Streetbeat News

Acquisitions Mergers

MSFT

Elon Musk's AI venture, xAI, is seeking to raise $1 billion in equity funding and has already secured nearly $135 million from four investors. The company, which launched a chatbot named Grok, aims to compete with other AI firms. Musk, who also owns X (formerly Twitter), announced that equity investors in X will have a 25% stake in xAI. Microsoft Corporation (NASDAQ:MSFT) has invested approximately $13 billion in OpenAI, a company Musk co-founded and left. Musk has criticized OpenAI and called for a pause in training powerful AI models.

Portfolio Pulse from Ananya Gairola

December 06, 2023 | 3:40 am

DIS

TSLA

Elon Musk, CEO of Tesla Inc, has intensified his conflict with Walt Disney Co by criticizing the company's decision to suspend advertisements on his social media platform, X. During an interview with Sandy Munro, Musk expressed his disdain for political correctness and predicted internal challenges for civilizations, hinting at the 2024 election. Disney's ad suspension followed Musk's interaction with an antisemitic post, for which he later apologized. Musk's comments have led to social media trends calling for the cancellation of Disney Plus and Hulu subscriptions, and he foresees a 'meaningful decline' in Disney's future.

Portfolio Pulse from Chris Katje

December 06, 2023 | 12:14 am

FIVN

Five9, a cloud contact center provider, has responded to market rumors regarding a potential acquisition. The company confirmed that it was approached with an acquisition opportunity but stated that it is not pursuing any such deal at this time.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 10:10 pm

ZLS

Eco Modular, specializing in sustainable modular building manufacturing, is set to go public through a merger with Zalatoris II Acquisition Corp. (NASDAQ: ZLS). The deal values Eco Modular at $600 million and is expected to provide up to $66 million in cash for growth. The merger will result in Eco Modular being listed on NASDAQ under the ticker EMOD, with the closing anticipated in Q1 2024. This move taps into the growing sustainable construction market, which is expected to significantly expand in the US and Europe by 2030.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:31 pm

ASPN

Aspen Aerogels, Inc. (ASPN) announced a commercial award from The Automotive Cells Company to supply the Stellantis STLA Medium vehicle platform with PyroThin EV Thermal Barriers, starting production in 2025. Additionally, Aspen updated on its U.S. Department of Energy Loan Programs Office application, confirming it has moved to the due diligence phase for a loan to build a second manufacturing facility in Georgia. However, this does not guarantee further progress or loan approval.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:22 pm

MITT

WMC

Western Asset Mortgage Capital Corporation (WMC) stockholders have approved the merger with AG Mortgage Investment Trust, Inc. (MITT). Approximately 55% of WMC's outstanding shares voted in favor of the merger, which will result in WMC merging into MITT's subsidiary, Merger Sub, with Merger Sub as the surviving entity. Upon completion, WMC shareholders will receive 1.498 shares of MITT stock and a cash payment from MITT Manager. The merger is expected to close on December 6, 2023, pending customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:16 pm

ACRS

Aclaris Therapeutics has entered into an exclusive patent license agreement with Sun Pharma for the rights to Deuruxolitinib. The deal includes an upfront payment of $15M, along with additional milestone payments and royalties.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:02 pm

IGMS

IGM Biosciences, Inc. (NASDAQ:IGMS) is prioritizing its clinical development on DR5 agonist for colorectal cancer and T cell engagers for autoimmune diseases. The company plans to file an IND for IGM-2644 to treat autoimmune diseases and is halting all hematologic oncology clinical development. This strategic refocus includes a workforce reduction of about 22% and is expected to extend the company's cash runway into Q2 2026. The company continues to collaborate with Sanofi on oncology and immunology product candidates.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:02 pm

CHEK

Yoav Kimchy, founder and former CTO of Check-Cap Ltd. (NASDAQ:CHEK), has issued an open letter urging shareholders to vote against the merger with Keystone Dental and in favor of the Symetryx Board of Directors nominees. Symetryx continues to advocate for voting against the Keystone Dental transaction, arguing it undervalues Check-Cap's intellectual property and does not maximize shareholder value. Symetryx has hired Mackenzie Partners, Inc. as an advisor and encourages shareholders to contact them for more information.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 8:56 pm

ALE

JPM

Allete Inc. is reportedly exploring a sale and has engaged JP Morgan for advisory services, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 8:10 pm