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Gateway Pet Guardians is asking for donations and fosters as they take on the influx of pets.

What was once an abandoned industrial area is now booming with restaurants, music venues, boutique shops, and art.

Caviar is a delicacy, but, if you think it's only made for a rich palate, you may be missing out on a surprisingly accessible experience. Sauce Magazine writer Meera Nagarajan chronicled her dive into the world of caviar for the July issue of Sauce Magazine.Together with chef John Messbarger of Lobster & Crab Company, they discuss the finer details of getting the most out of your caviar experience. And we also learn about the local impact of caviar production with the owners of Show Me Caviar, Cliff and Cara Rost.

WASHINGTON — Worried about the outcome of the 2024 election, a slew of congressional Democrats called on the U.S. Department of Health and Human Services on Tuesday to take steps to ensure Deferred Action for Childhood Arrivals program recipients can actually access health insurance provided under the Affordable Care Act when they become eligible this […]

Soaring temperatures made it difficult for farm workers to protect themselves from chickens recently infected by avian influenza in Colorado and likely contributed to five people contracting the virus, according to the U.S. Centers for Disease Control and Prevention. State health officials discovered the infections last week — the largest cluster of human infections in […]

Lt. Gov. Mike Kehoe’s campaign for governor has raised almost $13 million over the past two years and the two funds supporting him have lapped the field in the Republican primary. During the second quarter of the year, Kehoe raised $907,288 for his campaign and his joint fundraising committee, American Dream PAC, took in $3.6 […]

(The Center Square) – Federal funds will help Missouri Department of Natural Resources workers dig in piles of gravel near abandoned mines in search of raw materials for batteries.

by Justin Elliott and Robert Faturechi

ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published.

After markets closed the day before the Fourth of July holiday, former President Donald Trump’s social media company made a disclosure that got little notice.

“The Company entered into the Standby Equity Purchase Agreement,” Trump Media & Technology Group, the company behind Trump’s Truth Social platform, said in a filing.

The jargon represented a major development that allows Trump Media to create and sell up to $2.5 billion worth of new shares. The plan, securities experts said, is a way for the company to convert its astronomical value on paper into actual cash. That could secure a windfall for Trump, who owns a majority of the company. Even if excitement for the stock deflates, his company might still retain billions in cash value.

Trump Media has seen its value on paper skyrocket into the billions despite losing money and having almost no revenue, thanks to enthusiasm from Trump supporters who are betting the former president will return to the White House.

Trump’s nearly 60% stake in the company represents the majority of his personal fortune, according to Forbes’ estimate.

Any sale of shares by the company could help the former president solve two problems that stand in the way of transforming what is now a $4 billion stake on paper in the company into something more tangible, experts said. A so-called “lockup” agreement prevents Trump from personally selling his shares in the company until late September. Even after that point, many observers believe a move by Trump to sell shares could be interpreted as a vote of no confidence in the company by its owner and namesake, spooking other investors and sparking a sell-off that would crash the company’s share price.

Trump Media declined to answer detailed questions from ProPublica, including whether the company intended to limit public attention by announcing the agreement after hours before the holiday.

“These outlandish and nonsensical conspiracy theories about TMTG’s routine, transparent business practices constitute legally actionable defamation, and we will take legal action in response,” a Trump Media spokesperson said in a statement.

The spokesperson did not immediately respond to a follow-up question about the statement.

Shares of a company are essentially slices of a pie. If a company wants to raise cash, it can re-slice the pie, creating more slices but making existing slices smaller. The percentage stake of the company represented by each share shrinks.

There are a number of ways a company can raise money by selling shares. A traditional version involves the company hiring an investment bank such as J.P. Morgan to play middleman. The bank finds big investors like pension funds to buy the new shares of the company.

Trump Media has chosen a different route, one more common with small, high-risk “penny stock” companies as well as “meme stock” companies, whose shares are the subject of Reddit-fueled hype and speculation by retail traders, experts said.

This alternative route is attractive to companies that might be seen as too risky by top investment banks or that believe that the demand for their stock will be driven by a fan base of retail traders.

Instead of hiring J.P. Morgan or another bank, Trump Media has entered into a deal to sell stock with a small New Jersey financial firm called Yorkville Advisors.

The firm has done similar deals with a number of small biotech companies, such as a firm trying to develop “cannabinoid pharmaceuticals” to treat autism and Alzheimer’s. In 2021 it inked a high-profile deal with a meme stock electric vehicle startup called Lordstown Motors, whose stock has crashed from a peak of more than $400 to under $2 today.

Companies like Yorkville that offer such deals are not typically intending to hold on to the stock, experts said. They are playing a version of the middleman role, allowing Trump Media to easily sell shares when it wants to. The basic arrangement works like this: Trump Media has the option to sell Yorkville shares of itself up to $2.5 billion, a significant chunk of its current market value. Yorkville was paid a fee up front, and if Trump Media decides to sell shares, Yorkville will also get a discount — 2.75% — off the market price. Yorkville typically would turn around and immediately sell those shares to other buyers, pocketing the difference.

In the July 3 press release announcing the deal, Trump Media CEO Devin Nunes, the Republican former congressman, suggested any share sale would be used to buy assets to build the company’s business. “We've secured a great deal to guarantee access to additional capital, if necessary, to pursue big strategic opportunities as we look to build out our portfolio by acquiring assets and technologies in the Patriot economy,” he said.

Xavier Kowalski, a securities lawyer who teaches at the University of Florida, said even if Trump Media didn’t spend the cash it raised building its social media business, “you could think of it as a diversification strategy: diversifying away from Truth Social and into just being a pot of cash.”

The company would have no obligation to spend the money purchasing an asset. It could distribute cash to shareholders — including Trump — in the form of a dividend, for example.

Kowalski and other experts said Trump Media would be following other meme stocks if it moves forward with a share sale. “Is this what I would expect for a company that is losing money and a stock that most people think is overvalued? Yes,” he said.

Yorkville did not immediately respond to a request for comment.

The deal’s ultimate impact on existing shareholders is unclear. The creation of new shares means their shares represent a smaller percentage stake of the company. But if Trump Media uses the money to, for example, buy a company that brings in significant profits, that could create stability for the value of Trump Media long term.

Other meme stocks have taken similar approaches, with mixed results. The CEO of AMC, the theater chain whose shares soared during the pandemic because of a Reddit-fueled buying spree, defended issuing new shares: “Now, if you thought — well, dilution is bad. Then, you were wrong, because foolish dilution is bad. Smart dilution is smart. And our share price went up.”

But frequently deals that dilute shares hurt existing shareholders. In its filing announcing the deal, Trump Media acknowledged as much: “There are substantial risks to stockholders as a result of the sale and issuance of shares to Yorkville. … These risks include the potential for substantial dilution and significant declines in the share price of the Company’s securities."

At least in the short term, the deal seems to have had that effect. The company made another filing about the deal Monday, and this one seems to have caught investors’ attention, with shares falling about 10% in after-hours trading immediately after Monday’s announcement.

Alex Mierjeski contributed research.

Do you have any information about Trump Media that we should know? Justin Elliott can be reached by email at justin@propublica.org or by Signal or WhatsApp at 774-826-6240. Robert Faturechi can be reached by email at robert.faturechi@propublica.org and by Signal or WhatsApp at 213-271-7217.

Shangri-La Hou is one of five National Student Poets. The recent John Burroughs graduate and Lake St. Louis resident explores the natural world and how people interact in — and with — it. Hou also discusses what she’s experienced in her role as a young literary ambassador and how poetry is a powerful tool for self-expression.

Nashville, Illinois' residents were forced to evacuate Tuesday due to a reported dam "failure." Here's what the state's top water officials said was the cause.

(The Center Square) – A coalition of Republican attorneys general have called on the U.S. Senate to pass the SAVE Act, a bill that would ensure additional safeguards are in place to prevent noncitizens from voting in federal elections.

Let's tally up the score so far. Joe Biden's Department of Justice has now secured convictions against two Democrats: The president's son, thanks to pressure from Republican lawmakers. Robert Menendez, a Democratic senator from New Jersey. In addition, they have indicted one other Democrat: Henry Cuellar, a Democratic member of Congress from Texas. Meanwhile: A ...continue reading "Lawfare roundup"

Washington University’s Pediatric Care Clinic is reportedly closing. The former employee who drew national attention with allegations against the University’s Transgender Center at STL Children’s Hospital says the pediatric care clinic will close permanently. In an op-ed submitted yesterday (TUES) to the Post Dispatch, Jamie Reed said the closing was quietly announced last week. Reed acknowledged…

The post Washington University Transgender Center appeared first on The Big 550 KTRS.

The Republican National Convention heads into its second day — now with Donald Trump officially as its presidential nominee and U.S. Sen. JD Vance of Ohio as his running mate. Trump energized the crowd Monday night by entering the arena with a bandage on his right ear after being injured during an assassination attempt Saturday.…

The post 2024 Election Latest: RNC enters second day with focus shifting to immigration appeared first on The Big 550 KTRS.

As avian influenza is being detected in more and more dairy herds across the U.S., Iowa State University researchers have found a possible “why” connection to the virus being found in raw milk. A study published this month by a team in ISU’s College of Veterinary Medicine found that bovine mammary gland tissue held receptors […]

This is an Andean condor at the LA Zoo. It's the largest flying bird in the world.

Clinic closures in the wake of the Dobbs decision and questions about the legality of emergency contraceptives, including disinformation that some are abortion drugs, may have contributed to a sharp drop in the rate of prescriptions for contraceptives in states with the most restrictive abortion bans, according to a University of Southern California study. The decline […]

Barry Williams reports from Brentwood that “very expensive” signal lights, bells, gates, and a cantilevered structure were installed where the Union Pacific Railroad’s Lake Branch crosses Brentwood Boulevard in Brentwood, and all for a short freight train that serves a single customer in Rock Hill — the Forest Products Supply Co. — once a day. […]

Get away to Champaign-Urbana for its agritourism, renowned dining, and college-town charm.

A virtual roll call is moving forward, despite no legitimate rationale to formally nominate the president early. Some Biden delegates are trying to whip up an objection campaign.