Streetbeat News

Acquisitions Mergers

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

MSBHF

X

Mitsubishi Corp (OTC:MSBHF) shares reached a record high after announcing a $3.4B share buyback plan. The company's strong financial performance and strategic decisions, including ceasing automobile production in China, have contributed to its success. Warren Buffett's Berkshire Hathaway holds 8.3% of Mitsubishi's stock. The company is considering future investments in the U.S., influenced by the upcoming election.

Portfolio Pulse from Benzinga Neuro

February 07, 2024 | 9:11 am

WDS

Woodside Energy Group Ltd (WDS) has ended discussions about a potential merger with Santos Ltd, emphasizing its commitment to pursuing only value-accretive transactions for its shareholders.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 7:08 am

JAZZ

Jazz Pharmaceuticals (NASDAQ:JAZZ) has signed a definitive agreement to acquire the global rights to Redx Pharma's KRAS inhibitor program for an upfront payment of $10M and up to $870M in earnouts. The deal includes collaboration on IND-enabling studies, with Jazz handling clinical development, regulatory, manufacturing, and commercialization. The agreement also involves potential milestone payments and royalties to Redx based on future net sales.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 7:07 am

BTCUSD

ARK Invest CEO Cathie Wood predicts a continued shift of investors from gold to Bitcoin, citing the launch of spot Bitcoin ETFs as a facilitator. She highlighted Bitcoin's resilience and role as a haven during financial turbulence, such as the March 2023 regional bank crisis in the US. ARK Invest launched the ARK 21Shares Bitcoin ETF on January 11. Bitcoin's price was slightly up in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

February 07, 2024 | 5:46 am

ARVLF

Arrival SA (OTC:ARVLF), an electric vehicle maker, has appointed EY as administrator for its UK subsidiaries, Arrival UK Ltd and Arrival Automotive UK Limited, to explore selling its business and assets due to failure in acquiring necessary rescue funds. The company ended the first half of 2023 with $43 million in cash and a loss of $155.7 million. Arrival was delisted from Nasdaq on January 30 for delaying its interim financial statement filings.

Portfolio Pulse from Anan Ashraf

February 07, 2024 | 3:12 am