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Acquisitions Mergers

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

ALK

COIN

DIA

GME

IWM

PLTR

QQQ

SAIC

SPOT

SPY

TLT

UBER

Stocks opened December with losses amid reduced expectations for a Fed rate cut in March 2024. Treasury yields rose, affecting stocks and commodities, with the S&P 500, Nasdaq, and Dow Jones all falling. Small-cap stocks and Bitcoin gained, while commodities and tech stocks declined. Sector ETFs saw mixed performance, with healthcare and consumer staples stable, but communication services and technology sectors down. Notable stock movements included gains for Coinbase, SAIC, Uber, Gamestop, and Spotify, while Alaska Air Group fell after announcing an acquisition of Hawaiian Holdings, which surged.

Portfolio Pulse from Piero Cingari

December 04, 2023 | 7:32 pm

CBDD

CBD of Denver Inc (OTCPK: CBDD) has announced the creation of Luxora Real Estate AG in Switzerland, with plans to invest in German commercial real estate. Luxora aims to raise 10 million CHF to purchase properties and convert them into indoor farming facilities for lease to cannabis clubs in Germany. The company has already targeted two properties in Berlin, aligning with upcoming cannabis regulations in July 2024. CBDD's shares were trading at $0.0007 at the time of the report.

Portfolio Pulse from Patricio Liddle

December 04, 2023 | 6:16 pm

ALK

ATHE

EYPT

SSNT

UCAR

U Power Limited (NASDAQ:UCAR) shares plummeted by 54% after announcing a follow-on offering of 10 million units at $1.20 each. EyePoint Pharmaceuticals (NASDAQ:EYPT), Hawaiian Holdings (NASDAQ:HA), and Alterity Therapeutics (NASDAQ:ATHE) saw significant gains following positive trial results, acquisition news, and conference presentations, respectively. SilverSun Technologies (NASDAQ:SSNT) surged after a $1 billion investment announcement. Other notable movers included Bit Brother (NASDAQ:BETS), Lucy Scientific Discovery (NASDAQ:LSDI), and View, Inc. (NASDAQ:VIEW). On the downside, NexImmune (NASDAQ:NEXI), Meta Materials (NASDAQ:MMAT), and Clean Earth Acquisitions Corp. (NASDAQ:CLIN) experienced substantial losses. Alaska Air Group (NYSE:ALK) announced plans to acquire Hawaiian Holdings, causing its own shares to drop by 15.1%.

Portfolio Pulse from Lisa Levin

December 04, 2023 | 6:10 pm

BOTZ

IGPT

MSFT

OpenAI, backed by Microsoft Corp. (NASDAQ:MSFT), has filed trademarks for 'GPT-6' and 'GPT-7' in China, indicating plans to enter the Chinese market. The filings cover scientific instruments and technological services. OpenAI is awaiting approval for three other trademarks in China, including 'GPT-4', 'GPT-5', and 'Whisper'. Despite this news, AI-focused ETFs such as Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ) and Invesco AI and Next Gen Software ETF (NYSE:IGPT) saw declines in their share prices. OpenAI's advancements in AI, with Microsoft's support, continue to push the boundaries of technology, while regulatory frameworks for AI are being considered globally.

Portfolio Pulse from Neil Dennis

December 04, 2023 | 6:00 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares have risen over 20% in the last five days following the announcement of the sale of BioSteel Canada and BioSteel Manufacturing, LLC for $30.4 million. The proceeds will be used to repay debt, reducing interest expenses. Additionally, anticipation of a German vote on legalizing recreational marijuana, where Canopy Growth operates a subsidiary, has positively influenced investor sentiment. CGC's stock is currently trading above its 50-day moving average but below its 52-week high.

Portfolio Pulse from Erica Kollmann

December 04, 2023 | 5:49 pm

EYPT

MMAT

SPCE

SSNT

UCAR

U.S. stocks traded lower with the Dow Jones, NASDAQ, and S&P 500 all falling. U.S. factory orders decreased by 3.6% in October, more than the expected 2.8% decline. EyePoint Pharmaceuticals, Hawaiian Holdings, and SilverSun Technologies saw significant stock price increases due to positive company-specific news. Conversely, U Power, Meta Materials, and Virgin Galactic Holdings experienced substantial drops in their share prices. Gold and silver prices also fell, while oil saw a slight decrease.

Portfolio Pulse from Lisa Levin

December 04, 2023 | 5:21 pm