
Principal
Amount
Outstanding  Consent
Payment(1)(2)
 Exchange
Consideration(1)(2)(3)
 Early Tender
Payment (1)(2)(3) Total Exchange
Consideration(1)(2)(3)(4)     CashNew HNI Notes
(Principal
Amount)
 New HNI Notes
(Principal
Amount) New HNI Notes
(Principal
Amount) Cash 5.125% Senior Notes due 2029 858155 AE4 January 18, 2029 $450,000,000$2.50
  $970 $30$1,000 $2.50               (1) For each $1,000 principal amount of Existing Steelcase Notes accepted for exchange.
(2) The Consent Payment and the Early Tender Payment will be paid to Eligible Holders (as defined herein) on the Settlement Date (as defined herein). In order to be eligible to receive the Consent Payment, Eligible Holders of Existing Steelcase Notes must, at or prior to the Early Tender Date (as defined herein), validly deliver and not validly revoke their related consents, even if such person is no longer the beneficial owner of such Existing Steelcase Notes on the Expiration Date (as defined herein).
(3) The New HNI Notes will accrue interest from (and including) the most recent date on which interest has been paid on the Existing Steelcase Notes accepted in the Exchange Offer.
(4) Includes the Consent Payment and the Early Tender Payment.

In conjunction with the Exchange Offer, HNI is also soliciting consents (the “Consent Solicitation”), on behalf of Steelcase, in each case upon the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated September 26, 2025 (the “Statement”) from Eligible Holders of the Existing Steelcase Notes to amend the Steelcase indenture dated August 7, 2006, governing the Existing Steelcase Notes (as amended, the “Existing Steelcase Indenture”), and the Existing Steelcase Notes to eliminate certain covenants and restrictive provisions from the Existing Steelcase Indenture and the Existing Steelcase Notes (the “Proposed Amendments”).

Any Eligible Holder that validly delivers at or prior to 5:00 p.m., New York City time, on October 9, 2025, unless extended (the “Early Tender Date”) and does not validly revoke at or prior to the Withdrawal Deadline (as defined below) a consent in the Consent Solicitation in respect of Existing Steelcase Notes will be eligible to receive payment in cash of $2.50 per $1,000 principal amount of such Existing Steelcase Notes (the “Consent Payment”). Existing Steelcase Notes that have been validly tendered may be withdrawn, and related consents that have been validly delivered may be revoked, at any time prior to the Withdrawal Deadline. The Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on October 27, 2025, unless extended by HNI (such date and time with respect to the Exchange Offer and Consent Solicitation, as the same may be extended for the Exchange Offer and Consent Solicitation, the “Expiration Date”).

For each $1,000 principal amount of Existing Steelcase Notes validly tendered at or before the Early Tender Date and not validly withdrawn, Eligible Holders of Existing Steelcase Notes will be eligible to receive the total exchange consideration set out in the table above and on the cover page of the Statement (the “Total Exchange Consideration”), which includes the exchange consideration set out in such table, the Consent Payment and the early tender payment set out in such table (the “Early Tender Payment”). To be eligible to receive the Total Exchange Consideration, Eligible Holders must (i) validly tender (and not validly withdraw) their Existing Steelcase Notes at or prior to the Early Tender Date, (ii) validly deliver (and not validly revoke) their related consent in the Consent Solicitation at or prior to the Early Tender Date and (iii) beneficially own such Existing Steelcase Notes at the Expiration Date.

For each $1,000 principal amount of Existing Steelcase Notes validly tendered after the Early Tender Date but prior to the Expiration Date, Eligible Holders of Existing Steelcase Notes will be eligible to receive $970 principal amount of New HNI Notes (plus cash in respect of any fractional portion of New HNI Notes). To be eligible to receive the Exchange Consideration, Eligible Holders must (i) validly tender (and not validly withdraw) their Existing Steelcase Notes at or prior to the Expiration Date and (ii) beneficially own such Existing Steelcase Notes at the Expiration Date.

The settlement date (“Settlement Date”) will be promptly after the Expiration Date and is expected to be within five business days after the Expiration Date. To the extent the consummation of the Acquisition is not anticipated to occur on or before the then-anticipated Settlement Date, for any reason, HNI anticipates extending the Expiration Date until such time that the Acquisition may be consummated on or before the Settlement Date. During any extension of the Expiration Date, all Existing Steelcase Notes previously tendered (and not validly withdrawn) in the extended Exchange Offer will remain subject to the Exchange Offer and may be accepted for exchange by HNI.

The New HNI Notes will be guaranteed by HNI Workplace Furnishings LLC, Kimball International Brands, Inc., Kimball Hospitality, Inc., Kimball Furniture Group, LLC, Hearth & Home Technologies LLC, Kimball International, Inc., HNI Holdings, Inc., Allsteel LLC and The HON Company LLC (together, the “HNI Guarantors”). Within 30 days of the consummation of the Acquisition, certain Steelcase entities will become guarantors of the New HNI Notes (together, the “Steelcase Guarantors” and, together with the HNI Guarantors, the “Guarantors”). The New HNI Notes and the guarantees of the New HNI Notes will be secured, on a pari passu first-lien basis with HNI's senior credit facilities by substantially all of the tangible and intangible assets (other than certain excluded assets) of HNI and the Guarantors, including pledges of all equity interests of certain subsidiaries of HNI in each case subject to certain thresholds, exceptions and permitted liens (the “Collateral”). The New HNI Notes and the guarantees of the New HNI Notes will be senior secured obligations of HNI and the Guarantors, respectively, and will (i) be senior in right of payment to all of HNI and the Guarantors’ existing and future subordinated indebtedness; (ii) rank equally in right of payment with all of HNI and the Guarantors’ existing and future indebtedness that is not subordinated in right of payment to the New HNI Notes, including obligations under HNI's senior credit facilities; (iii) be secured on a first-priority basis by liens on the Collateral on an equal priority basis with existing and future first lien indebtedness, including the obligations under the HNI's senior credit facilities, subject to permitted liens; (iv) be effectively senior to all existing and future indebtedness of HNI and the Guarantors that is unsecured or that is secured by liens on the Collateral that are junior to the liens securing the New HNI Notes to the extent of the value of the Collateral; (v) be effectively subordinated to all existing and future indebtedness of HNI and the Guarantors that is secured by assets or properties not constituting Collateral, to the extent of the value of such assets and properties; and (vi) be structurally subordinated to all existing and future indebtedness and other liabilities of subsidiaries of HNI that are not Guarantors, other than indebtedness and liabilities owed to HNI or the Guarantors.

The New HNI Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. No tender of Existing HNI Notes will be accepted if it results in the issuance of less than the minimum authorized denomination principal amount of New HNI Notes. If, pursuant to the Exchange Offer, a tendering Eligible Holder would otherwise be entitled to receive a principal amount of New HNI Notes that is not equal to the minimum authorized denomination or an integral multiple of $1,000 in excess thereof, such principal amount will be rounded down to the minimum authorized denomination or the nearest integral multiple of $1,000 in excess thereof, and such Eligible Holder will receive pursuant to the Exchange Offer this rounded principal amount of New HNI Notes plus (a) cash equal to the principal amount of New HNI Notes not received as a result of rounding down, and (b) cash equal to the accrued and unpaid interest on the Existing Steelcase Notes that are validly tendered and not validly withdrawn, but are not exchanged for New HNI Notes as a result of rounding down.

Because the Exchange Offer and Consent Solicitation is subject to the satisfaction of certain conditions, including among other things, the consummation of the Acquisition, Eligible Holders of Existing Steelcase Notes will not receive the Exchange Consideration or the Total Exchange Consideration, as applicable, unless the Acquisition is consummated. The parties’ obligations to complete the Acquisition are conditioned upon (i) certain HNI and Steelcase shareholder approvals, (ii) the receipt of antitrust approvals and (iii) certain other customary closing conditions. The consummation of the Acquisition is not subject to the completion of the Exchange Offer or Consent Solicitation or a financing condition.

Eligible Holders may not deliver a consent in the Consent Solicitation without tendering Existing Steelcase Notes in the Exchange Offer. If an Eligible Holder tenders Existing Steelcase Notes in the Exchange Offer, such Eligible Holder will be deemed to deliver its consent, with respect to the principal amount of such tendered Existing Steelcase Notes, to the corresponding Proposed Amendments. Tenders of Existing Steelcase Notes may be withdrawn at any time prior to the Expiration Date; however the related consent delivered by such Eligible Holder may not be withdrawn after the earlier of (i) 5:00 p.m., New York City time, on the Early Tender Date and (ii) the date the supplemental indenture the Existing Steelcase Indenture (as defined herein) implementing the Proposed Amendments to the Existing Steelcase Notes indenture is executed (the earlier of (i) and (ii), the “Withdrawal Deadline”), except in certain limited circumstances as set forth in the Statement.

HNI is making the Exchange Offer and Consent Solicitation pursuant to the terms and subject to the conditions set forth in the Statement. The Statement and other documents relating to the Exchange Offer and Consent Solicitation will only be distributed to holders of Existing Steelcase Notes who complete and return a letter of eligibility certifying that they are (i) “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or (ii) not “U.S. persons” and are outside of the United States within the meaning of Regulation S under the Securities Act and who are “non-U.S. qualified offerees” (as defined in the Statement) are authorized to receive and review this offering memorandum and consent solicitation statement (such persons, “Eligible Holders”). Eligible Holders of Existing Steelcase Notes who desire to obtain and complete the letter of eligibility and obtain copies of the Statement should either visit www.dfking.com/hni or contact D.F. King & Co., Inc. (the “Information & Exchange Agent”) at [email protected], (800) 488-8075 (toll-free) or (212) 235-7305 (collect for banks and brokers).

Among other risks described in the Statement, the Exchange Offer and Consent Solicitation are expected to result in reduced liquidity for the Existing Steelcase Notes that are not exchanged and, if adopted, the Proposed Amendments to the Existing Steelcase Indenture will reduce protection to remaining holders of Existing Steelcase Notes. Eligible Holders should refer to the Statement for more details on the risks related to the Exchange Offer and Consent Solicitation.

The New HNI Notes have not been registered under the Securities Act or any state or foreign securities laws, and they may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state and foreign securities laws.

About HNI Corporation

HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act, which involve risks and uncertainties. Any statements about HNI’s, Steelcase’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events and any other statements to the extent they are not statements of historical fact are forward-looking statements. Words, phrases or expressions such as “anticipate,” “believe,” “could,” “confident,” “continue,” “estimate,” “expect,” “forecast,” “hope,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “possible,” “potential,” “predict,” “project”, “target,” “trend” and similar words, phrases or expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are based on information available and assumptions made at the time the statements are made. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Forward-looking statements in this communication include, but are not limited to, statements about the benefits of the transaction between HNI and Steelcase (the “Transaction”), including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts.

The following Transaction-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between HNI and Steelcase; the outcome of any legal proceedings that may be instituted against HNI or Steelcase; the possibility that the Transaction does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of HNI’s or Steelcase’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Transaction; the dilution caused by HNI’s issuance of additional shares of its capital stock in connection with the Transaction; and the diversion of management’s attention and time to the Transaction from ongoing business operations and opportunities.

Additional important factors relating to Steelcase that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in Steelcase’s most recent Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission (the “SEC”).

Additional important factors relating to HNI that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, HNI’s ultimate realization of the anticipated benefits of the acquisition of Kimball International; disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for HNI’s products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of HNI’s customers; HNI’s reliance on its network of independent dealers; change in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for HNI’s new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on HNI’s financing activities; an inability to protect HNI’s intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside HNI’s control, including those that may result from the effects of climate change, a description of which risks and uncertainties and additional risks and uncertainties can be found in HNI’s most recent Annual Report on Form 10-K and its other filings with the SEC.

These factors are not necessarily all of the factors that could cause HNI’s, Steelcase’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any forward-looking statements. Other unknown or unpredictable factors also could harm HNI’s, Steelcase’s or the combined company’s results.

All forward-looking statements attributable to HNI, Steelcase, or the combined company, or persons acting on HNI’s or Steelcase’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and HNI and Steelcase do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If HNI or Steelcase updates one or more forward-looking statements, no inference should be drawn that HNI or Steelcase will make additional updates with respect to those or other forward-looking statements. Further information regarding HNI, Steelcase and factors that could affect the forward-looking statements contained herein can be found in HNI’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC, and in Steelcase’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC including the section entitled "Risk Factors" in the registration statement on Form S-4 relating to the Acquisition.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the case of the Exchange Offer and Consent Solicitation, the Exchange Offer and Consent Solicitation are being made solely pursuant to the Statement and only to such persons and in such jurisdictions as is permitted under applicable law.

For Information, Contact:

Vincent P. Berger
Executive Vice President and Chief Financial Officer
(563) 272-7400

Matthew S. McCall
Vice President, Investor Relations and Corporate Development
(563) 275-8898

Key Takeaways Paychex to report 1Q26 results on Sept. 30, before market open.Revenues are expected at $1.5B, suggesting a 16.6% y/y rise on strong segment growth.Management Solutions revenues are projected at $1.1B, indicating a 20.2% y/y rally.
Paychex, Inc. (PAYX - Free Report) will release first-quarter fiscal 2026 results on Sept. 30, before market open.

PAYX has delivered a decent earnings surprise in the trailing four quarters, with the metricoutpacing the Zacks Consensus Estimate in all quarters, delivering an earnings surprise of 1.3%, on average.

Paychex’s Q1 ExpectationsThe consensus estimate for Paychex’s first-quarter fiscal 2026 revenues is $1.5 billion, indicating a 16.6% increase from that reported in the same quarter last year. Strong segmental growth is expected to have improved the top line.

Our estimate for revenues from Management Solutions is pegged at $1.1 billion, indicating a 20.2% year-over-year rise. The addition of Paycor and higher revenues per client from price realization and product penetration are likely to have aided this segment’s revenues.

We expect PEO and insurance solution revenues to reach $339 million, indicating a 6.2% increase from the same quarter last year. Robust growth in the number of average PEO worksite employees is anticipated to have driven this segment’s revenues.

Interest on funds held for clients is anticipated to be $41.2 million, implying a 10% rise from the year-ago quarter’s actual. The inclusion of Paycor balance is expected to have fueled this segment.

The Zacks Consensus Estimate for earnings is pegged at $1.21 per share, implying a 4.3% increase from the year-ago quarter’s reported figure. The bottom line is likely to have improved on the back of margin expansion.

What Our Model Says About PAYXOur proven model does not conclusively predict an earnings beat for Paychex this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

PAYX has an Earnings ESP of +0.12% and a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Earnings SnapshotFactSet (FDS - Free Report) reported mixed results for the fourth quarter of fiscal 2025.

FDS’s earnings per share of $4.05 missed the consensus mark by 2.4% but increased 8.3% from the year-ago quarter. Revenues of $596.9 million beat the Zacks Consensus Estimate by a slight margin and 6.2% from the year-ago quarter.

Accenture plc (ACN - Free Report) reported impressive fourth-quarter fiscal 2025 results.

ACN’s earnings were $3.03 per share, beating the Zacks Consensus Estimate by 1.7%. The metric increased 8.6% from the year-ago quarter. Total revenues of $17.6 billion beat the consensus estimate by 1.6% and rose 7.3% on a year-over-year basis.

SummaryNuScale is the only SMR company with double NRC approval and an active supplier chain.The ENTRA1 model takes on development, financing and operations, so NuScale focuses on technology and delivery.The TVA agreement for up to 6 GW shows real scale and strong support.The company holds $490 million in liquidity, growing revenues and enough time until major contracts are signed.The stock is already up more than 300% over thepast year, with positive prospects for the next 12 to 24 months. audioundwerbung/iStock via Getty Images

Thesis. Why I’m a Buyer A company that is moving from promise to execution is NuScale Power (NYSE: NYSE:SMR).

It is the only player in SMRs with double NRC approval (including the upgrade at 77 MWe), it

Analyst’s Disclosure:I/we have a beneficial long position in the shares of SMR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

Shares of Electronic Arts jumped 15% on Friday following a report that the video game company is nearing a roughly $50 billion deal to go private.

The deal would likely be the largest leverage buyout of all time, according to the Wall Street Journal. Investors including Saudi Arabia's Public Investment Fund and Silver Lake could announce the deal as soon as next week, the report said.

This is breaking news. Please refresh for updates.

TORONTO and BUENOS AIRES, Argentina and  SAN JUAN, Argentina, Sept. 26, 2025 (GLOBE NEWSWIRE) -- McEwen Copper Inc. (“McEwen Copper”) is pleased to announce, as communicated by Minister of Economy Luis Caputo in his X account, the approval of Los Azules to participate in Argentina’s Large Investment Incentive Regime (RIGI), a key policy instrument to promote strategic initiatives that drive the country’s productive development.

The Project’s inclusion in the RIGI encompasses an investment of US $2.672 billion, consolidating under a single plan the exploration, construction, and operational stages of the copper mining development project located in Calingasta, San Juan Province.

This milestone represents a decisive endorsement from Argentina for a project set to become the first in the nation’s mining history to produce high-purity copper cathodes, ready for direct industrial use. The approval not only endorses the technical and financial robustness of Los Azules but also its sustainable approach, designed from the outset to minimize environmental and water impacts, operate entirely on renewable energy and contribute to local economic development in a structural and long-term manner.

Los Azules is projected to generate more than US $30 billion in export revenues (based on the Preliminary Economic Assessment (PEA) base case published in June 2023) and deliver a substantial net inflow of foreign currency to Argentina, while creating significant positive impacts in employment, local development, and tax revenues at both the provincial and national levels.

“This approval reinforces McEwen Copper’s long-term commitment to Argentina and the Province of San Juan, advancing a model of modern, responsible, and sustainable mining. The integration of Los Azules into the RIGI under a single strategic investment plan enhances operational predictability and establishes a clear framework for engagement with the State and future partners,” said Michael Meding, Vice President of McEwen Copper and General Manager of the Los Azules Project.

“The RIGI sends a powerful message to international investors: Argentina is open to supporting long-term projects in energy and critical metals. This framework strengthens confidence in the country and creates the right environment to secure the financing required for mining ventures. For Los Azules, it marks a decisive step that allows us to advance the development and unlock the potential of a copper deposit of global significance,” said Rob McEwen, Chairman and Chief Owner of McEwen Inc.

Key benefits of RIGI include legal, fiscal, and customs stability for 30 years, such as:

Legal certainty, including dispute resolution mechanisms and safeguards against regulatory changes.Tax incentives including the application of the 25% lowest tax bracket for companies (down from the general 35%), a 50% reduction in the dividend withholding tax, accelerated depreciation for new capital investments, early VAT recovery, and long-term tax stability.Streamlined customs and foreign exchange procedures, including the import of capital goods and debt repayment facilitation.
Next Steps: Toward Feasibility and Construction

The Environmental Impact Declaration (EIA) for construction and operation was approved in December 2024, the feasibility study is on track for completion by the end of October 2025, and the official inclusion of Los Azules in the RIGI has been confirmed. The Project is now positioned to begin construction, subject to detailed engineering and securing financing. In parallel, McEwen Copper plans to continue to aggressively explore around Los Azules to potentially extend the size and life of the resource. This progress reinforces McEwen Copper’s standing as a leader in sustainable mining and a strategic driver of economic and social development in San Juan and across Argentina.

ABOUT MCEWEN INC.

McEwen Inc. is a gold and silver producer with operations in Nevada (USA), Canada, Mexico, and Argentina. The Company owns 46.4% of McEwen Copper, which develops the large, advanced-stage Los Azules copper project. Los Azules aims to become Argentina's first regenerative copper mine.

Focused on enhancing productivity and extending the life of its assets, the Company's goal is to increase its share price and provide a yield to investors. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of US$205 million.

McEwen Inc.´s shares are publicly traded on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol "MUX".

ABOUT MCEWEN COPPER

McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek copper/gold project in Nevada, USA.

Los Azules is the 9th largest undeveloped copper deposit in the world. It is designed to be distinctly different from conventional copper mines by consuming significantly less water, emitting much lower carbon emissions, and progressing towards carbon neutrality by 2038. Additionally, it will be powered by 100% renewable electricity once operational. The PEA published in June 2023 for the Project estimates a $2.7 billion after-tax NPV8% at $3.75/lb Cu, a 27-year mine life, a copper resource of 10.9 billion pounds at grade 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at grade 0.31% Cu (Inferred category). For more details about the Los Azules PEA click here.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as of the date of this news release, are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations, or beliefs as to future events and results for both its consolidated operations and those of McEwen Copper Inc. (“McEwen Copper”). Forward-looking statements and information regarding the Company and McEwen Copper are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Company management, are inherently subject to significant business, economic, and competitive uncertainties, risks, and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive, receive in a timely manner or retain permits or other approvals required in connection with operations, the risk that the RIGI regime may be curtailed, extinguished or amended, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency riskas well as other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Company’s Annual Report on Form 10-K for the fiscal year ended December 31st, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company and McEwen Copper. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Inc.

Want News Fast?
Subscribe to our email list:
https://www.mcewenmining.com/contact-us/#section=followUs 
and receive news as it happens!

        WEB SITE  SOCIAL MEDIA    www.mcewenmining.com  McEwen
Facebook:facebook.com/mceweninc    LinkedIn:linkedin.com/company/mceweninc   CONTACT INFORMATION X:X.com/mceweninc  150 King Street West  Instagram:instagram.com/mceweninc  Suite 2800, PO Box 24       Toronto, ON, Canada  McEwen Copper
Facebook:facebook.com/ mcewencopper  M5H 1J9  LinkedIn:linkedin.com/company/mcewencopper    X:X.com/mcewencopper  Relationship with Investors:  Instagram:instagram.com/mcewencopper  (866)-441-0690 - Toll free line      (647)-258-0395 Rob McEwen
Facebook:facebook.com/mcewenrob  Mihaela Iancu ext. 320 LinkedIn:linkedin.com/in/robert-mcewen-646ab24  [email protected]  X:X.com/robmcewenmux         

Dover gains from strong bookings, acquisitions and portfolio moves, even as vehicle service volumes affect margins.

With 84T SHIB left in the tank across exchanges, the blue-chip meme coin is going DeFi: price surge in sight?

Inflation is accelerating, causing concerns among traders about the Fed’s potential response in light of macroeconomic uncertainty.

Summary

Fed’s favorite inflation metric, the PCE price index, up 2.7% in August
Inflation was in line with expectations, but the metric rose compared to a month prior
Institutions are now taking profits, says one industry expert

Crypto markets are down, with Bitcoin falling below $110,000 as rising inflation contributes to concerns about the Fed’s policy. On Friday, September 26, Bitcoin traded at $109,640, down 1.6% on the day, bringing the weekly decline to 5.5%. The likely catalyst for the negative price action is the latest inflation figures.

According to the Department of Commerce, the Personal Consumption Expenditures price index rose 2.7%, compared with a 2.6% increase in July. The core PCE index, excluding volatile components such as food and energy, increased 0.2% last month, while July’s reading was revised to 0.2%.

While PCE inflation matched expectations, the acceleration contributed to a more bearish economic outlook. Moreover, the increase comes after the Federal Reserve made its first rate cut this year, citing fears over low employment and growth.

What rising inflation means for Bitcoin
With inflation accelerating, the Fed is less likely to stick to rate cuts. This will likely hurt high-growth assets such as Bitcoin (BTC), which thrive in a low-interest-rate environment. According to Arthur Azizov, founder and investor at B2 Ventures, this is causing institutional investors to take profits.

“Bitcoin’s drop below $109,000 is a sign that the market is overheated and moving into a slowdown phase. ETF inflows, being the main driver of this rally, have fallen by more than 50% in the past week, with just $930 million coming in compared to over $2 billion the week before,” Arthur Azizov, B2 Ventures told crypto.news.

He added that $108,000 to $108,500 is now the key zone for Bitcoin. A fall below that support could send BTC down to between $90,000 and $95,000.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Crypto exchange Bybit has announced its listing of Ripple’s RLUSD amid the stablecoin’s growing adoption. This development follows the stablecoin’s integration of BlackRock and VanEck’s tokenized funds earlier this week.

Bybit Spot Exchange Lists RLUSD, Expanding Trading Options
Bybit announced the listing of the stablecoin for spot trading. The listing introduces multiple trading pairs for the stablecoin against USDT, Bitcoin, Ethereum, XRP, and MNT. Although it expands options for traders and investors, the availability of these trading pairs varies depending on jurisdictional regulations.

Notably, the top crypto exchange joins a host of other trading platforms that have already listed the RLUSD stablecoin, including Bullish, Uphld, Bitstamp, Moonpay, CoinMENA, ArchaxEx, and Bitso. This listing comes amid the stablecoin’s rising adoption, as it currently ranks as the 94th largest cryptocurrency, with a market cap of $741 million.

Bybit has enabled support for RLSUD on both the Ethereum network and XRP Ledger (XRPL), which are the only two networks that currently natively support the stablecoin.

Meanwhile, this listing follows the integration of the stablecoin into BlackRock and VanEck’s tokenized funds. As CoinGape reported, Ripple and Securitize partnered to enable investors to redeem BUIDL and VBILL shares for the stablecoin, offering an off-ramp support.

XRPL validator Vet remarked that it was good to see RLUSD deposit and withdrawal integration on the XRP Ledger. Pro-XRP lawyer Bill Morgan stated that it was good to see an XRP/RLUSD pair. Meanwhile, XRP community member Chad Steingraber predicted that more exchanges are likely to list the stablecoin soon, following the Bybit listing.

Good to see $RLUSD deposit and withdraw integration on the XRP Ledger!

As with any exchange, treat it like a drive thru, in and out quickly! pic.twitter.com/BqgZfr3wZJ

— Vet 🏴‍☠️ (@Vet_X0) September 26, 2025

Crypto exchanges Binance, Coinbase, and Robinhood are among the notable names that have yet to list the stablecoin for spot trading. Listing on these exchanges could provide greater visibility for the stablecoin and boost its adoption.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Once hailed as the institutional bridge that would secure cryptocurrency’s role in corporate finance, Bitcoin treasuries are now in sharp decline, plunging 76% as Wall Street pulls back.

Rather than serving as a solid base for demand – companies, pensions, and institutions holding Bitcoin on their balance sheets – this previously steady support reveals its fragility. Corporate support that has initially helped prop up prices is turning into the opposite.

Wall Street steps back from Bitcoin treasuries
Digital-asset treasuries’ buying of Bitcoin is down from 64,000 BTC in July to 12,600 in August, according to data from CryptoQuant. So far in September, the number sits at a paltry 15,500 BTC. That’s down 76% from the early-summer frenzy.

Bitcoin was down nearly 6% for the week, with other major tokens like Ether also falling. Sudden liquidations and tepid derivatives activity have accelerated the selloff.

Meanwhile, several treasury companies’ stocks have fallen. Some that were bubbly on private investment in public equity deals are now priced at as much as 97% below their issue price. The firms could lose another 50% of their value if pressure remains, according to analysts at CryptoQuant.

The Wall Street Journal reported that US regulators are now investigating unusual trading around treasury-related announcements. Market observers also note that there is limited visibility on how much crypto these companies own and at what price they obtain it. Complicated private investment in public equity with warrants has made monitoring the true share count and dilution risks more difficult.

What was once advertised as a safe institutional on-ramp to crypto now seems tenuous. Shares of many of the listed treasury companies now trade at or even below the value of the Bitcoin on their books, wiping out the rich premiums investors once paid.

Institutional sellers clear the demand ledger
For most of 2025, digital-asset treasuries were considered a countercyclical buyer, injecting billions into Bitcoin and absorbing selloffs. That emboldened a conviction that Wall Street could act as a stabilizing force in the market.

That confidence has been shaken. Without capital, they are unable to exercise purchasing power any longer. It creates a cycle in reverse: falling institutional demand drives down prices, causing new inflows to flee.

The pressure is most visible in derivatives markets. Interest in longer-dated futures has dried up, and more than $275 million in Bitcoin longs were liquidated on a single day this week alone. The reversal reflects traders’ increasing reluctance to take on risk.

Retail, however, is hanging tough as ETFs are still a point of lightness, and the iShares Bitcoin Trust ETF took in $2.5 billion last month, up sharply from $707 million in August. Smaller investors are still chasing exposure, as corporate buyers withdraw.

According to  Jeff Dorman, chief investment officer at Arca, the rotation was straightforward. Crypto appeared weak as digital-asset treasuries tumbled. While this didn’t trigger direct selling pressure, it effectively sidelined a deep-pocketed buyer from the market.

Even the old traders are getting wary of what’s happening. Morten Christensen, who runs AirdropAlert.com, said he saw warning signs when Bitcoin passed the $123,000 mark in August.

He said the spread of treasury companies was, in his view, a sign that the top of the market had been reached and likened it to earlier cycles characterized by overconfidence followed by steep drops.

And the sharp pullback points to a new reality. Rather than integrating Bitcoin into corporate finance, digital-asset treasuries have added another layer of volatility to the market.

The smartest crypto minds already read our newsletter. Want in? Join them.

By Reuters

September 26, 20254:52 PM UTCUpdated ago

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Purchase Licensing Rights, opens new tab

Sept 26 (Reuters) - SoftBank Group

(9984.T), opens new tab and Ark Investment Management are in early talks to invest in a funding round that could value stablecoin issuer Tether Holdings at as much as $500 billion, Bloomberg News reported on Friday citing people familiar with the matter.

Sign up here.

Reporting by Prakhar Srivastava in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Tether pursues unprecedented private capital to expand beyond its core business.

Key Takeaways

SoftBank and ARK are reportedly in discussions to participate in Tether's upcoming $15-20 billion funding round, valuing Tether at around $500 billion.
Tether is seeking new capital to expand beyond its core stablecoin business; USDT currently dominates the stablecoin market with over $170 billion in market cap.

SoftBank, a Japanese investment conglomerate, and ARK Invest, a US-based investment firm focused on disruptive innovation, are in talks to participate in a major funding round for Tether, the issuer of the world’s largest stablecoin USDT, Bloomberg reported today.

Tether is seeking $15-20 billion in new capital through a private placement that would value the company at around $500 billion. The funding round would position Tether to rival OpenAI as one of the most valuable private companies globally.

The stablecoin operator plans to use the capital to fuel expansion beyond its core stablecoin business. Tether’s USDT token maintains a market capitalization of over $170 billion and serves as a key infrastructure component in crypto trading.

SoftBank has been actively expanding its crypto investments, recently seeding Bitcoin-focused ventures with billions in capital. The conglomerate’s potential participation reflects growing institutional interest in stablecoin infrastructure.

ARK Invest, led by Cathie Wood, has been negotiating participation in several high-profile crypto funding deals amid surging institutional adoption of digital assets. The firm’s involvement would mark another major move into the crypto sector.

The funding talks highlight accelerating institutional interest in stablecoins as core crypto infrastructure, with major investment firms deploying significant capital into the sector.

Disclaimer