Streetbeat News

Acquisitions Mergers

AON

Aon's stock is trading lower following the announcement that the company will acquire NFP.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:49 pm

SVRE

SaverOne 2014 Ltd (NASDAQ:SVRE) shares rose after announcing the acquisition of operations, products, and IP from Micronet Ltd. The deal, expected to close in early 2024, aims to enhance SaverOne's product portfolio, customer base, and U.S. market strategy. The acquisition is anticipated to be immediately accretive to SaverOne. CEO Ori Gilboa highlighted the strong synergies and potential for immediate revenue growth, especially in the U.S. SVRE's stock increased by 8.35% to $0.5517.

Portfolio Pulse from Lekha Gupta

December 20, 2023 | 2:36 pm

PSHG

Performance Shipping Inc. (NASDAQ:PSHG) has signed contracts for the construction of two new LNG-ready, scrubber-fitted Tier III LR2 tankers, with deliveries scheduled for January and April of 2026. The vessels, costing $64,845,000 each, will be built by CSTC and SWS in China. This move is part of the company's fleet expansion and renewal strategy, following the sale of two older tankers in 2022 and 2023. The new tankers will feature advanced engines and emission control systems, positioning the company to benefit from expected low tanker fleet growth and high seaborne trade demand.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:29 pm

MARA

Marathon Digital Holdings Inc (NASDAQ:MARA) shares are rising after HC Wainwright & Co. analyst Kevin Dede maintained a Buy rating and increased the price target from $20 to $24. The boost follows Marathon's announcement of a definitive agreement to acquire two Bitcoin mining sites for $178.6 million, which will add 390 megawatts to its capacity. The acquisition is expected to close in Q1 2024 and will be funded with cash. The rise in Marathon's shares also correlates with the increase in Bitcoin's price, which is up 1.71% at $43,633 and 160% since the year's start.

Portfolio Pulse from Adam Eckert

December 20, 2023 | 2:24 pm

COSM

Cosmos Health Inc has entered into a definitive agreement with a related party to acquire the license and rights for 'DIABIT-IS X'. The terms of the acquisition have not been disclosed, and the agreement is subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:18 pm

PODC

PodcastOne (NASDAQ:PODC), a subsidiary of LiveOne, has acquired exclusive distribution and sales rights to the podcast 'Was I In A Cult?' hosted by Liz Iacuzzi and Tyler Measom. The podcast has nearly 9 million downloads and 32 episodes since its 2021 launch. It has been named Best Podcast by multiple publications and the hosts are developing a TV series adaptation. PodcastOne has added 22 podcasts to its network in 2023 and features a variety of genres in its top-ranked podcast roster.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:14 pm

LAB

SLGC

Skye Fund III, a significant shareholder of SomaLogic, Inc. (SLGC), opposes the proposed merger with Standard BioTools Inc. (LAB), stating the deal undervalues SomaLogic. Skye Fund III highlights SomaLogic's strong balance sheet, cash reserves, and revolutionary technology, contrasting it with Standard BioTools' flat revenue and net losses. They also raise concerns about potential conflicts of interest involving board members. Skye Fund III plans to vote against the merger at the upcoming shareholder meeting.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:11 pm

ADIL

Adial Pharmaceuticals has received the final reimbursement payment of $350,000 from Adovate. The agreement includes potential development and approval milestones of up to $11 million per compound, with a total of up to $33 million for the first three compounds. Additionally, there are $50 million in commercial milestones, totaling up to $83 million, plus potential payments for additional compounds. Adial also secured a low single-digit royalty and a 15% equity stake in Adovate, with anti-dilution protection to maintain this ownership percentage until Adovate receives $4 million in cumulative funding.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:08 pm

LAB

SLGC

Skye Fund III has publicly opposed SomaLogic's proposed merger with Standard BioTools, intending to vote against it. Skye Fund III argues that the merger undervalues SomaLogic, overlooks its innovative products, cash reserves, and financial health. They believe SomaLogic can succeed independently and raised concerns about potential conflicts of interest in the merger.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:05 pm

LBAI

PFS

Provident Financial Services, Inc. (PFS) and Lakeland Bancorp, Inc. (LBAI) have extended their merger agreement to March 31, 2024, to allow more time for obtaining necessary regulatory approvals. Both companies remain committed to the merger, which will operate under the Provident name and aims to enhance scale, growth, profitability, and customer service.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:01 pm