Streetbeat News

Acquisitions Mergers

FDOC

MDGS

Medigus Ltd. (NASDAQ:MDGS) has initiated a wireless EV charging pilot through its subsidiary, Charging Robotics Ltd., which is operating under Fuel Doctor Holdings, Inc. (OTC:FDOC). The pilot, supported by funding from the Israel Innovation Authority, aims to address the need for automated parking systems with efficient EV solutions. The project began in August 2023 with an Israeli car park provider and received approximately $445,000 in funding. The wireless charging system is designed for automated parking and boasts over 93% efficiency. The Automated Parking System market is expected to grow to $5.2 billion by 2032. Medigus shares (MDGS) were trading lower by 1.45% at $3.77.

Portfolio Pulse from Akanksha Bakshi

December 26, 2023 | 4:08 pm

GBTC

Grayscale Bitcoin Trust (OTC:GBTC) announced the resignation of chairman Barry E. Silbert and board member Mark Murphy, effective Jan. 1, 2024. New board appointments include CFO Mark Shifke as chairman, with Matthew Kummell and Edward McGee joining the board. The changes come as excitement builds for the potential approval of a Spot Bitcoin ETF, with the SEC's approval window open from Jan. 5 to Jan. 10, 2024. BlackRock Inc and Grayscale have met with the SEC to discuss their ETF applications, with a final amendment deadline set for Dec. 29.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 3:27 pm

PLUG

Plug Power Inc (NASDAQ:PLUG) is struggling with a 62% year-to-date stock decline, negative Q3 gross margins, and delays in hydrogen plant projects. The company faces liquidity concerns, a challenging hydrogen supply environment, and regulatory hurdles. Morgan Stanley and Piper Sandler have downgraded PLUG's stock with price targets of $3 and $2.30, respectively. Despite these challenges, PLUG shares were up 5.2% to $4.76 at the time of publication.

Portfolio Pulse from Surbhi Jain

December 26, 2023 | 3:23 pm

BMY

RYZB

Bristol-Myers Squibb (NYSE:BMY) is set to merge with RayzeBio (NASDAQ:RYZB), with the deal expected to close in the first half of 2024. Bristol-Myers Squibb will acquire RayzeBio for $4.10 billion in cash. This strategic move will combine Bristol-Myers Squibb's expertise in drug development, particularly in immuno-oncology, with RayzeBio's focus on radiopharmaceutical therapeutics aimed at defeating cancer.

Portfolio Pulse from Benzinga Insights

December 26, 2023 | 3:10 pm

GAU

GFI

Galiano Gold (TSX:GAU) is set to acquire a 45% stake in the Asanko gold mine, increasing its ownership to 90%, with the Government of Ghana holding the remaining 10%. The $170 million deal with Gold Fields (NYSE:GFI) includes cash payments until 2026 and $20 million in Galiano shares to Gold Fields, making them a 19.9% shareholder. The acquisition follows positive exploration updates and aims to boost Galiano's annual gold production to 240,000 ounces by 2030. The Asanko mine produced 170,342 ounces in 2022 and expects 120,000 to 130,000 ounces in 2023.

Portfolio Pulse from Stjepan Kalinic

December 26, 2023 | 3:04 pm

WORX

SCWorx Corp (NASDAQ:WORX) shares surged after announcing a definitive merger agreement with American Environmental Partners. Post-merger, the combined entity will list on Nasdaq as American Environmental Partners, Inc. under the ticker 'AEPT'. The deal, approved by both boards, is expected to close in Q1 2024, with American Environmental shareholders owning 83% and SCWorx shareholders owning 17%, characterizing it as a reverse merger. SCWorx is a healthcare data services provider.

Portfolio Pulse from Adam Eckert

December 26, 2023 | 2:58 pm

INTC

Intel Corp (NASDAQ:INTC) stock is trading higher after reports that Israel will grant the company $3.2 billion to build a new $25 billion chip plant. The Israeli government's grant aims to support Intel's expansion, which is part of its strategy to strengthen the global supply chain. Intel has also pledged to spend 60 billion shekels ($16.6 billion) with Israeli suppliers over the next decade, and the new plant is expected to create thousands of jobs. Construction has begun, with the plant set to open in 2027 and operate until 2035. Intel shares rose 2.21% to $49.06.

Portfolio Pulse from Adam Eckert

December 26, 2023 | 2:56 pm

AEP

PNM

American Electric Power Co Inc (AEP) and PNM Resources Inc (PNM) have agreed to sell approximately 50% of their stakes in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC for $230 million. The portfolio consists of 15 solar projects totaling 625 megawatts. AEP's portion of the sale is about $115 million, and it anticipates netting approximately $104 million after taxes and fees. The transaction is expected to close in February 2024 and is not anticipated to materially impact financial results. The sale aligns with AEP's strategy to focus on core regulated operations and de-risk the company. The proceeds will help strengthen AEP's balance sheet and support efforts to provide safe, reliable, and affordable electricity. The sale is pending regulatory approvals.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 2:23 pm

HOLI

Hollysys Automation Technologies Ltd (NASDAQ:HOLI) received an increased acquisition offer from a consortium led by Dazheng Group Acquisition Limited, raising the bid to $29.00 per share, or approximately $1.8 billion in cash. This offer is a 55.5% premium over HOLI's August 23, 2023, closing price and a 40.8% premium over the November 3, 2023, closing price. It also represents a 9.4% increase from the consortium's previous offer and Ascendent's competing offer. The consortium aims to finalize a merger agreement with HOLI by January 22, 2024. HOLI shares rose 6.19% to $27.10 after the announcement.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 2:20 pm

DDC

DayDayCook (DDC) has agreed to acquire Yai's Thai, a leading Thai American ready-to-eat food brand. The acquisition, financed through cash and stock, aims to expand DDC's U.S. presence. Yai's Thai expects revenues of $8M-$10M in 2023 and is sold in over 4,500 stores. The deal is subject to customary closing conditions and should complete by year-end. Both companies share values like natural ingredients and Asian cooking culture promotion.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 2:18 pm