Streetbeat News

Acquisitions Mergers

PNM

PNM Resources shares have dropped following the announcement of the termination of its merger agreement with Avangrid.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:46 pm

NRXP

NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) will present a keynote address on ketamine's efficacy and risks for treating suicidal depression at the Sachs Neuroscience Innovation Forum. The company plans to file a New Drug Application for ketamine in 2024 in the US and EU. NRx has shown ketamine's superiority to placebo and non-inferiority to electroshock therapy in trials. They are developing a new formulation with Nephron Pharmaceuticals and a REMS program. NRx has created HOPE Therapeutics, Inc. to advance ketamine's development and will award rights to shareholders and new investors. NRx is also developing NRX-101 for suicidal bipolar depression and chronic pain, in partnership with Alvogen Pharmaceuticals.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:45 pm

BIDU

YY

JOYY Inc.'s stock is trading lower following the announcement that an affiliate of Baidu has issued a written notice to terminate the Share Purchase Agreement from November 16, 2020.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:45 pm

BTCT

BTC Digital has entered into an asset purchase agreement with BITMAIN TECHNOLOGIES DELAWARE LIMITED to acquire 2,000 units of T21 miners for $5.32 million, with delivery and operation expected in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:37 pm

BABA

PDD

Alibaba Group Holding Limited (BABA) is facing significant challenges, including a loss of direction, regulatory issues, and declining staff morale. The company was overtaken in market capitalization by PDD Holdings Inc (PDD) and its shares are now 75% off their peak. Alibaba's new CEO, Eddie Yongming Wu, is tasked with consolidating control over its diverse businesses. The company's restructuring efforts and competition from ByteDance's Douyin and PDD's Pinduoduo and Temu add to its struggles. Alibaba's growth strategy is unclear, with mixed signals from dividends and share buybacks, and uncertainty around its fintech affiliate Ant and logistics arm Cainiao's IPO. BABA shares traded lower by 2.01% at $75.95 in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 1:21 pm

FIX

Comfort Systems USA has entered into an agreement to acquire Summit Industrial Construction, LLC. Summit is expected to contribute annualized revenues of $300M-$400M to Comfort Systems USA.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:18 pm

ISRL

Israel Acquisitions Corp. has entered into a business combination agreement with Pomvom Ltd., valuing Pomvom at a total equity value of $125 million. This move is indicative of a strategic expansion and could potentially affect the market perception and financial future of both entities involved.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:08 pm

LMDX

LumiraDx Limited (NASDAQ:LMDX) shares dropped by 20% in pre-market trading following the announcement of selling its point-of-care technology platform to Roche. Other stocks experienced significant movements in pre-market trading, with various companies listed as gainers and losers based on their recent performance and news.

Portfolio Pulse from Avi Kapoor

January 02, 2024 | 1:08 pm

VIA

VIASP

Via Renewables, Inc. (NASDAQ:VIA) has agreed to be acquired by Retailco, LLC for $11.00 per share in cash, a premium over recent trading prices. The CEO of Via Renewables, William Keith Maxwell, III, who owns a majority of the stock, is behind Retailco. The merger will result in VIA's Class A common stock ceasing to trade on NASDAQ, while Series A Preferred Stock (NASDAQ:VIASP) will continue trading. The deal includes a 30-day 'go-shop' period and requires majority approval from shareholders, excluding Maxwell's affiliated entities. The transaction is expected to close in Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:06 pm

PFE

SGEN

Pfizer Inc. (PFE) shares have dropped about 44% in 2023 but remained flat on Friday. The company completed the acquisition of Seagen Inc (SGEN) for $43 billion. Pfizer's FY24 revenue guidance, including Seagen's impact, is $58.5-$61.5 billion, below the consensus of $63.17 billion. Pfizer's dividend yield is 5.84%, with a quarterly dividend of 42 cents per share. To earn $500 monthly from dividends, an investment of approximately $102,809 is needed, equating to 3,571 shares.

Portfolio Pulse from Avi Kapoor

January 02, 2024 | 12:59 pm