Streetbeat News

Acquisitions Mergers

TWLO

Twilio Inc. has engaged Qatalyst Partners to advise on defense strategies against activist investors Legion Partners and Anson Funds, who are pushing for the sale of the company or its data and applications business unit, which includes Segment. Despite a 45% gain this year, Twilio's stock is still 84% below its peak from early 2021, and revenue growth has slowed significantly. The company recently announced layoffs, including a 5% reduction in its data and applications unit. Qatalyst, known for M&A advisory, is not indicating a sale of Twilio at this time.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:19 pm

NIO

Nio Inc. (NYSE:NIO) has acquired production facilities from JAC for 3.16 billion yuan, allowing it to independently manufacture electric vehicles (EVs). Nio's Q3 earnings report showed positive trends in revenue, vehicle deliveries, gross margin, and vehicle margin. The company's financial position appears strong, with significant cash reserves. Nio's shares rose after the earnings release, despite a year-to-date decline. Mizuho Securities maintains a Buy rating on NIO but lowered its price target from $18 to $15. Nio may also spin off its battery production unit, seeking external investors.

Portfolio Pulse from The Bamboo Works

December 13, 2023 | 3:13 pm

ARGT

The Argentine peso has plummeted by 54% due to President Javier Milei's economic reforms, which include a drastic devaluation to tackle hyperinflation and a solvency crisis. The official exchange rate soared to 800 pesos per dollar, while the parallel market rate on Binance for the peso and Tether (USDT) is around 1,125 pesos per USD. Finance Minister Luis Caputo announced a series of austerity measures to reduce government spending and increase taxes. Argentine stocks, tracked by the Global X MSCI Argentine ETF (ARGT), dipped slightly in premarket trading but have risen nearly 20% since Milei's election. The IMF has expressed support for these reforms, which align with its recommendations.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 3:11 pm

CVLY

ORRF

Orrstown Finl Servs (NASDAQ:ORRF) is set to merge with Codorus Valley Bancorp (NASDAQ:CVLY) in a stock-for-stock transaction valued at $207.00 million, expected to be completed in Q3 of 2024. The merger will combine Orrstown's commercial banking and trust business with Codorus Valley's consumer, business, wealth management, and mortgage services in South Central Pennsylvania and Central Maryland.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 3:10 pm

X

U.S. Steel has received multiple acquisition bids exceeding $40 per share, according to sources. The company's board is scheduled to meet on Wednesday to discuss the offers.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 2:47 pm

BLBX

CCCC

HYW

PCSA

RSLS

STTK

U.S. stocks were mixed in Wednesday's trading session with the Dow slightly down, NASDAQ up, and S&P 500 also gaining, following the release of unchanged Producer Price Index (PPI) data for November. Information technology shares rose by 0.5%, while materials shares fell by 0.8%. C4 Therapeutics, Shattuck Labs, and ReShape Lifesciences experienced significant stock price increases due to positive company developments, whereas Hywin Holdings, Blackboxstocks, and Processa Pharmaceuticals saw their shares fall. Oil and gold prices were up, while silver and copper saw declines.

Portfolio Pulse from Avi Kapoor

December 13, 2023 | 2:40 pm

BLBX

Blackboxstocks Inc (NASDAQ:BLBX) shares dropped 39% to $2.35 after announcing the acquisition of Evtec Aluminium Limited, a supplier to the EV and luxury automotive markets. Despite Evtec's strong projected revenue for 2024 and expansion plans, the market reacted negatively to the news. David Roberts will lead the combined entity, with a focus on manufacturing excellence in the EV sector and growth through acquisitions and U.S. market expansion.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 2:39 pm

EDIT

VRTX

Editas Medicine has entered into a license agreement with Vertex Pharmaceuticals, granting Vertex a non-exclusive license to use Editas' Cas9 gene editing technology for CASGEVY™ (exagamglogene autotemcel). This agreement extends Editas Medicine's cash runway into 2026.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 2:06 pm

AEI

Alset Inc. (NASDAQ:AEI) has signed a binding term sheet to acquire 100% of New Energy Asia Pacific Inc. (NEAPI), which owns a 41.5% stake in New Energy, a distributor of electric vehicles and charging stations. The acquisition, valued at $103.75 million, will be paid through a convertible note with a five-year term and a 3% interest rate. The note's conversion price is set at $12.00 per share, significantly higher than AEI's last trading price of $0.75. New Energy has a strong demand pipeline with MOUs worth $42 million and plans to expand its revenue streams. The acquisition aligns with AEI's commitment to sustainable solutions.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 2:03 pm

BLBX

Blackboxstocks has entered into a definitive agreement to acquire Evtec Aluminium Limited. Upon completion, Blackbox and Evtec will own 26.7% and 73.3% of approximately 12 million shares, respectively. Blackbox stockholders will retain a 26.7% stake in the merged entity and receive a Contingent Value Right for Blackbox's current fintech operations. Blackbox has already acquired a 13% stake in Evtec Automotive, which has $80 million in revenue, and aims to acquire the rest of the company concurrently. The transaction is expected to close in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:35 pm