Publicly-traded companies raided the PPP pantry
- Even with the U.S. Senate set to vote later today on passing an additional relief bill for small businesses in the U.S., there is a bright spotlight being thrown on where the funds from the original Paycheck Protection Program designed for small business went.
- The first-come, first-serve U.S. government aid program saw at least $243M of the total $349M funneled to publicly traded companies, including 15 with market caps of over $100M. As has been reported over the last week, the program ran dry before many mom-and-pop operations and smaller independent businesses were able to apply.
- The list compiled by Morgan Stanley of those +$100M market cap companies nabbing PPL loans includes DMC Global (NASDAQ:BOOM), Wave Life Sciences (NASDAQ:WVE), MannKind (NASDAQ:MNKD), Lindblad Expeditions (NASDAQ:LIND), Legacy Housing (NASDAQ:LEGH), Misonix (NASDAQ:MSON), Digimarc (NASDAQ:DMRC), Fiesta Restaurant Group (NASDAQ:FRGI), OptiNose (NASDAQ:OPTN), Quantum Cor.p (NASDAQ:QMCO), New Age Beverages (NASDAQ:NBEV), Aquestive Therapeutics (NASDAQ:AQST), Escalade (NASDAQ:ESCA), Zagg (NASDAQ:ZAGG) and Veritone (NASDAQ:VERI).