Streetbeat News

Acquisitions Mergers

ASML

INTC

SSNLF

TSM

ASML Holding NV showcased its advanced €350 million chipmaking machine, ordered by Intel Corp for its Oregon factory, aiming for production by late 2025. This machine, critical for AI advancements, etches semiconductor lines as thin as 8 nanometers. ASML's technology has seen record orders, including from Samsung Electronics and Taiwan Semiconductor Manufacturing Co, reflecting strong industry optimism. ASML reported a 12.5% year-on-year increase in Q4 2023 net sales, with China being its largest market.

Portfolio Pulse from Anusuya Lahiri

February 12, 2024 | 3:58 pm

CBAY

GILD

CymaBay Therapeutics' stock price increased following the announcement that Gilead Sciences will acquire it for $32.50 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 3:43 pm

IONM

Assure Holdings announced it has entered into a definitive Agreement and Plan of Merger with Danam Health, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 3:27 pm

CBAY

VIAV

WISH

CymaBay Therapeutics shares surged 24.5% after Gilead Sciences announced its acquisition for $4.3 billion. Other stocks like ContextLogic, Iris Energy, and Viavi Solutions also recorded significant gains following various positive announcements, including asset sales, upgrades by analysts, and merger agreements.

Portfolio Pulse from Avi Kapoor

February 12, 2024 | 3:22 pm

NGD

New Gold (AMEX:NGD) announced a three-year plan to increase gold and copper production by 35% and 60% respectively by 2026. The Toronto-based company aims to achieve this through higher output at its current mines and completing growth projects, expecting significant free cash flow generation as costs decrease. The plan includes boosting gold production to between 410,000 and 460,000 ounces, and copper to between 71 million and 81 million pounds, with the first results expected in 2024. New Gold anticipates $75 million in free cash flow in the second half of the year, with $185.9 million in cash and $395.7 million in debt currently.

Portfolio Pulse from Stjepan Kalinic

February 12, 2024 | 3:21 pm

WISH

ContextLogic Inc (NASDAQ:WISH) shares surged after announcing the sale of its Wish ecommerce platform assets to Qoo10 for approximately $173 million, a 44% premium to its closing stock price as of February 9, 2024. The deal, expected to close in Q2 2024, will leave ContextLogic with a debt-free balance sheet, $2.7 billion in NOL carryforwards, and certain retained assets. The proceeds will be used to monetize NOLs and explore financial sponsorships to realize tax asset values. The integration with Qoo10 aims to enhance the Wish platform's customer and merchant experience.

Portfolio Pulse from Lekha Gupta

February 12, 2024 | 3:18 pm

FANG

Diamondback Energy (FANG) shares are up following the announcement of a definitive merger agreement with Endeavor Energy Resources, valued at $26 million. Additionally, Diamondback Energy has increased its base dividend.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 3:14 pm

CBAY

GILD

Gilead Sciences (NASDAQ:GILD) is set to acquire CymaBay Therapeutics (NASDAQ:CBAY) for $4.30 billion in cash, aiming to complete the transaction by Q1 of 2024. This acquisition will expand Gilead's portfolio into liver and chronic disease treatments, complementing its existing focus on infectious diseases, pulmonary and cardiovascular diseases, and cancer.

Portfolio Pulse from Benzinga Insights

February 12, 2024 | 3:10 pm

PRST

Presto Automation Inc. (NASDAQ:PRST) announced a $6M financing through convertible subordinated notes and a favorable court verdict against XAC Automation Corp. The financing was led by existing investors, including Remus Capital. The company also reported significant growth in its Presto AI Voice product, doubling its live stores to 145. CEO Xavier Casanova resigned, with a replacement to be announced. Presto won an $11.1M award from XAC, with plans to enforce or monetize the award. An amendment with Hi Auto allows competition for the Checkers relationship. The notes are convertible into 36M shares at $0.25/share. The company needs to raise an additional $6M by March 8, 2024, to sustain operations. Matthew MacDonald joined the Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 3:06 pm

SCRP

Scripps Safe, Inc (NASDAQ:SCRP) is set to begin trading on NASDAQ on February 13, with its IPO priced between $4.00 and $6.00 per share. The company specializes in pharmaceutical supply chain solutions, focusing on secure transport, storage, and distribution of pharmaceuticals. An insider lock-up period of 180 days is set to end on August 11, 2024.

Portfolio Pulse from Benzinga Insights

February 12, 2024 | 3:00 pm