Streetbeat News

Acquisitions Mergers

OXY

An Occidental Petroleum executive announced plans to sell up to $6 billion in assets within 18 months following the closure of a deal. This move is part of Occidental's strategy to streamline operations and reduce debt.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 4:24 pm

COIN

Ex-Coinbase professionals have established a $500 million fund, C1, to acquire secondary shares in crypto firms like Animoca Brands and Chainalysis at discounts of 50% to 80%. The fund targets companies valued at $300 million or more and plans to invest $20 million to $50 million per deal. Animoca Brands, now valued at $7.8 billion, and Chainalysis, valued at $8.4 billion, are potential targets. The crypto market is showing signs of recovery, with Bitcoin crossing $40,000 and anticipation of a U.S.-regulated Bitcoin ETF and a Bitcoin network upgrade.

Portfolio Pulse from Murtuza Merchant

December 11, 2023 | 4:01 pm

BNPQF

CRM

MSFT

Mistral AI, a French startup and rival to OpenAI, has closed a $415 million Series A funding round led by Andreessen Horowitz, with participation from Lightspeed Venture Partners, Salesforce, BNP Paribas, CMA-CGM, General Catalyst, Elad Gil, and Conviction. This funding values the company at an estimated $2 billion. Mistral AI is developing foundational models and a business platform focused on open technology. The company has also influenced the EU's AI Act debate, advocating for exemptions for foundational models. Microsoft, a significant investor in OpenAI, was not part of this funding round.

Portfolio Pulse from Surbhi Jain

December 11, 2023 | 3:38 pm

CYTO

Altamira Therapeutics Ltd (NASDAQ:CYTO) stock plummeted by 50% to $0.20 after announcing strategic changes, including a partial spin-off of its Bentrio business and a 20-for-1 reverse stock split scheduled for December 13. The company sold a 51% stake in Altamira Medica AG for approximately $2.3 million, retaining Bentrio, a key asset with expected sales growth from 2024. Altamira is also seeking partnerships for its inner ear therapeutics, particularly AM-125, which is in Phase 2 trials.

Portfolio Pulse from Henry Khederian

December 11, 2023 | 3:35 pm

SHAK

Shake Shack Inc (NYSE:SHAK) CEO Randy Garutti announced his intention to retire in 2024 after a successor is chosen. He will remain CEO and an executive Board member until then and will serve as an advisor through the end of 2024. The Board has initiated an external search for a new CEO. Shake Shack reiterated its Q4 revenue outlook of $276.25 million to $281.75 million and FY23 revenue of $1.08 billion, with expectations of low-single digits Same-Shack sales growth and a Shack-level operating profit margin of approximately 19.0%. The company also plans 40 new domestic and 40 licensed openings. SHAK shares rose 7.22% to $65.38.

Portfolio Pulse from Shivani Kumaresan

December 11, 2023 | 3:34 pm

COGT

CYTO

HUM

IONM

KTTA

NIR

NXTP

U.S. stocks were mixed with the Dow Jones slightly up and NASDAQ and S&P 500 down. Cigna (CI) shares rose after ending acquisition talks with Humana (HUM) due to price disagreements. Pasithea Therapeutics (KTTA), Assure Holdings (IONM), and NextPlay Technologies (NXTP) saw significant gains, while Cogent Biosciences (COGT), Altamira Therapeutics (CYTO), and Near Intelligence (NIR) experienced sharp declines. No major US economic releases were reported.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 3:20 pm

LLAP

Terran Orbital Corp is reviewing strategic alternatives to enhance shareholder value, potentially including an investment, sale, 'take private' deal, or strategic relationship. Jefferies LLC is advising on the process. No timetable for completion or assurance of outcome is provided.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:13 pm

LLAP

LMT

Terran Orbital Corp (NYSE:LLAP), a small satellite manufacturer, is exploring strategic alternatives, including a sale, amid financial challenges and a potential delisting due to its stock price falling below $1. The company, valued at ~$180 million, down from $1 billion, has Lockheed Martin (NYSE:LMT) as a major stakeholder with a 33% share. Despite increased revenue in Q3 2023, Terran Orbital reported a net loss and reduced its full-year forecast. The company faces competition in a market boosted by Space Force initiatives.

Portfolio Pulse from Akanksha Bakshi

December 11, 2023 | 3:12 pm

LLAP

Terran Orbital, a satellite manufacturer, is seeking a buyer approximately 18 months after its IPO. The company's market value has dropped from $1 billion to $180 million, and it is facing potential delisting due to its stock price falling below $1. Terran Orbital is soliciting bids by the end of the month and has garnered interest from potential buyers in the U.S. and Europe.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:11 pm

LHX

L3Harris Technologies (NYSE:LHX) has appointed Kirk Hachigian and Bill Swanson to its Board of Directors and plans to add another independent director in 2024. A Business Review Committee is being formed to evaluate the company's operational performance and value creation levers, with results expected in 2024. L3Harris has also entered into a cooperation agreement with D. E. Shaw group, a major investor, regarding the appointment of the additional director and other governance matters. The company is adjusting its long-term incentive plan to focus more on shareholder return and will discuss its strategy and value creation initiatives at its Investor Day on Dec. 12, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:55 pm