Streetbeat News

Acquisitions Mergers

FSLR

First Solar, Inc. (FSLR) has entered into agreements to sell up to $700 million in 2023 IRA Advanced Manufacturing Production tax credits to Fiserv, Inc. The deal, facilitated by Citigroup Global Markets, Inc. as the placement agent, is at a rate of $0.96 per $1 of tax credits. This transaction, a first in the solar industry, is expected to enhance First Solar's cash position and balance sheet, allowing for further investment in growth and innovation. The tax credits are derived from the sale of PV solar modules produced by First Solar's US manufacturing facilities. The company plans to invest over $2 billion in new manufacturing facilities and expects to have 14 gigawatts of US solar manufacturing capacity by 2026.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 2:01 pm

BWEN

MKTX

Broadwind Inc (BWEN) has agreed to sell approximately $15 million of Advanced Manufacturing Production Credits to MarketAxess Holdings, Inc. (MKTX) under the Inflation Reduction Act. The tax credits are related to Broadwind's domestic production and sale of wind turbine components. Broadwind will also sell section 45X tax credits generated in 2024 on a quarterly basis. CEO Eric Blashford highlighted the economic incentive for renewable energy investment provided by the 45X tax credit. BWEN's stock saw a slight increase of 0.35% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 27, 2023 | 1:52 pm

FWBI

First Wave BioPharma's stock price has risen following the announcement of a non-binding term sheet to sell its Niclosamide program, which is aimed at treating inflammatory bowel diseases.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:44 pm

FWBI

SNY

First Wave BioPharma, Inc. (FWBI) shares surged after announcing a non-binding term sheet to sell its Niclosamide program for IBD treatment to an undisclosed biopharmaceutical company. The deal includes a low seven-figure upfront payment, future milestones, and royalties. This allows FWBI to concentrate on its late-stage clinical programs, including those licensed from Sanofi (SNY). The transaction is expected to close in the first half of 2024, and FWBI shares rose 143% premarket.

Portfolio Pulse from Nabaparna Bhattacharya

December 27, 2023 | 1:40 pm

CDXS

Codexis, Inc. (NASDAQ:CDXS) has entered into a purchase agreement with Nestlé Health Science for CDX-7108, a therapy for exocrine pancreatic insufficiency (EPI). Codexis will receive up to $45M in milestone payments, including a $5M upfront payment and single-digit net-sales-based royalties. An additional $5M is possible if Nestlé exercises an option for two more early-stage enzymes. Nestlé will handle further development and commercialization, while Codexis focuses on its ECO Synthesis platform and Pharmaceutical Manufacturing business growth.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:33 pm

ADSE

ADS-TEC Energy (NASDAQ:ADSE), specializing in ultra-fast charging technology, has signed a definitive agreement for a private investment by Svelland Capital. The investment is expected to close on December 28, 2023, and is anticipated to strengthen ADS-TEC's financial position and support strategic initiatives. Svelland Capital is recognized for its expertise in the energy sector and has won awards for its investment strategies. ADS-TEC's CEO expects the fourth quarter of 2023 to be the strongest in company history, with continued positive performance in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:31 pm

AULT

MICS

Ault Alliance Inc (AULT) has filed a derivative lawsuit against Singing Machine Co Inc (MICS) CEO Gary Atkinson and other directors, alleging breach of fiduciary duties in a recent share sale to Regalia Ventures, LLC and Stingray Group, Inc. The sale involved approximately 2.197 million shares, or 34% of MICS' outstanding shares. Ault Lending, a subsidiary of Ault Alliance, which owns about 28.2% of MICS shares, seeks to rescind the transaction and obtain damages. AULT's stock showed a slight increase in premarket trading.

Portfolio Pulse from Lekha Gupta

December 27, 2023 | 1:30 pm

WMB

Williams (NYSE:WMB) is set to acquire a portfolio of natural gas storage assets from an affiliate of Hartree Partners LP for $1.95 billion. The assets include six storage facilities with a total capacity of 115 Bcf, located in Louisiana and Mississippi, and are strategically positioned to benefit from LNG exports and power generation demand. The acquisition, expected to close in January 2024, is seen as a strategic fit for Williams, enhancing its ability to meet growing natural gas demand, particularly for high deliverability storage.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:16 pm

ACNT

BETS

JTAI

MOBX

NUKK

Ascent Industries Co. (NASDAQ:ACNT) shares rose by 7.4% in pre-market trading after announcing the sale of Specialty Pipe & Tube for $55 million in cash. Other stocks showed significant movement in pre-market trading, with Jet.AI Inc. (NASDAQ:JTAI) and Bit Brother Limited (NASDAQ:BETS) among the top gainers, while Nukkleus Inc. (NASDAQ:NUKK) and Mobix Labs, Inc. (NASDAQ:MOBX) were among the top losers.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 1:14 pm

BAC

JPM

Analysts have provided updates on financial stocks Visa Inc. (V), JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC), and Morgan Stanley (MS). Coverage includes new ratings, price target changes, and recent news such as Visa's collaboration with International Money Express, JPMorgan's acquisition of a stake in Indra, and Bank of America's preferred stock dividends. Analysts' accuracy rates and expected stock movements are highlighted.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 1:13 pm