Streetbeat News

Acquisitions Mergers

ABCM

DHR

The High Court of Justice of England and Wales has approved the acquisition of Abcam plc by Danaher Corporation for $24.00 per share in cash. The transaction is to be completed through a Court-sanctioned scheme of arrangement, with the expected effective date being December 6, 2023. Abcam's last trading day on Nasdaq will be December 5, 2023, before the suspension of trading the following morning.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:02 pm

FELE

Franklin Water Treatment has acquired the assets of Action Manufacturing & Supply. The financial terms of the deal were not disclosed. The operating results of the newly acquired business will be included in Franklin's Water Systems business segment.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:01 pm

BWAQ

Blue World Acquisition Corporation (BWAQ) has extended the deadline to complete its initial business combination from December 2, 2023, to January 2, 2024. A $60,000 Extension Fee was deposited into the Trust Account by Fuji Solar, a major shareholder of TOYO Solar, with whom Blue World has a merger agreement. The Extension Fee was evidenced by an unsecured promissory note issued to Fuji Solar.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:01 pm

FYBR

JANA Partners, a shareholder of Frontier Communications Parent, Inc. (NASDAQ:FYBR), has sent a letter to Frontier's Board urging an immediate review of strategic alternatives to maximize shareholder value. JANA believes Frontier is undervalued and faces structural impediments that prevent it from reaching its full potential as a public company. They suggest considering a sale, strategic partnership, or divestiture of non-core assets to transition to a pure-play fiber provider. JANA highlights Frontier's poor share price performance, lack of new investor interest post-bankruptcy, and underperformance compared to peers and the S&P 500.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 8:48 pm

FIVN

Shares of Five9 (FIVN) have risen after a Bloomberg report indicated that the company is considering a sale.

Portfolio Pulse from Bill Haddad

December 04, 2023 | 8:33 pm

FIVN

Five9, a cloud contact center software provider, is reportedly considering a sale two years after a previous acquisition attempt by Zoom Video Communications failed. The news comes from Bloomberg TV, suggesting that Five9 is exploring strategic options, including a potential sale.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 8:26 pm

BRAXF

TRUFF

Braxia Scientific Corp. (OTC:BRAXF) reported its Q2 2024 financial results with a year-over-year increase in revenue and a significant decrease in operating expenses and net loss. Despite the improved performance, the company's CEO, Dr. Roger McIntyre, expressed concerns about insufficient funds to sustain operations and has initiated a process to explore strategic alternatives, including a potential sale, merger, or other significant transaction. The company also announced the resignation of board director Olga Cwiek and CFO Stephen Brooks, with Peter Rizakos appointed to the board and as CFO.

Portfolio Pulse from Lara Goldstein

December 04, 2023 | 8:09 pm

SMFL

Smart for Life, Inc. (NASDAQ:SMFL) shares rose after announcing a Letter of Intent to acquire a vitamins and supplements manufacturer, expected to add $20 million in revenue. The acquisition aligns with their goal of reaching $100 million in revenue. Additionally, the company disclosed an agreement for the exercise of warrants to purchase 877,001 shares, generating $1.5 million in gross proceeds. SMFL's stock was up 7.36% at $1.46.

Portfolio Pulse from Ryan Gustafson

December 04, 2023 | 8:08 pm

CRM

NVDA

Mistral AI, a competitor to OpenAI, is close to securing approximately €450 million in funding, valuing the company at around $2 billion. The funding round includes major contributions from Nvidia Corp. and Salesforce Inc., with Andreessen Horowitz leading the equity investment. The round consists of over €325 million in equity and €120 million in convertible debt. Some insiders, including adviser Cedric O, are expected to sell parts of their stakes.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 8:02 pm

ALNY

KRRO

Korro Bio Inc (NASDAQ:KRRO) shares are rising after H.C. Wainwright initiated coverage with a Buy rating and a $100 price target. The biotech company, which recently went public via a reverse merger with Frequency Therapeutics, is expected to have $170 million in post-transaction cash to fund operations until 2026. Korro Bio's OPERA platform is recognized for its potential in genetic medicine, focusing on RNA editing. The company's lead program targets alpha-1 antitrypsin deficiency (AATD). Korro's preclinical data used a lipid nanoparticle also utilized in Alnylam Pharmaceuticals Inc's (NASDAQ:ALNY) Onpattro therapy. KRRO shares surged 27% to $62.26.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 7:34 pm