Streetbeat News

Acquisitions Mergers

BNBUSD

BTCUSD

COIN

Binance (CRYPTO: BNB) settled with the U.S. Justice Department, incurring a $4.3 billion fine but experiencing less than $1 billion in customer fund outflows. The exchange retains a strong market position with $67 billion in customer assets. Analysts from Bernstein believe Binance's reputation among non-U.S. retail customers remains intact, and the company has the financial resources to cover the fine. The settlement may influence the SEC's comfort in approving a regulated Bitcoin (CRYPTO: BTC) ETF, with asset managers already partnering with Coinbase Inc. (NASDAQ:COIN) for custody services. Matrixport suggests the plea deal increases the likelihood of a spot Bitcoin ETF approval.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 1:46 pm

SPRC

SciSparc Ltd (NASDAQ:SPRC) stock rose after announcing a non-binding letter of intent to merge with an unnamed vehicle importer company in Israel. The merger will be a reverse triangular merger, and SciSparc plans to transfer its pharmaceutical technologies and product candidates to a new legal entity. The company highlighted that its revenues for the first half of 2023 exceeded $52 million. SciSparc's stock increased by 25.5% to $8.06 following the news.

Portfolio Pulse from Adam Eckert

November 22, 2023 | 1:43 pm

SPRC

SciSparc's stock price has risen following the announcement of a non-binding letter of intent to merge with an Israeli vehicle importer. This strategic move could potentially expand SciSparc's market presence and diversify its operations.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 1:42 pm

AVGO

Broadcom Inc. has successfully completed the acquisition of VMware, a leading innovator in enterprise software. This strategic move is expected to expand Broadcom's infrastructure technology offerings and potentially create new growth avenues. The acquisition could also lead to synergies that may enhance the combined company's competitive position in the technology sector.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 1:33 pm

SOPA

Maxim Group LLC maintains a positive outlook on Society Pass Inc. (NASDAQ:SOPA), citing its low EV/revenue multiple compared to peers, better than expected 3Q 2023 results, and potential for organic growth and M&A. SOPA's 3Q revenue was $2.3M with a narrowed adjusted EBITDA loss of ($2.6M). Maxim highlights SOPA's strong balance sheet with $8.2M in unrestricted cash and a $40M equity line of credit, expecting sufficient funds for growth through 2024.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 1:22 pm

CHH

WH

Wyndham Hotels & Resorts Inc (WH) has rejected another acquisition proposal from Choice Hotels International, Inc (CHH), stating the terms are not in the best interests of Wyndham or its shareholders. The offer from Choice, valued at $86 per share, is lower than the initial $90 per share due to a decline in Choice's share price. The proposal includes a 6% reverse termination fee and a two-year regulatory approval period, which Wyndham believes poses significant risk to its shareholders. WH shares closed at $77.33, down by 0.80%.

Portfolio Pulse from Shivani Kumaresan

November 22, 2023 | 1:18 pm

LAZY

Lazydays (LAZY) has acquired Orangewood RV Center in Surprise, Arizona, renaming it 'Lazydays RV of Phoenix at Arrowhead'. This addition is the 24th location for Lazydays and is expected to contribute approximately $40 million in annualized revenue. In 2023, Lazydays has completed five acquisitions and opened three new locations, anticipated to bring over $300 million in annualized revenue. The acquisition enhances Lazydays' presence in the Western region and continues to offer products from Grand Design, Keystone, KZ, and Starcraft.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 1:01 pm

SPRC

SciSparc, a clinical-stage pharmaceutical company, has signed a non-binding letter of intent to merge with an unnamed vehicle importer company in Israel. The merger aims to expand SciSparc's business operations. The impact on SciSparc's stock (SPRC) will depend on investor perception of the strategic fit and potential synergies between the pharmaceutical and vehicle import businesses.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 12:43 pm

FRLN

Syncona, a healthcare company focused on founding, building, and funding global leaders in life science, has agreed to acquire Freeline Therapeutics for $28.3 million. Freeline Therapeutics, which may be referred to by its ticker FRLN, is a biotechnology firm specializing in gene therapies.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 12:36 pm

AAPL

HNHPF

Foxconn Technology Group, a key supplier for Apple Inc, faces increased regulatory scrutiny in China. The Foxconn Industrial Internet Co unit was fined 20,000 yuan for overstating expenses in Wuhan. Chinese authorities are also examining Foxconn's tax affairs and land use in major manufacturing regions. Despite this, Foxconn is expanding in India with over $1.2 billion investment in Karnataka, indicating a shift in production away from China amid regulatory uncertainties.

Portfolio Pulse from Anusuya Lahiri

November 22, 2023 | 12:34 pm