Streetbeat News

Acquisitions Mergers

BDRX

Biodexa Pharmaceuticals PLC-ADR (NASDAQ:BDRX) stock fell 6.8% to $4.76 after announcing a Class A Units offering at $2.79 each. The drop follows an 83% surge on Monday due to acquiring rights to tolimidone from Pfizer Inc., which may treat Type-1 diabetes. Biodexa is preparing for a Phase II study and has a deal with Adhera that includes milestone payments and royalties. The transaction is expected to close in Q4 2023. BDRX's 52-week range is $2.26 to $579.20.

Portfolio Pulse from Henry Khederian

November 28, 2023 | 2:11 pm

VEXTF

Vext Science, Inc. reported a challenging Q3 with an 11.8% drop in revenue to $8 million. Despite a year-over-year revenue increase of 5.5%, the company saw a significant decrease in gross profit and a net loss of $1.8 million. However, the company is optimistic about its expansion in Ohio's cannabis market, which is expected to grow to $4 billion in four years. Vext's stock traded lower after the report. The company remains focused on growth in Arizona and Ohio through 2024.

Portfolio Pulse from Jelena Martinovic

November 28, 2023 | 2:04 pm

ATNF

180 Life Sciences is reviewing strategic alternatives to enhance shareholder value. The company has not set a timeline for the completion of this review process.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:04 pm

AMTD

AMTD IDEA Group (NYSE: AMTD) reported a positive profit estimate for the first half of 2023, with total revenue expected to increase by over 6% year over year to more than $125 million. Revenue from digital media, entertainment, and other solution services is estimated to be at least 2.5 times higher than the previous year, exceeding $23 million, following the successful acquisition of L'Officiel Inc. SAS. The company anticipates profits to exceed $105 million. However, these figures are preliminary and subject to change upon finalization of financial results.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:02 pm

HNRA

HNR Acquisition Corp has announced that the results from its recent acquisition will only be included for the last six weeks of Q4 2023. This indicates that the acquisition was completed close to the end of the quarter, and its financial impact will be partially reflected in the quarter's results.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:55 pm

ADBE

AMZN

AVGO

IRBT

VMW

The UK's Competition and Markets Authority (CMA) has provisionally found that Adobe Inc's proposed $20 billion acquisition of Figma could reduce competition in the UK's digital design software market. Adobe and Figma disagree with the CMA's findings. The CMA will accept further comments until December 19 before making a final decision. Meanwhile, Broadcom Inc's merger with VMware, Inc has received all necessary approvals, and Amazon's acquisition of iRobot is expected to receive EU antitrust approval without conditions.

Portfolio Pulse from Anusuya Lahiri

November 28, 2023 | 1:54 pm

IWINF

Irwin Naturals Inc. reported a decrease in Q3 revenue to $19.1 million from $22.0 million YOY and a net loss of $1.96 million, up from $583,000 YOY. Despite falling revenue and surging losses, the company saw success in its cannabis sector licensing initiative and expanded its mental health footprint with the acquisition of Ketamine Media. The company also sold assets of underperforming clinics, focusing on wholly owned operations, and signed ten brand licensing deals for THC products in various regions.

Portfolio Pulse from Nina Zdinjak

November 28, 2023 | 1:50 pm

BITF

Bitfarms Ltd (NASDAQ:BITF), a Bitcoin miner, saw its stock price rise after announcing the purchase of 35,888 Bitmain T21 miners for delivery and installation in the first half of 2024. The company has secured liquidity for the purchase and an option for an additional 28,000 miners. The upgrade is part of a strategy to reach 17 EH/s by H2 2024, with hardware secured for 21 EH/s. A conference call to discuss the fleet upgrade plans is scheduled for Tuesday at 8:30 a.m. ET. Bitfarms shares were up 16% Tuesday morning at $1.23.

Portfolio Pulse from Adam Eckert

November 28, 2023 | 1:45 pm

ICCM

RNA

SMX

IceCure Medical announced the release of a study published in 'Cancers' showing the safety and efficacy of ProSense with a 92% disease-free survival rate at a median follow-up of 26.5 months. Avidity Biosciences has partnered with Bristol Myers Squibb in a $2.3 billion deal for cardiovascular RNA therapeutics, receiving $100 million upfront. SMX shares surged 50% premarket after announcing the planned launch of the world's first Plastic Cycle Token.

Portfolio Pulse from ryanfaloona@benzinga.com

November 28, 2023 | 1:45 pm

TM

Toyota Motor Corp (NYSE:TM) and its affiliates are planning to sell approximately 10% of their shares in Denso, an automotive components manufacturer, for an estimated $4.7 billion. This move is part of Toyota's strategy to divest stakes in group companies to fund an increase in electric vehicle (EV) production. Toyota will remain the largest shareholder in Denso post-sale, and Denso may buy back some of its shares to mitigate the impact on its stock price.

Portfolio Pulse from Benzinga Neuro

November 28, 2023 | 1:33 pm