Markets & Finance

LIV Golf Incorporated filed for Chapter 11 bankruptcy on September 8, 2026, listing approximately $495 million in funded debt owed to Saudi Arabia's Public Investment Fund, which is also providing a $49.6 million debtor-in-possession loan to keep operations running through the case. Nine of the ten largest unsecured creditors are players, led by Jon Rahm at $7.47 million, with a proposed restructuring that would hand players 52.5% ownership of the reorganized entity pending court approval and player agreement. The outcome hinges on whether BC Partners can finalize terms with PIF and a required number of players within 35 days of the petition date.

NMP Acquisition Corp. and Gibson Technical Services signed a Business Combination Agreement on September 4, 2026, setting an implied enterprise value of $400 million for GTS in a transaction where sole seller Streeterville Capital rolls 100% of its equity into the combined entity, GTS Holdings, Inc. The deal includes a dual-class share structure giving seller-held Class B shares 20 votes each, plus $75 million in Series A Convertible Preferred Stock carrying a 9% annual return. The merger has not closed and remains subject to SEC Form S-4 effectiveness, shareholder approvals, Nasdaq listing approval, and antitrust clearance, with no closing date yet established.

ADARx Pharmaceuticals has submitted a preliminary S-1 to the SEC seeking a Nasdaq listing under the ticker ADRX, but the filing omits share count, price range, and estimated proceeds, making the widely cited $100 million target an external estimate rather than a confirmed figure. The San Diego siRNA biotech enters the process with $427.3 million in cash and a $335 million AbbVie collaboration, alongside a $73 million net loss in 2025 and an accumulated deficit of $269 million. Its most advanced program, onvuzosiran for hereditary angioedema, is in a Phase 3 trial and received FDA Fast Track designation in August 2026, while four other pipeline candidates remain in earlier stages with key data not expected until 2027 or 2028.