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Acquisitions Mergers

CARR

XPDB

Carrier Global Corporation (NYSE:CARR) has signed a binding term sheet with Montana Technologies to develop and commercialize AirJoule dehumidification and cooling technology. Carrier also conditionally committed $10 million in growth equity to Montana. AirJoule technology aims to reduce electricity consumption and carbon emissions in air conditioning systems. Carrier will have the right to nominate a board member to the post-merger entity of Montana and Power & Digital Infrastructure Acquisition II Corp. (NASDAQ:XPDB). The merger is expected to close in Q1 2024, with the combined entity to list on NASDAQ under ticker AIRJ.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:24 pm

AMAM

JNJ

Ambrx Biopharma's stock price has risen following the announcement that Johnson & Johnson will acquire the company in an all-cash merger valued at around $2 billion.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:23 pm

PLTR

The weekend's top stories included North Korea's missile deal with Russia, Mike Pence's stance against banning Trump from the 2024 ballot, public opinion favoring Trump's candidacy, Cathie Wood's ARK Invest increasing its stake in Palantir Technologies (NYSE:PLTR) despite analyst downgrades, and anticipation for the decision on the U.S.'s first Bitcoin ETF. ARK Invest's ETFs purchased additional shares of Palantir.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 2:22 pm

NUBI

Nubia Brand International Corp. has announced that the conditions for its business combination with Honeycomb Battery Company have not been met. The definitive proxy statement filed with the SEC on November 8, 2023, outlined the conditions which remain unsatisfied. The companies are working to meet these conditions, including Nasdaq's approval for listing the post-combination stock. If the business combination is not completed by March 15, 2024, Nubia may redeem its Class A common stock at the price based on its trust account balance.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:11 pm

CLSK

CleanSpark, Inc. has announced the purchase of up to 160,000 Bitmain S21 miners to enhance its Bitcoin mining operations. This strategic acquisition is expected to significantly increase the company's mining capacity and efficiency. The financial terms of the deal were not disclosed, but the investment in new mining equipment is a bullish move for CleanSpark's future growth in the cryptocurrency mining industry.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:11 pm

ADN

Advent Technologies Holdings, Inc. (ADN) has received approximately $1.83 million in funding from the Danish Energy Technology Development and Demonstration Program for a project on advanced fuel cell power converters. The project, involving a consortium including Aalborg University and other partners, aims to develop a modular DC-DC power converter for Advent's next-generation High-Temperature Proton Exchange Membrane fuel cell applications. The technology, which is expected to extend fuel cell lifetimes and double power density, is part of the EU-approved Green HiPo project in Greece.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:08 pm

LAB

Standard BioTools Inc. announced preliminary and unaudited revenue results for Q4 and full year 2023, with Q4 revenue at approximately $28 million and full year revenue at $106 million, marking over 10% growth in core revenue. Instrument revenue grew by over 40% compared to 2022. SomaLogic, which merged with Standard BioTools on January 5, 2024, expects Q4 2023 revenue of about $23 million and full year revenue of $86 million. The combined company anticipates over $550 million in cash and investments as of December 31, 2023. Full results and 2024 outlook will be discussed in early March.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:06 pm

PULM

Pulmatrix has halted patient enrollment and is closing its Phase 2B study of PUR1900, in agreement with partner Cipla. Cipla will now take full responsibility for PUR1900's development, targeting markets with high unmet need and a quicker approval process, and will pay Pulmatrix a 2% royalty on net sales. Pulmatrix aims to reduce cash burn and explore strategic alternatives, leveraging its pipeline, iSPERSE™ technology, and its cash reserves of approximately $19 million as of the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:04 pm

DGX

Quest Diagnostics has acquired the assets of the Outreach Lab Services business of Steward Health Care System. The terms of the transaction were not disclosed. This acquisition is expected to broaden access to innovative and quality diagnostic information services for both providers and patients.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:03 pm

HNRA

HNR Acquisition Corp (NYSE:HNRA) announced its 2024 operational plan, expecting increased production and revenues due to cost control and optimized production. The company completed the acquisition of the Grayburg-Jackson oil field over 45 days ago, which has been profitable with positive cash flow for the last two years. HNRA plans to reduce idle well count, enhance oil production, and improve financials by implementing new workovers, maintenance, and repairs. The company aims to increase production by 100 barrels of oil per day at minimal cost and has identified ten low-cost opportunities to further improve production.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:02 pm