Streetbeat News

Acquisitions Mergers

LAB

SLGC

SomaLogic's founder Larry Gold and CTO Jason Cleveland have issued an open letter to stockholders expressing opposition to the company's proposed merger with Standard BioTools. They believe the merger is not in the best interest of shareholders and are urging them to vote against it.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 9:24 pm

KAI

Kadant Inc. has agreed to acquire Key Knife, Inc. for approximately $156 million in cash. This strategic acquisition is expected to expand Kadant's product portfolio and market reach in the fiber processing industry.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 9:19 pm

GLOB

Globant, a software development company, has acquired Iteris Holding, a Brazilian consultancy firm. Iteris, established in 2009 in São Paulo, employs over 600 professionals and provides end-to-end solutions in various industries. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 9:17 pm

AGAE

Elite Fun Entertainment Co., Ltd. has agreed to purchase 7.33 million shares of Allied Gaming & Entertainment (AGAE) at $0.90 per share, totaling $6.597 million. Additionally, they plan to negotiate a partnership for organizing live shows and events in Asia.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 9:07 pm

ARKB

ARKW

BITO

GBTC

ARK Investment Management, led by Cathie Wood, has sold its entire stake in Grayscale Bitcoin Trust (GBTC) and invested approximately $100 million into ProShares Bitcoin Strategy ETF (BITO). GBTC was previously the largest holding in ARK's Next Generation Internet ETF (ARKW). The shift to BITO, the first U.S. Bitcoin futures ETF, aligns with ARK's investment strategy and offers exposure to Bitcoin futures contracts, as opposed to GBTC which offers exposure to Bitcoin directly and has been trading at a discount to its net asset value.

Portfolio Pulse from Murtuza Merchant

December 28, 2023 | 9:06 pm

ZJYL

Jin Medical International Ltd. (NASDAQ:ZJYL) stock surged after receiving a letter from Nasdaq stating that the delisting action has been stayed pending a hearing decision. The company was previously notified of non-compliance with Nasdaq's public holders requirement and failed to provide a compliance plan. A hearing is scheduled for March 14, 2024. Additionally, Jin Medical signed an MOU for a potential acquisition of Jiangsu Zhongjin Kanglu Information Technology Co., Ltd. The company has a small float and a volatile stock price history.

Portfolio Pulse from Erica Kollmann

December 28, 2023 | 8:49 pm

FMST

PZG

TMC

Paramount Gold Nevada Corp. (PZG) secured a $15M financing deal with Sprott for the Grassy Mountain Gold Mine. The Metals Company Inc. (TMC) concluded offshore research for its nodule collection system. Foremost Lithium (FMST) announced a 7,500-meter drill program at its Zoro lithium property.

Portfolio Pulse from Austin DeNoce

December 28, 2023 | 8:19 pm

DISH

SATS

DISH Network Corporation (NASDAQ:DISH) shares are experiencing an uptrend following a post-earnings drop in early November. The recovery is attributed to Hamid Akhavan, CEO and president of EchoStar Corp (NASDAQ:SATS), joining DISH as president and CEO, and the FCC's approval for the transfer of control of DISH and its subsidiaries to EchoStar. The merger will recombine the two entities. EchoStar is set to replace DISH in the S&P SmallCap 600 before trading opens on January 2, coinciding with the expected completion of the acquisition. DISH shares were up 7.64% at $5.70, and SATS shares were up 7.29% at $16.18 at the time of publication.

Portfolio Pulse from Ryan Gustafson

December 28, 2023 | 8:14 pm

DIA

GDX

IWM

PENN

QQQ

SPY

TAN

TLT

USO

XLE

XLU

The S&P 500 and Dow Jones Industrial Average edged up by 0.1%, while the Nasdaq 100 mirrored this performance with a significant yearly gain. The iShares Russell 2000 ETF (IWM) is down 0.3%, and the iShares 20+ Year Treasury Bond ETF (TLT) declined by 0.6%. Gold remains stable, crude oil tracked by the United States Oil Fund (USO) fell by 1%, and Bitcoin dropped 2.3% after Cathie Wood sold her Grayscale Bitcoin Trust shares. The SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) are steady. Utilities sector ETF (XLU) is up, while the Energy sector ETF (XLE) is down. The Invesco Solar ETF (TAN) gains, and the VanEck Gold Miners ETF (GDX) falls. AMD leads gains in large-cap tech, while crypto-related stocks show mixed reactions. Penn Entertainment (PENN) rallies after a hedge fund seeks board nomination authority.

Portfolio Pulse from Piero Cingari

December 28, 2023 | 7:17 pm

ATUS

Altice USA has sold Cheddar News to media company Archetype. The financial terms of the deal were not disclosed. Cheddar News, a live-streaming financial news network, was acquired by Altice USA in 2019 for $200 million. The sale is part of Altice's strategy to focus on its core telecommunications business.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 6:11 pm