Streetbeat News

Acquisitions Mergers

BITF

Bitfarms Ltd (NASDAQ:BITF), a Bitcoin miner, has seen its shares rise following the announcement of the closing of a private placement with institutional investors, raising C$60 million ($44.13 million). The funds will be used to acquire additional miners, expand infrastructure, and improve working capital. This follows Bitfarms' recent purchase of 35,888 Bitmain T21 miners and securing an option for 28,000 more. The company's shares increased by 8.96% to $1.46 after a 26% rise on Tuesday.

Portfolio Pulse from Adam Eckert

November 29, 2023 | 2:18 pm

BRK

COST

DJCO

Charlie Munger, who recently passed away at 99, was a proponent of the 'buy and hold' investment strategy, which he successfully applied at Berkshire Hathaway. Munger's personal portfolio included significant holdings in Berkshire Hathaway (BRK), Costco (COST), and Daily Journal Corporation (DJCO). He believed in value investing, holding a few high-quality stocks for the long term, and seizing exceptional opportunities when they arise. His investment philosophy has been a cornerstone of Berkshire Hathaway's success.

Portfolio Pulse from Neil Dennis

November 29, 2023 | 2:17 pm

AULT

Ault Alliance, Inc. (NYSE:AULT) announced its intention to initiate an exchange offer to acquire up to 60,000,000 shares of its common stock for up to $15M in Series D Preferred Shares. The exchange ratio is set at one preferred share for every 100 shares of common stock, with an effective price of $0.25 per common share, a 208% increase over the last reported sales price. Shares tendered will be retired, potentially reducing the share count by approximately 81%. The Series D Preferred Stock trades under the symbol 'AULT-PD' and offers a 13.00% annual dividend. The offer is subject to regulatory approval and other conditions, with details to be provided in the Offer to Exchange documents to be filed with the SEC.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 2:07 pm

ROVR

Rover Group has entered into a definitive agreement to be acquired by Blackstone in a transaction valued at $2.3 billion. Stockholders are set to receive $11 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 2:03 pm

GFL

GFL Environmental Inc. (NYSE:GFL) outlined its 2024 capital allocation strategy, focusing on sustainability investments and M&A to densify its footprint. The company plans to invest $250-$300 million in renewable natural gas projects and infrastructure under EPR legislation, and $600-$650 million in M&A within existing geographies. Total growth investments will not exceed $900 million, in addition to normal capital expenditures of $850-$900 million. These investments are expected to generate $80-$100 million of incremental Adjusted EBITDA by 2026. GFL's first RNG facility is operational, with more projects coming online from Q4 2024 to 2026. The company aims to achieve at least $2.2 billion of Adjusted EBITDA in 2024 and reduce leverage to the mid 3's, with growth investments adding 20 basis points to year-end Net Leverage, targeting between 3.65x and 3.85x.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:53 pm

EFBI

LCNB

Shareholders of Eagle Financial Bancorp, Inc. (EFBI) will be able to choose between receiving 1.1401 shares of LCNB Corp. (LCNB) stock or $19.10 in cash for each share of EFBI they own as part of a new election opportunity.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:47 pm

LCNB

LCNB Corp entered into a merger agreement with Eagle Financial Bancorp on November 28, according to an SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:43 pm

PSX

VVOS

WDAY

Vivos Therapeutics received FDA 510(k) clearance for an oral device to treat severe obstructive sleep apnea, causing its shares to surge by 211%. Workday's stock rose by 10% after reporting strong Q3 financial results and providing positive Q4 guidance. Phillips 66 shares increased by 6% following news that Elliott Management has acquired a $1 billion stake in the company and intends to pursue board seats.

Portfolio Pulse from ryanfaloona@benzinga.com

November 29, 2023 | 1:39 pm

PCSA

Processa Pharmaceuticals, Inc. (PCSA) CEO George Ng issued a shareholder letter detailing the company's pivot to oncology drug development, focusing on Next Generation Chemotherapy (NGC) agents to improve safety and efficacy for cancer patients. The letter outlines the current pipeline, including NGC-Capecitabine (PCS6422), NGC-Gemcitabine (PCS3117), and NGC-Irinotecan (PCS11T), all targeting various cancers. Processa aims to address chemotherapy's limitations and expand its market, leveraging a strong team and regulatory science approach. The company has a stable financial position with $6.9 million in cash as of September 30, 2023, and plans to out-license non-NGC assets to supplement funding. Upcoming milestones include completing Phase 1b study enrollment for NGC-Cap by early 2024 and meeting with the FDA to discuss Phase 2 study designs.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:18 pm

PSX

Elliott Management has acquired a $1 billion stake in Phillips 66 and intends to push for changes by seeking two seats on the company's board, according to sources. This move by the activist hedge fund could lead to strategic shifts or operational improvements at Phillips 66.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:13 pm