Streetbeat News

Acquisitions Mergers

CLIN

Clean Earth Acquisition Corp. (NASDAQ:CLIN) has announced that the business combination with Alternus Energy Group Plc (OSE: ALT) has not yet closed due to unmet conditions. The companies are working to satisfy these conditions, including Nasdaq's approval for listing the post-combination company's stock. There is no guarantee that the business combination will be completed by the deadline of May 28, 2024, as required by Clean Earth's governing documents.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:42 pm

CLOE

DGLY

Digital Ally, Inc. and Clover Leaf Capital Corp. have amended their Lock-Up Agreement in relation to their proposed business combination, increasing the immediate distribution of securities to Digital Ally shareholders from 15% to 20% at closing. The combined company, Kustom Entertainment, will have an equity value of $125 million and an implied pro forma equity value of $222.2 million. The merger is expected to provide $14 million in gross proceeds, assuming no redemptions. Kustom Entertainment will include TicketSmarter and Kustom 440, focusing on concerts and ticketing partnerships.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:41 pm

NHWK

NightHawk Biosciences is transitioning to focus solely on large molecule biomanufacturing as a CDMO (Contract Development and Manufacturing Organization). As part of this strategic shift, the company plans to divest its Elusys and related assets. This move is aimed at capitalizing on the growing demand for biomanufacturing services and improving the company's financial position by shedding non-core assets.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:36 pm

ODYY

OGEN

Odyssey Health, Inc. received shareholder approval for the sale of its neurological drug platform to Oragenics, Inc. The approval resulted in a second payment of $500,000 to Odyssey. The total consideration for the sale is $1 million and 8 million shares of Oragenics Convertible Preferred Class F stock. The transaction is expected to close by the end of the year, pending other conditions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:35 pm

ADTX

EVFM

Aditxt, Inc. (NASDAQ:ADTX) has entered into a definitive agreement to acquire Evofem Biosciences, Inc. (OTCQB:EVFM) for approximately $100 million, consisting of common and preferred stock issuance and assumption of senior indebtedness. Evofem's Phexxi, a non-hormonal contraceptive gel, has seen $13.4 million in net sales for the first nine months of 2023. The acquisition aims to expand into the global non-hormonal birth control market, projected to grow to $52.2 billion by 2031. The transaction is expected to close in the first half of 2024, subject to stockholder approvals and other conditions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:34 pm

Boeing (BA) and Avolon have announced their intention for Avolon to purchase an additional 40 737-8 airplanes, expanding their 737 MAX portfolio. This order includes both 737-8 and 737-10 variants. The deal is contingent on approval from Bohai Leasing Co, Ltd, Avolon's main shareholder. The order will be added to Boeing's Orders and Deliveries website once finalized.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:24 pm

AVGO

CMCSA

GOOG

NVDA

Citigroup analyst Christopher Danely reinstated Broadcom Inc (NASDAQ:AVGO) with a Buy rating and a $1,100 price target, causing the stock to close higher by $95. Broadcom's stock reached its highest price in a year at $1,029.24. The positive sentiment is due to Broadcom's strong core business and the acquisition of VMware, enhancing its cloud offerings. Broadcom is also expanding into AI, working with companies like Google and Comcast, but not directly competing with Nvidia in GPUs for AI model training. Broadcom's AI infrastructure sales are expected to double from $4 billion in FY23 to $8 billion in FY24. The company reported solid earnings for its fiscal fourth quarter, exceeding expectations and increasing its dividend by 14% to $5.25 per share. However, quarterly sales of $9.29 billion missed the Street's estimate of $9.41 billion.

Portfolio Pulse from Anusuya Lahiri

December 12, 2023 | 1:22 pm

ALE

DTE

DUK

GNE

NGG

Five utilities stocks with high RSI values, indicating potential overbought conditions, are raising concerns for momentum-focused investors. Genie Energy Ltd. (GNE) reported strong Q3 results and raised FY23 guidance, with a 14% stock increase over the past month. DTE Energy Company (DTE) reported disappointing Q3 earnings and lowered FY23 guidance, yet its stock gained 13%. ALLETE, Inc. (ALE) is considering a sale after a sales decline, with a 9% stock increase over five days. National Grid plc (NGG) saw a decline in H1 EPS but an 11% stock increase over the past month. Duke Energy Corporation (DUK) reported positive Q3 earnings and a 10% stock increase over the past month.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 1:21 pm

SPEC

Spectaire Holdings Inc. (NASDAQ:SPEC) has announced a manufacturing financing agreement with Viva Capital Funding, LLC to support the mass production of its AireCore units. This agreement, along with the outsourcing of manufacturing to Columbia Tech, a subsidiary of Coghlin Companies, is expected to enable Spectaire to achieve positive free cash flow more quickly by reducing working capital needs and creating an asset-light production model. The AireCore units, which have begun shipping to customers, are priced at $2000 with an additional $1000 annual recurring revenue. The company's CFO and CEO believe this will help scale operations and address the growing market for emissions reduction technology.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:20 pm

BWMN

Bowman Consulting Group Ltd. (BWMN) has acquired Hess-Rountree, Inc., a Phoenix-based full-service engineering firm. The acquisition is expected to operate at an annualized net service billing run rate of approximately $3 million. Hess-Rountree specializes in civil engineering, land surveying, and other services, with a focus on renewable energy and educational facilities. The acquisition, financed with cash, seller notes, and equity, aligns with Bowman's strategic growth objectives and is expected to be immediately accretive.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 1:10 pm