Streetbeat News

Acquisitions Mergers

OGI

Organigram Holdings Inc. announced the results of its Annual and Special Meeting, confirming shareholder approval for a C$124.6 million investment from British American Tobacco (BAT). This endorsement strengthens the partnership between the two companies and provides Organigram with additional capital.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 7:03 am

BOWN

Bowen Acquisition has entered into a merger agreement with Shenzhen Qianzhi Biotech Company. The agreement involves Bowen Acquisition's subsidiary, Bowen Merger Sub, merging with Qianzhi Group Holding, the parent of Qianzhi BioTech. The resulting entity will be a wholly-owned subsidiary of Bowen Acquisition. NewCo Shareholders will receive over 7.2 million ordinary shares of BOWN and up to an additional 1.4 million shares upon meeting certain earnout targets.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:43 am

MYGN

Myriad Genetics has acquired Precise Tumor, Precise Liquid, and a laboratory from Intermountain Precision Genomics. The terms of the deal were not disclosed. The acquisition aims to enhance Myriad Genetics' oncology business, improve operational efficiencies, and create new clinical development opportunities. Myriad Genetics' CEO, Paul J. Diaz, expressed gratitude to Intermountain Healthcare for their role in advancing precision oncology care and looks forward to providing comprehensive genomic profiling to Intermountain Health System's patients and providers.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:28 am

FRCB

JPM

JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon's pay for 2023 has been set at $36 million following the bank's record-breaking profits. The bank's revenue for 2023 was $49.6 billion, a result of the Federal Reserve's interest rate hikes and the acquisition of First Republic Bank (OTC:FRCB). Dimon plans to sell 1 million JPMorgan shares for financial diversification and tax-planning purposes starting in 2024.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 6:26 am

ATXG

FTFT

Network 1 Financial Securities Inc., known for underwriting volatile IPOs in 2022, is planning to return to the U.S. exchanges by underwriting for Epsium Enterprise Ltd. and BRB Foods Inc. The firm previously led IPOs with significant first-day surges but has seen most of those stocks drop substantially since. Network 1 has faced regulatory scrutiny in the past, and while not named in a recent SEC lawsuit against an alleged indirect owner, the firm's history may influence investor perception.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 6:10 am

AAPL

IRBT

PYPL

SAVE

TSLA

On Thursday, U.S. stocks closed positively with Apple, PayPal, Spirit Airlines, iRobot Corporation, and Tesla being the focus of investors. Apple (AAPL) saw a 3.26% rise in stock price amidst EU regulatory challenges. PayPal (PYPL) increased by 3.67% despite analyst downgrades. Spirit Airlines (SAVE) dropped by 7.17% due to merger issues with JetBlue. iRobot (IRBT) fell by 14.23% as the EU may reject Amazon's acquisition bid. Tesla (TSLA) decreased by 1.70% amid growth concerns.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 2:04 am

AMZN

IRBT

The EU competition watchdog is likely to reject Amazon's $1.7-billion acquisition of iRobot, known for Roomba vacuum cleaners. The decision could halt Amazon's expansion, and iRobot's stock dropped over 40% after-hours following a 14.23% drop in the regular session. Amazon missed a deadline to propose remedies for competition concerns, and the final decision is expected by Feb. 14. iRobot shares fell to $14.08 in after-hours trading.

Portfolio Pulse from Michael Cohen

January 18, 2024 | 11:30 pm

JBLU

PENN

SAVE

Spirit Airlines, Inc. (SAVE) experienced significant volatility, hitting 52-week lows after a federal judge blocked its acquisition by JetBlue Airways Corporation (JBLU). Dave Portnoy, founder of Barstool Sports, recently re-acquired from PENN Entertainment (PENN), bought a substantial amount of SAVE stock, which dropped 25% immediately following a restructuring announcement. However, the stock rebounded, closing at $5.70, with Portnoy ending up 5% on his position. SAVE shares are down 62% over the last five days.

Portfolio Pulse from Chris Katje

January 18, 2024 | 11:02 pm

ASTS

GOOG

GOOGL

AST SpaceMobile Inc (NASDAQ:ASTS) experienced volatility after announcing a $155 million strategic investment from AT&T Inc (NYSE:T), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), and Vodafone, followed by a $100 million common stock offering. The investment aims to support the commercial rollout of AST SpaceMobile's network, with the new investors also expanding strategic and commercial ties. The stock surged in after-hours trading but pulled back after the stock offering announcement.

Portfolio Pulse from Adam Eckert

January 18, 2024 | 9:59 pm

ARIZ

Arisz Acquisition Corp. (NASDAQ: ARIZ), a SPAC, has extended the deadline to complete a business combination with BitFuFu to February 22, 2024. The extension, funded by a $120,000 deposit into the Trust Account by Arisz Investments LLC, is the final one-month extension allowed under the company's amended certificate of incorporation.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:32 pm