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Acquisitions Mergers

ACET

Adicet Bio, Inc. (NASDAQ:ACET) aims to advance its pipeline of allogeneic gamma delta T cell therapies in 2024, focusing on oncology and autoimmune diseases. The FDA cleared an IND for ADI-001 in lupus nephritis, with a Phase 1 trial expected in Q2 2024. In hematologic malignancies, ADI-001 showed promising results in MCL patients, and a clinical update is anticipated in the second half of 2024. The company also plans to file an IND for ADI-270, targeting renal cell carcinoma, in Q2 2024. Adicet Bio's cash runway is projected to last into the second half of 2025.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 12:04 pm

ROCL

Roth CH Acquisition V (ROCL) has entered into an agreement to combine with New Era Helium (NEH) at a pre-money valuation of $90 million. This transaction is anticipated to lead to NEH becoming a publicly traded company.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 11:53 am

BLK

GS

Goldman Sachs (GS) is in talks to become an authorized participant for BlackRock's (BLK) upcoming spot Bitcoin ETFs, as well as those planned by Grayscale. GS and BLK stocks rose by 1.71% and 2.06%, respectively, on Thursday. The SEC is expected to decide on the Ark/21Shares spot Bitcoin ETF by January 10. To date, the SEC has only approved ETFs linked to Bitcoin and Ethereum futures, not spot cryptocurrencies. Goldman Sachs' potential role would involve creating and redeeming ETF shares to reflect the value of the underlying Bitcoin.

Portfolio Pulse from Anusuya Lahiri

January 04, 2024 | 11:39 am

BP

EQNR

Equinor ASA (NYSE:EQNR) and BP plc (NYSE:BP) have terminated their Offshore Wind Renewable Energy Certificate (OREC) Agreement with NYSERDA for the Empire Wind 2 project due to economic reasons such as inflation, interest rates, and supply chain disruptions. The Empire Wind 1 project remains active. The U.S. is a key growth market for Equinor, aiming for 12-16 GW of renewables capacity by 2030. Offshore wind energy project progress has slowed in 2023 across various states.

Portfolio Pulse from Shivani Kumaresan

January 04, 2024 | 11:38 am

CR

Crane Company (NYSE:CR) has acquired Vian Enterprises, Inc. for approximately $103 million, aiming to enhance its aerospace and defense offerings. Vian, known for its lubrication pumps and system components, reported trailing 12-month sales of $33 million and adjusted EBITDA of $8 million. The acquisition is expected to be financed through Crane's revolving credit facility and is anticipated to be immediately accretive to its Aerospace & Electronics segment EBITDA margins. Crane will discuss the acquisition further in its Q4 FY23 results on January 29, 2024. As of September 30, 2023, Crane had a cash balance of $274 million and total debt of $250 million. CR shares dropped by 2.75% to $113.70.

Portfolio Pulse from Lekha Gupta

January 04, 2024 | 11:13 am

APA

CPE

APA Corporation (APA) and Callon Petroleum Company (CPE) have announced a stock-for-stock transaction where each share of Callon common stock will be exchanged for 1.0425 shares of APA common stock. The deal is expected to be financially beneficial, enhancing key metrics and expanding APA's presence in the Permian Basin, especially in the Delaware Basin where Callon holds approximately 120,000 acres.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 11:03 am

APA

CPE

APA Corporation has agreed to acquire Callon Petroleum in an all-stock transaction valued at around $4.5 billion, including net debt. This strategic move will expand APA's portfolio and is expected to create value for shareholders of both companies.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 11:01 am

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) faces a challenging future as its shares have dropped 75% from their 2020 high, now trading below $77. The company was fined $2.8 billion for monopolistic practices in 2021 and has recently canceled the IPO of its cloud computing unit. This has led to a decrease in U.S. market value, falling below that of competitor PDD Holdings Inc (NASDAQ:PDD). Alibaba's cloud business is also losing market share to Huawei Technologies Co., and the company faces a tough IPO market for its logistics and grocery store chains.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 8:27 am

FGF

FGFPP

FG Financial Group and FG Group Holdings have announced a merger to form Fundamental Global Inc. The merger is expected to result in significant expense savings, improved scale, and capital efficiency. The combined entity will have over $110 million in total assets and $65 million in annual revenue. Post-merger, the company will trade on Nasdaq under the tickers 'FGF' for common stock and 'FGFPP' for Series A cumulative preferred stock.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 7:14 am

AMZN

PDD

SE

TikTok, owned by ByteDance Ltd, is planning a significant expansion of its U.S. e-commerce operations with a revenue target of $17.5 billion, challenging Amazon (AMZN) and other e-commerce platforms like PDD Holdings Inc's Temu and Shein. TikTok Shop, which integrates shopping with short videos and live streams, is expected to increase merchandise volume by 2024. ByteDance's revenue grew by 30% in 2023, surpassing $110 billion. The expansion includes increasing seller fees to boost sales after a reported loss in the e-commerce vertical last year. TikTok's U.S. user base of 150 million could impact the e-commerce landscape.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 4:55 am