Streetbeat News

Acquisitions Mergers

KTRA

Kintara Therapeutics, Inc. (NASDAQ:KTRA) has announced that its Board of Directors is exploring strategic alternatives to maximize stockholder value. The company has engaged Ladenburg Thalmann & Co. Inc. as its financial advisor to assist in this process. There is no certainty that this will result in any transaction, and Kintara will not provide further updates unless a specific action is approved.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 2:02 pm

SOUN

SoundHound AI, Inc. (NASDAQ:SOUN) has announced a definitive merger agreement to acquire SYNQ3 Restaurant Solutions, aiming to become the largest voice AI provider for restaurants. The deal, valued at $25M over three years with potential additional consideration based on revenue targets, will expand SoundHound's market reach to over 10,000 restaurant locations. The merger combines SoundHound's AI innovation with SYNQ3's industry expertise, offering a broad suite of AI products and enhancing AI models with data from over 50 million interactions. The transaction is expected to close in the first quarter of next year, with further details to be provided in SoundHound's fourth quarter 2023 earnings call.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 2:01 pm

CHWY

SMTC

SVFD

Save Foods (SVFD) shares surged 107% after the company announced the acquisition of majority ownership in Nitrousink Ltd, targeting the US carbon credit market. Chewy (CHWY) shares fell 13% following mixed Q3 results and reduced FY23 net sales guidance. Semtech (SMTC) shares rose 16% after reporting positive Q3 financial results and providing guidance.

Portfolio Pulse from ryanfaloona@benzinga.com

December 07, 2023 | 1:44 pm

GDOT

MA

MSFT

PYPL

The fintech industry anticipates significant changes in 2024, with AI integration in financial services, expansion of banking-as-a-service (BaaS), preparation for Payment Services Directive 3 (PSD3), and increased regulatory scrutiny following the collapse of Silicon Valley Bank. Companies to watch include Microsoft in partnership with OpenAI for AI advancements, Green Dot Corporation for BaaS, and Mastercard and PayPal regarding PSD3.

Portfolio Pulse from Neil Dennis

December 07, 2023 | 1:41 pm

BYTS

BYTE Acquisition Corp. (NASDAQ:BYTS) and Airship AI Holdings, Inc. have announced the filing of a definitive proxy statement for their proposed business combination. The Extraordinary General Meeting for BYTE shareholders to vote on the merger is scheduled for December 15, 2023. If approved, the combined entity will be listed on Nasdaq under the ticker symbol 'AISP'. Shareholders as of November 21, 2023, are urged to vote, with BYTE's board recommending approval of the merger.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:40 pm

SASI

Sigma Additive Solutions, Inc. (NASDAQ:SASI) has filed its definitive proxy statement with the SEC regarding the proposed acquisition of NextTrip Holdings, Inc. Shareholders as of November 20, 2023, are encouraged to vote on the acquisition and other matters at the Annual Meeting on December 28, 2023. The acquisition involves Sigma acquiring all capital stock of NextTrip in exchange for 19.99% of Sigma's outstanding common stock and additional contingent shares based on NextTrip's post-closing performance.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:40 pm

ABBV

CERE

AbbVie is set to acquire Cerevel Therapeutics for an equity value of about $8.7 billion, causing Cerevel's shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:27 pm

TPCS

Wynnefield Capital, the largest institutional stockholder of TechPrecision Corporation (NASDAQ:TPCS), with a 4.5% ownership, demands a public conference call to discuss TechPrecision's proposed acquisition of Votaw Precision Technologies. Wynnefield expressed concerns over the lack of transparency, the financing of the $110 million deal, potential stockholder dilution, and increased debt leverage. TechPrecision's recent share price has declined to a 52-week low, and its last acquisition, STADCO, remains poorly integrated, raising questions about the Board's decision-making and execution.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:19 pm

SVFD

Save Foods, Inc. shares have risen after the company announced its acquisition of majority ownership in Nitrousink Ltd, targeting the US carbon credit market.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:17 pm

CZOO

Cazoo Group Ltd (NYSE:CZOO) has completed its debt restructuring, exchanging $630 million of 2.00% Convertible Senior Notes for $200 million of senior secured notes and 4,499,721 Class A ordinary shares. This represents approximately 92% of the estimated outstanding shares post-restructuring. A 1-for-100 reverse stock split and share capital increase were also effected. The company distributed new warrants to shareholders and introduced a new Board of Directors, signaling a significant inflection point for Cazoo's future growth and strategic initiatives.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:10 pm