Streetbeat News

Acquisitions Mergers

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

MAMO

Massimo Group (NASDAQ:MAMO) is set to begin trading on NASDAQ on February 13, with an IPO price range of $4.00 to $5.00 per share. The company, which manufactures and sells UTVs, ATVs, and Pontoon Boats, has announced an insider lock-up period of 180 days ending on August 11, 2024.

Portfolio Pulse from Benzinga Insights

February 12, 2024 | 3:00 pm

IONM

Assure Holdings Corp. (NASDAQ:IONM) announced a merger with Danam Health, Inc., where Danam will merge into a subsidiary of Assure in a stock-for-stock transaction. Post-merger, Assure will be renamed Danam Health Holdings Corp. and will focus on pharmaceutical and healthcare services. The combined company will be Nasdaq-listed, with Danam stockholders owning approximately 90% and Assure stockholders owning about 10%. The merger, valued at $150 million, is expected to close in Q2 2024, subject to approvals and conditions.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 2:59 pm

CRH

MLM

Martin Marietta Materials Inc (NYSE:MLM) announced a $2.05 billion acquisition of 20 operations from Blue Water Industries LLC in the Southeast, aiming to boost its aggregates business. The deal, to be financed through cash and existing credit facilities, complements Martin Marietta's footprint in the region. This follows a $2.1 billion divestiture to CRH Americas Materials, Inc., a subsidiary of CRH PLC (NYSE:CRH). The acquisition is expected to generate over $180 million in annualized EBITDA and is part of Martin Marietta's strategy to expand in growth markets.

Portfolio Pulse from Lekha Gupta

February 12, 2024 | 2:46 pm

BDC

New York Governor Kathy Hochul announced $2.4 million in grants and tax credits to Belden Inc. (NYSE:BDC) for operational expansion in Syracuse, NY. The incentives aim to boost fiber production at Belden's primary Broadband Solutions location. The funding includes a $1.2 million Empire State Development grant and a $1.2 million Excelsior Jobs tax credit. This move is part of a broader initiative to drive economic growth and innovation in New York, with Belden playing a key role in the broadband manufacturing sector.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 2:31 pm