Streetbeat News

Acquisitions Mergers

TRIN

Trinity Capital has announced a commitment of $20 million in equipment financing to Formlogic, aiming to support Formlogic's growth and expansion efforts.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 12:41 pm

HUT

Hut 8 Corp announced the immediate departure of CEO Jaime Leverton and appointed Asher Genoot as the new CEO. This change follows the completion of the company's merger of equals, signaling a new strategic direction.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 12:31 pm

PFTA

RBio Energy has entered into an agreement to go public through a business combination with Perception Capital Corp. III (PFTA). This move marks a significant step for RBio Energy in its growth and expansion plans, allowing it to access public markets for capital.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 12:20 pm

BRKR

Bruker Corporation has acquired Nanophoton, a company specializing in Raman microscopy systems for academic and industrial research, primarily in Japan. Nanophoton, based in Osaka, reported revenues of around $5 million in 2023 and was near break-even. Financial details of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 12:18 pm

BERY

GLT

Berry Global and Glatfelter have announced a tax-free spin-off and merger of Berry's Health, Hygiene, and Specialties Global Nonwovens and Films Business with Glatfelter. The transaction values the combined company at $3.6 billion, with pro forma revenue of approximately $3.6 billion and adjusted EBITDA of about $455 million. Post-transaction, Berry and Glatfelter shareholders will own 90% and 10% of the new company, respectively, with Berry receiving an approximate net $1 billion cash distribution at closing.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 12:13 pm

IMAB

I-Mab has agreed to sell its entire business operations in China, including 100% of the equity interest in I-Mab Biopharma Co., Ltd., to Hangzhou Company for up to $80 million, depending on future milestones.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 11:40 am

AULT

Ault Alliance has decided not to pursue new acquisitions in 2024 but may continue making strategic investments. The company aims to maximize the value of its existing assets and has taken steps to reduce its total headcount, expecting to save over $2 million in payroll expenses for 2024.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 11:32 am

LTRY

Lottery.com Inc., a leading online lottery services provider, has announced a software purchase agreement with WA.Technology, a B2B iGaming solutions provider. The financial terms of the agreement were not disclosed. The announcement was made at ICE London 2024.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 10:50 am

TSLA

Billionaire investor Leon Cooperman commented on Tesla CEO Elon Musk's compensation, calling him a genius but overcompensated following the Delaware Chancery Court's rescinding of Musk's 2018 compensation plan. Cooperman, whose hedge fund does not hold Tesla stock, criticized excessive executive compensation in general. Meanwhile, Ark Invest's Cathie Wood defended Musk's pay, and investor Gary Black suggested the dispute could lead to Musk gaining more control in Tesla. Tesla's stock rose 2.23% to $185.10.

Portfolio Pulse from Shanthi Rexaline

February 07, 2024 | 9:22 am

UBER

Wheely, a luxury ride-hailing service, is launching in Dubai to target affluent clients with a fleet of electric cars, including BMW 5 Series and plans for the BMW i5 electric variant. This move challenges Uber's market presence through its owned company Careem. Wheely's focus on wealthy clients and sustainable transportation aligns with Dubai's push for clean energy vehicles.

Portfolio Pulse from kaustubh@benzinga.com

February 07, 2024 | 9:19 am