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Borealis Foods faces lender action over credit agreement defaults

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Sandwich chain Jersey Mike’s confidentially files for IPO

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Sandwich chain Jersey Mike's confidentially files for IPO

A Jersey Mike’s restaurant in Walnut Creek, California, Nov. 21, 2024.

David Paul Morris | Bloomberg | Getty Images

Jersey Mike’s has confidentially filed for an initial public offering, the company said on Monday.

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The announcement comes more than a year after Blackstone bought a majority stake in the sandwich chain in a deal that reportedly valued Jersey Mike’s at roughly $8 billion.

After the Blackstone deal closed, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the company. Morrison led the chicken wing chain for a decade, ushering it through its own IPO and a period of historic growth.

With more than 3,000 locations nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain in the U.S., trailing only Subway.

Jersey Mike’s reported revenue of $309.8 billion in 2025, up 10.6% from the prior year, according to franchise disclosure documents. The chain also reported net income of $183.6 million in 2025, down from the prior year’s net income of $238.8 million.

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Founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971; four years later, he pulled together enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain. Until the sale to Blackstone, he was the outright owner of Jersey Mike’s.

The confidential filing is the first step for Jersey Mike’s to be publicly traded. If it goes public, it will mark the first restaurant IPO since Black Rock Coffee Bar’s offering in September.

The market for initial public offerings has been tepid, although that could change this year. Market volatility, economic uncertainty and recent poor performance among IPO stocks has led to a backlog of listings. However, several blockbuster IPOs, like the SpaceX offering that could value the company at $1 trillion, are anticipated in the coming months.

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AST SpaceMobile: The Pullback I Was Waiting For

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AST SpaceMobile: The Pullback I Was Waiting For

AST SpaceMobile: The Pullback I Was Waiting For

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Northern Trust earnings in focus as strategy shift faces test

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Northern Trust earnings in focus as strategy shift faces test

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New media space opens in Hull to help city's creatives

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New media space opens in Hull to help city's creatives

Hull’s creative scene has a new home, with green screens, cameras and a mini radio studio.

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Another flight leaves passengers behind due to border delays

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Another flight leaves passengers behind due to border delays

New European border rules have caused delays at airports across the continent, affecting flights.

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Eli Lilly to acquire cancer drug maker Kelonia in deal worth up to $7B

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Eli Lilly launches program to boost employer coverage of obesity drugs

The Eli Lilly logo appears on the company’s office in San Diego, California, U.S., Nov. 21, 2025.

Mike Blake | Reuters

Eli Lilly will acquire biotech company Kelonia Therapeutics in a deal worth up to $7 billion, the company said Monday.

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Lilly will pay $3.25 billion upfront, and the remaining payments are contingent upon clinical, regulatory and commercial milestones, it said. The transaction is expected to close in the second half of 2026.

Kelonia is developing technology to reprogram patients’ T-cells inside the body so those cells can attack cancer, called in vivo CAR-T. Current treatments require that work to be done outside the body, or ex vivo, a process that involves harvesting cells, engineering them in a lab and then reintroducing them. While logistically intensive, the procedure has been successful for blood cancers like multiple myeloma. 

“It’s an intravenously delivered therapy, one time,” said Jacob Van Naarden, president of Lilly oncology and head of corporate business development. “It targets your body’s T-cells, transforms them into attacking the cancer in the body, and requires no preconditioning at all.”

Johnson and Johnson’s CAR-T treatment for multiple myeloma, Carvykti, accounted for $1.89 billion in sales last year. Gilead recently acquired partner Arcellx and its rival to J&J’s drug, called anito-cel, for $7.8 billion.

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Lilly’s Van Naarden called Kelonia’s data “nothing short of remarkable.”

“We’re going to be a player in hematology,” he said. “It’s nice to have another medicine to go to those doctors with a medicine that can be used broadly, that isn’t relegated to academic medical centers who can do ex-vivo personalized cell therapy.”

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Elon Musk Suggests Federal ‘Universal High Income’ to Combat Job Losses From AI

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Elon Musk’s $1 Trillion Tesla Pay Proposal Hits Resistance from

Tech billionaire Elon Musk has sparked fresh debate after proposing a “universal high income” program as a solution to job losses caused by artificial intelligence.

In a post shared on X, Musk said the federal government should provide citizens with direct payments.

“Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI,” he wrote. The post quickly gained attention and remains pinned to his account.

Musk argued that such a plan would not lead to inflation. He claimed that advances in AI and robotics would produce so many goods and services that the increase in money supply would not cause prices to rise, ET reported.

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His idea builds on growing concerns that automation could replace millions of jobs in the coming years.

Experts Warn of Inflation Risks in Musk Income Plan

However, many economists pushed back against the proposal. Sanjeev Sanyal criticized the idea, saying it misunderstands how economies work.

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“He is so wrong on this,” Sanyal wrote, adding that while AI may disrupt jobs, it will also create new ones over time. He warned that the plan could place a heavy financial burden on governments.

According to FoxBusiness, another critic, Pratyush Rai, raised concerns about how such payments would affect daily life.

He said giving everyone a high income could increase competition for housing, education, and other limited resources, potentially driving prices higher.

Still, not everyone dismissed the idea. Andrew Yang, who previously promoted a universal basic income plan, expressed cautious support.

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“It’s clear that AI will wind up funding universal income. Let’s make that happen ASAP,” he wrote online.

Musk’s proposal goes further than traditional universal basic income programs. While UBI is designed to cover basic living costs while people continue working, a universal high income could reduce the need for work altogether.

This shift raises questions about how society might function if fewer people rely on jobs for income.

Originally published on vcpost.com

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USA Rare Earth, Inc. (USAR) Serra Verde Pesquisa E Mineracao Ltda – M&A Call – Slideshow

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

USA Rare Earth, Inc. (USAR) Serra Verde Pesquisa E Mineracao Ltda – M&A Call – Slideshow

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10 Reasons to Avoid the Expensive iPhone Fold Ultra Launching in 2026

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Apple's Foldable iPhone

CUPERTINO, Calif. — Apple’s long-awaited entry into the foldable smartphone market, widely referred to in leaks as the iPhone Fold or potentially the iPhone Ultra, is generating buzz with its promised ultra-thin 4.5mm design, near-crease-free 7.8-inch inner display and book-style passport form factor. Yet despite claims of solving key industry pain points like screen durability and hinge reliability, early reports and industry patterns suggest prospective buyers should proceed with caution.

Apple's Foldable iPhone
Apple’s Foldable iPhone

Here are 10 compelling reasons why waiting — or skipping the iPhone Foldable Ultra altogether — might be the smarter move when it arrives, potentially priced north of $2,000.

1. Eye-watering price tag Rumors point to a starting price of $2,000 or higher, possibly reaching $2,400, making it Apple’s most expensive iPhone ever. That premium reflects the complex dual-display setup, titanium hinge and advanced materials, but it dwarfs even current flagship Pro Max models. For many consumers, the cost rivals a high-end laptop or tablet bundle without guaranteed long-term value in a category still maturing. Early adopters of rival foldables have often regretted the steep outlay when repair bills or resale values disappoint.

2. First-generation risks Apple’s foldable would be a debut effort in a segment Samsung has dominated for years. History shows first-gen devices from even the most polished companies often carry teething problems. Engineering validation tests have already encountered more snags than anticipated in hinge reliability, display durability under repeated folding and component integration into an ultra-slim chassis. While Apple aims to minimize these issues, buyers could face unexpected quirks in software optimization for the unique form factor or multitasking on iOS.

3. Potential production and availability delays Recent reports indicate mass production has slipped by one to two months, with engineering hurdles in the test phase raising concerns about shipment timelines. Although Apple has not officially signaled a postponement beyond fall 2026, supply constraints could mean limited initial stock, long waitlists and higher secondary-market prices. Nikkei Asia cited sources noting that issues are more complex than expected, potentially pushing first shipments by months in a worst-case scenario.

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4. Durability doubts despite Apple’s claims Foldables remain mechanically vulnerable. Even with Apple’s touted titanium alloy hinge and dual-layer glass approach for a near-crease-free experience, the inner screen uses flexible materials prone to scratches from fingernails or debris. Dust and sand can infiltrate the hinge, leading to grinding or failure over time. Repeated folding cycles — thousands per year for heavy users — test longevity in ways slab-style iPhones never face. Past foldable owners frequently report screen failures or hinge wear within 18-24 months.

5. Repair costs and hassle Replacing a damaged foldable display often exceeds $1,000 due to the integrated hinge and layered construction. Apple’s service network, while extensive, has limited experience with this technology. Out-of-warranty repairs could prove prohibitively expensive, and insurance add-ons may not fully offset risks. Many consumers end up trading in early or switching back to traditional phones when issues arise, diminishing the device’s resale value.

6. Battery life compromises The slim 4.5mm open profile and dual screens demand engineering trade-offs. Rumors suggest a large battery around 5,400-5,800mAh, yet real-world usage with an always-on inner display, multitasking and 5G connectivity could drain it faster than a standard iPhone 18 Pro Max. Early foldable adopters commonly complain of needing midday top-ups during heavy productivity or media sessions. Apple’s optimization prowess may help, but physics limits what even the best software can achieve in such a constrained chassis.

7. Compromised camera system Leaks indicate a dual 48MP rear camera setup rather than the triple-lens array found on current Pro models. Space constraints from the folding mechanism and thin design may limit sensor size, zoom capabilities or low-light performance. Users accustomed to iPhone photography excellence could notice differences in versatility, especially for video or portrait work that benefits from multiple focal lengths.

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8. Software and ecosystem growing pains iOS will need significant adaptations for seamless inner/outer screen transitions, app continuity and true multitasking akin to iPadOS. While Apple promises polished experiences, first-gen foldables from competitors have suffered from awkward app scaling, notification glitches or suboptimal keyboard layouts in folded mode. Developers may take time to fully optimize popular apps, leaving early buyers troubleshooting workarounds.

9. Bulk and everyday practicality Closed, the device resembles a compact 5.5-inch phone, but opened it becomes a wider, passport-style tablet. That hybrid form can feel awkward in pockets, during one-handed use or in calls. The hinge adds weight and thickness compared to ultra-slim slab phones, potentially reducing the “always carry” convenience that defines iPhone appeal for many.

10. Better alternatives exist today — and tomorrow Samsung’s Galaxy Z Fold series has iterated through multiple generations, offering refined software, wider accessory support and often lower entry prices. Waiting for the iPhone Foldable Ultra’s second or third iteration could deliver meaningful improvements in durability, battery and pricing. Alternatively, sticking with a proven iPhone 18 Pro Max or even pairing a current iPhone with an iPad mini provides similar productivity without foldable risks. The category itself remains niche; many who try foldables return to traditional designs for reliability.

Industry analysts note that while Apple could elevate foldables with its materials science and ecosystem integration, the device arrives amid ongoing supply-chain pressures and broader economic caution around premium gadgets. Leaks highlight a titanium frame and Touch ID side button replacing Face ID due to space limits, further underscoring design compromises.

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For enthusiasts drawn to the novelty of a crease-minimized 7.8-inch screen and potential A20-series chip with ample RAM, the iPhone Ultra might still tempt. Yet the combination of high cost, mechanical vulnerabilities, repair economics and first-gen uncertainties creates a risky proposition.

Apple has built its reputation on delivering polished, reliable products that justify premium pricing through longevity and user experience. In the foldable space, that bar is harder to clear given inherent physical challenges. Consumers weighing an upgrade should consider their usage patterns: heavy media consumers or multitaskers might benefit, but casual users or those prioritizing durability and value could find the traditional iPhone lineup more satisfying.

As testing continues and more concrete details emerge closer to the expected September 2026 announcement, prospective buyers would do well to monitor independent durability tests, real-world battery data and early repair cost reports. The foldable dream has captivated tech fans for years, but turning that vision into a must-own device without significant drawbacks remains an uphill climb — even for Apple.

In the meantime, many will stick with slab-style flagships that deliver proven performance without the folding compromises. The iPhone Foldable Ultra could ultimately redefine mobile computing, but for now, the 10 reasons above suggest exercising patience before opening your wallet for Apple’s boldest iPhone experiment yet.

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Can Kevin Durant Play In Game 2 Playoffs?

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Brooklyn Nets head coach Steve Nash (L) and Kevin Durant (R) chat during a game against the New Orleans Pelicans at the Smoothie King Center on November 12, 2021.

LOS ANGELES — Kevin Durant will miss the Houston Rockets’ playoff opener against the Los Angeles Lakers after suffering a right knee contusion in practice, dealing an early blow to one of the Western Conference’s most intriguing first-round matchups.

Brooklyn Nets head coach Steve Nash (L) and Kevin Durant (R) chat during a game against the New Orleans Pelicans at the Smoothie King Center on November 12, 2021.
Kevin Durant

Rockets coach Ime Udoka announced the decision about 90 minutes before Saturday’s Game 1 tipoff, ruling out the 37-year-old superstar who had been listed as questionable earlier in the day. Durant sustained the injury Wednesday when he bumped knees with a teammate while chasing a loose ball. Imaging showed no structural damage, but the knee remains tender and limits his mobility.

“He bumped a knee in practice on Wednesday,” Udoka said. “Hopefully, it’s a one-game thing, but he tried it out just a short time ago and didn’t feel good enough.”

Udoka added that the contusion struck “in an awkward spot” above the patella tendon. “The knee is very tender and tough to bend in certain ways,” he explained. “Pain tolerance is one part, but limited movement is another.”

Durant, who played 78 regular-season games and logged heavy minutes as a key piece in Houston’s push for postseason positioning, underwent an MRI after the incident. Team officials expressed optimism that the issue won’t sideline him long-term, describing him as day-to-day. Still, his absence forced immediate adjustments for a Rockets squad built around scoring punch from its veteran leader.

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Without Durant, Houston started Josh Okogie at small forward alongside Reed Sheppard, Amen Thompson, Jabari Smith Jr. and Alperen Sengun. The lineup shift underscored the challenge of replacing a player averaging nearly 26 points per game on efficient shooting.

The Lakers, already navigating their own injury concerns with Luka Doncic and Austin Reaves sidelined indefinitely, seized the opportunity. Los Angeles rolled to a 107-98 victory in Game 1, with LeBron James posting 19 points, 13 assists and eight rebounds. Luke Kennard erupted for a playoff career-high 27 points, including perfect 5-for-5 shooting from three-point range. Deandre Ayton added 19 points and 11 rebounds in the frontcourt.

Lakers coach JJ Redick downplayed any strategic overhaul tied to Durant’s status. “I don’t think it affected our mentality,” Redick said afterward. “This is all we talked about for two months, just our playoff mentality. You can’t worry about who’s in or out of the lineup. It’s our game plan. It’s our standards. It’s how we play.”

The series now shifts with uncertainty hanging over Houston’s roster. Durant’s availability for Game 2 remains unclear as the Rockets evaluate his progress. Udoka and the medical staff will monitor swelling and range of motion closely in the coming days. The team’s depth, bolstered by young talent like Thompson and Sengun, will face an early test in compensating for the scoring and spacing Durant provides.

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Durant’s durability has been a hallmark of his late-career resurgence. After stints with the Brooklyn Nets and Phoenix Suns, he joined the Rockets in a move that paired his veteran savvy with an up-and-coming core. His ability to stretch the floor and create off the dribble helped Houston secure a favorable playoff seeding. Missing even one postseason game carries weight for a player chasing another deep run in what could be among his final championship windows.

For the Lakers, the win provided breathing room in a series many viewed as competitive. James, now in his 23rd season, continues to defy age while guiding a supporting cast that stepped up without its own injured stars. Kennard’s hot shooting and Ayton’s interior presence filled gaps, but Redick emphasized preparation over reacting to opponent absences.

” We’ve built toward that, and I thought our guys responded well and met the moment,” Redick said. “That’s the biggest thing. You’ve got to meet the moment in every game.”

The Rockets entered the playoffs with momentum from a solid regular season but now confront questions about offensive flow. Durant’s mid-range mastery and ability to draw defenders create opportunities for teammates. In his absence, Houston leaned on Sengun’s playmaking and Thompson’s athleticism, yet the scoring drop-off proved noticeable against Los Angeles’ defense.

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League observers noted the timing of the injury as particularly disruptive. Playoff series often hinge on health, and a knee contusion — while not season-threatening — can linger if not managed properly. Rockets officials stressed caution to avoid aggravating the bruise, especially with a best-of-seven format allowing recovery time between games.

Durant has a history of overcoming injuries, including past knee and Achilles issues that tested his resilience. His return to the court, whenever it occurs, could swing the series momentum. Houston’s young legs offer energy, but Durant’s experience in high-stakes moments remains irreplaceable.

As the series progresses, both teams will adapt. The Lakers aim to build on their Game 1 resilience, while the Rockets seek to stabilize without their star before potentially welcoming him back. Fans and analysts alike will track Durant’s status hour by hour, with updates expected as Houston prepares for Game 2.

The Western Conference quarterfinals have already delivered drama, and Durant’s knee adds another layer. For a player who has rewritten scoring records and earned multiple championships, this latest hurdle tests the depth of a Rockets team betting on its collective strength.

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Houston will need contributions across the board to keep pace with LeBron and company. Whether Durant returns soon or the injury forces a longer absence, the opening chapter of this series highlighted the fragility of playoff basketball — where one awkward collision in practice can reshape expectations overnight.

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