Streetbeat News

Acquisitions Mergers

PWUP

Visiox Pharmaceuticals and PowerUp Acquisition Corp. have entered into a definitive agreement for a business combination. The merged entity will be named Visiox Holdings and will trade on the Nasdaq Capital Market under the ticker symbols VSXP and VSXPW. The transaction is anticipated to close in the first quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:10 pm

CNSL

Consolidated Communications Holdings, Inc. (CNSL) is urging shareholders to vote for a proposed acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation. The offer is $4.70 per share, a 70% premium over the April 12, 2023 share price, and a 218% increase from the initial bid. The transaction is seen as the best risk-adjusted outcome for shareholders, providing a certain value and transferring execution risks to the acquirers. The Special Meeting to vote on the transaction is scheduled for January 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:09 pm

ADBE

AMAT

AMZN

COIN

Notable insider sales were reported for Applied Materials, Adobe, Amazon, and Coinbase Global. Applied Materials' CTO sold shares worth $3.77 million, while Adobe's CEO and CFO sold shares totaling over $19 million. Amazon's CEO of AWS sold shares worth $153,515, and a Coinbase Global director sold shares worth $190,883. These sales could indicate various motivations, including personal financial management or views on the company's valuation. Additionally, Adobe and Figma terminated their $20 billion merger agreement, and JMP Securities raised its price target for Coinbase.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 12:54 pm

HOLI

Hollysys Automation Technologies has reported the conclusion of the 'go-shop' period as per its merger agreement with Ascendent Capital Partners. During this period, Hollysys was allowed to seek alternative acquisition proposals. However, no offers received during this time were deemed to constitute a superior proposal. With the end of the 'go-shop' period, the 'no-shop' provisions of the agreement are now active, preventing Hollysys from soliciting other acquisition offers.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 12:05 pm

BWEN

Broadwind (NASDAQ:BWEN) has reached a definitive agreement to sell about $15 million of Advanced Manufacturing Production Credits from the Inflation Reduction Act to MarketAxess Holdings Inc. The sale is subject to discounts, transaction fees, and related expenses.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 12:01 pm

NIO

TCEHY

NIO Inc. (NYSE:NIO) has completed a $2.2 billion strategic equity investment from CYVN Investments RSC. CYVN now holds a 20.1% ownership stake in NIO and can nominate two directors to NIO's board. The investment will help NIO enhance its balance sheet, brand positioning, sales, service capabilities, and invest in core technologies amid a competitive EV landscape. Tencent Holding Ltd. (NASDAQ:TCEHY) previously sold shares to CYVN as part of the investment.

Portfolio Pulse from Nabaparna Bhattacharya

December 27, 2023 | 11:13 am

FWBI

First Wave BioPharma has entered a non-binding term sheet to sell its Niclosamide program for inflammatory bowel diseases to an undisclosed biopharmaceutical company. The deal includes a low seven-figure upfront payment and future economic benefits from milestones and royalties. This move will allow First Wave BioPharma to concentrate on its late-stage clinical programs: Capeserod, Adrulipase, and Latiglutenase, following a potential business combination with ImmunogenX.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 11:04 am

FANH

PUYI

FANHUA Inc. (NASDAQ:FANH) and Puyi Inc. (NASDAQ:PUYI) have entered into share exchange agreements, where certain FANHUA shareholders will exchange shares for PUYI shares, resulting in mutual ownership stakes. The transaction is set to close on December 29, 2023, with FANHUA shareholders owning 76.7% of PUYI and PUYI owning 50.1% of FANHUA.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 9:40 am

NIO

NIO Inc., a leader in the premium smart electric vehicle market, has closed a strategic equity investment deal worth $2.2 billion with CYVN Investments RSC Ltd, an Abu Dhabi-based investment vehicle. This deal, which was initially announced on December 18, 2023, aims to bolster NIO's financial position and support its growth initiatives.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 9:36 am

ACNT

BLIN

CHRS

PROC

TOMZ

Coherus BioSciences, Inc. (CHRS) received FDA approval for UDENYCA ONBODY, causing its shares to jump 37.2% after hours. Bridgeline Digital, Inc. (BLIN) is expected to post a quarterly loss, with a slight gain in after-hours trading. Ascent Industries Co. (ACNT) sold Specialty Pipe & Tube for $55 million, leading to a 7.4% share increase after hours. Procaps Group S.A. (PROC) reported strong Q3 results and provided positive full-year guidance, resulting in a 1.3% share gain after hours. TOMI Environmental Solutions Inc (TOMZ) filed for a shelf offering, with shares dropping 3.4% after hours.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 9:17 am