Streetbeat News

Acquisitions Mergers

HUBB

Kingswood Capital Management has acquired Progress Lighting from Hubbell Incorporated (NYSE:HUBB). Progress Lighting, a leader in residential and light commercial decorative lighting, will now operate as an independent company under the leadership of CEO Sean Veit. The company is well-positioned for growth in the residential lighting sector, with a strong brand reputation and a diverse product catalog. Kingswood plans to invest in the business to better serve its customers in the new construction and renovation & remodel markets.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 2:04 pm

SAVE

Spirit Airlines Inc (NYSE:SAVE) filed for a mixed shelf offering, allowing for the sale of warrants and the resale of up to 899,560 shares of common stock. This follows a federal judge blocking JetBlue's acquisition of Spirit, a move previously seen as positive for Spirit's financial struggles. Spirit will not receive proceeds from the sale. The potential merger faces a deadline by July, with options to extend or terminate.

Portfolio Pulse from Adam Eckert

February 12, 2024 | 2:02 pm

NOVV

Nova Vision Acquisition Corp. has announced an extension for the period to complete a business combination from February 10, 2024, to March 10, 2024. This extension provides additional time for the completion of the planned business combination.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 2:02 pm

SAP

SAP SE (NYSE:SAP) is undergoing leadership changes with Pekka Ala-Pietila nominated as the new supervisory board member and designated successor to Chairman Hasso Plattner, following a mutual agreement to part ways with Punit Renjen due to differing perspectives. Ala-Pietila, known for his involvement in European innovation, will stand for election for a two-year term. SAP recently reported a 5% revenue growth and a 44% increase in non-IFRS EPS, alongside plans for a company-wide transformation focusing on business AI. SAP shares dropped 1.15% in premarket trading.

Portfolio Pulse from Lekha Gupta

February 12, 2024 | 2:01 pm

AJG

Arthur J. Gallagher & Co. has acquired Simply-Communicate, a communications consultancy. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 2:00 pm

CTLT

LLY

NVO

Novo Nordisk (NVO) and Eli Lilly (LLY) are addressing the supply shortage of their weight loss drugs, Wegovy and Zepbound, amid soaring demand. Novo Nordisk has doubled the availability of Wegovy's lower doses and acquired three manufacturing sites for $11 billion to boost production. Eli Lilly has doubled its production capacity for incretin drugs and plans further expansion. Both companies are exploring alternative drug forms to meet demand, with Eli Lilly launching Mounjaro in a new delivery device outside the U.S. LLY shares slightly up, NVO shares down in premarket trading.

Portfolio Pulse from Vandana Singh

February 12, 2024 | 1:57 pm

JAGX

Jaguar Health (NASDAQ:JAGX) has submitted an Orphan Drug Designation application to the FDA for crofelemer for cholera-related diarrhea. Crofelemer, a plant-based prescription drug, aims to treat moderate-to-severe diarrhea from various infections, including cholera. The company has previously received ODD for crofelemer for short bowel syndrome and microvillus inclusion disease. Jaguar expects results from 5 proof-of-concept studies in 2024 and 2025, with potential early patient access in Europe in 2025. The FDA activated an IND application for crofelemer in August 2023. ODD could provide development incentives and a seven-year marketing exclusivity in the U.S.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:35 pm

CSPI

ARIA Cybersecurity Solutions, a CSPi business (NASDAQ:CSPI), has secured a multi-million dollar contract with one of the world's largest pharmaceutical manufacturers to deploy its AZT PROTECT solution across over 40 global manufacturing facilities. This deployment aims to protect the pharmaceutical company's critical infrastructure from sophisticated cyberattacks targeting operational technology (OT). AZT PROTECT, launched in July 2023, is designed specifically for OT environments, offering advanced protection against zero-day and supply chain attacks without requiring continuous cloud updates.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:35 pm

NRXP

NRx Pharmaceuticals has received a $5M milestone payment from Alvogen and Lotus Pharmaceutical, extending its cash runway. The payment is part of an agreement that could see NRx eligible for up to $324M in additional milestones, plus royalties, upon NRX-101's approval and commercialization.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:35 pm

ATER

HOG

POWW

VSCO

WOR

As of Feb. 12, 2024, five consumer discretionary stocks are considered overbought based on their RSI values, indicating potential short-term performance concerns. Aterian, AMMO, Harley-Davidson, Victoria's Secret, and Worthington Enterprises have shown significant price gains recently, but their high RSI values suggest they may be due for a correction.

Portfolio Pulse from Avi Kapoor

February 12, 2024 | 1:31 pm